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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Keep coming back to this one house!
Back in April I went to an open house and fell in love with the home. I brought my family back and they loved it too.. The sellers and the realtor are hard a$$es. They are firm on their 399 selling price but the house needs some work to make it work and it is listed as 5 bedrooms but is really 4. I started looking with a budget of 350-360. I ended up putting in an offer of 370 and they shot it down. So far there have been 3 more offers and they have all fallen through. The last offer they had was 385. That is above where I am comfortable with. I was willing to do 378... The higher I go, the more my mortgage will be and I am not comfortable with that... The homeowners have tried to sell this house 4 time in the last 8 years and the price has not changed. If I go to 380- 385 (if i can swing it), how bad would it be to ask for the sellers to cover closing costs.... The taxes in this place are HIGH.. And I can only put 10% down... I don't want to screw them, but at the same time I don't want to get screwed...
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Posted 6/6/16 1:45 AM  |
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Prudential Douglas Elliman Real Estate
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MissJones
I need a nap!
Member since 5/05 22136 total posts
Name:
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Keep coming back to this one house!
I understand. we found a house that needed work, but for the price and area, out was perfect. But it was 15k more than what I was comfortable with. But after seeing what our top price would get us, 15k more was nothing. Over 30 years, it is 100$. We really weren't going to miss it, you know? If it was an extra 400$, it would have been a different story. So personally, if it's THE house, then 7k more really is nothing.
But as for sellers passing closing costs, I have not heard of that here on li.
Much luck!
Message edited 6/6/2016 5:06:32 AM.
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| Posted 6/6/16 5:00 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Keep coming back to this one house!
Sellers don't cover closing costs in NY. That only happens in tv.
If they aren't accepting lower offers they definitely won't take lower and cover closing.
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| Posted 6/6/16 7:47 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Keep coming back to this one house!
I say go over your finances very closely and see what going that higher price will really wind up being. If it's comfortable for you, go for it. This sounds like it's "THE HOUSE" for you.
If going up in price will compromise your everyday living (like you'll find yourself saying no to dinners out with friends or waiting for your next check to buy that sweater you like) then forget it.
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| Posted 6/6/16 7:48 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: Keep coming back to this one house!
You don't want to be house poor. If this house is 25,000 more than all of the other houses you looked at in the sub 400,000 price range, of course it will be nicer. That is a large jump in price for that range. If it needs work and you can barely afford the mortgage how will you afford to fix it up properly? I would come back with your best offer and a letter but don't get your hopes up. Then move on.
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| Posted 6/6/16 8:15 AM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Keep coming back to this one house!
Posted by NewLeaf2012
Back in April I went to an open house and fell in love with the home. I brought my family back and they loved it too.. The sellers and the realtor are hard a$$es. They are firm on their 399 selling price but the house needs some work to make it work and it is listed as 5 bedrooms but is really 4. I started looking with a budget of 350-360. I ended up putting in an offer of 370 and they shot it down. So far there have been 3 more offers and they have all fallen through. The last offer they had was 385. That is above where I am comfortable with. I was willing to do 378... The higher I go, the more my mortgage will be and I am not comfortable with that... The homeowners have tried to sell this house 4 time in the last 8 years and the price has not changed. If I go to 380- 385 (if i can swing it), how bad would it be to ask for the sellers to cover closing costs.... The taxes in this place are HIGH.. And I can only put 10% down... I don't want to screw them, but at the same time I don't want to get screwed...
Here's the thing: You need to sit down and do the math. Frankly 378 to 385K is going to make minimal difference in the mortgage monthly payments, but if you can't afford it, it's irrelevant. Figure out every dime you have incoming, make a list of expenses, and figure out a threshold for pain for a monthly payment (probably around 1/3 your net). Make an offer that will allow you to be under that number. Note that sellers do not pay closing costs here. You can roll the costs into your mortgage (called a seller's concession) assuming the house appraises for higher. But that's going to bump your monthly payments up a little higher, too.
And no matter what, there will be another house. (Really!)
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| Posted 6/6/16 8:35 AM |
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PitterPatter11
Baby Boy is Here!
Member since 5/11 7619 total posts
Name:
Momma <3
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Re: Keep coming back to this one house!
Posted by alli3131
Sellers don't cover closing costs in NY. That only happens in tv.
If they aren't accepting lower offers they definitely won't take lower and cover closing.
That's not true. My sister bought a house on LI and they got the sellers to cover the closing costs. You just need it written into the contract.
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| Posted 6/6/16 8:47 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Keep coming back to this one house!
I am a firm believer that it's not the right house unless it all falls into place at the right time. There is a reason they have unsuccessfully tried to sell this house in the past - it is overpriced. I wouldn't stretch myself too thin if they are being so unreasonable, that alone make me think it isn't "the one." Good luck!!!
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| Posted 6/6/16 9:49 AM |
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jlm2008
LIF Adult
Member since 1/10 5092 total posts
Name:
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Re: Keep coming back to this one house!
Posted by Kitten1929
I am a firm believer that it's not the right house unless it all falls into place at the right time. There is a reason they have unsuccessfully tried to sell this house in the past - it is overpriced. I wouldn't stretch myself too thin if they are being so unreasonable, that alone make me think it isn't "the one." Good luck!!!
I agree with the above. If the house has been on the market 4 times in the last 8 years and not come down in price at all, well then I think the sellers are delusional. It would seem to me it's overpriced.
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| Posted 6/6/16 10:30 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Keep coming back to this one house!
Posted by jlm2008
Posted by Kitten1929
I am a firm believer that it's not the right house unless it all falls into place at the right time. There is a reason they have unsuccessfully tried to sell this house in the past - it is overpriced. I wouldn't stretch myself too thin if they are being so unreasonable, that alone make me think it isn't "the one." Good luck!!!
I agree with the above. If the house has been on the market 4 times in the last 8 years and not come down in price at all, well then I think the sellers are delusional. It would seem to me it's overpriced.
I agree. Seems like the sellers aren't really motivated at all to actually sell. Sounds like they put it on the market for a very high price and just want to see if they could actually get that price - otherwise they are not going to budge. I would move on. You'll find the right house for the right price. The last thing you want to do is over extend yourself on a mortgage payment that you'll have for a very long time.
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| Posted 6/6/16 10:43 AM |
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hotelcalie
LIF Adult
Member since 12/05 1392 total posts
Name:
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Keep coming back to this one house!
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
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| Posted 6/6/16 11:07 AM |
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MarisaK
HELLO Manolo !!
Member since 5/06 14562 total posts
Name:
Marisa
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Re: Keep coming back to this one house!
Why do you feel it's "THE HOUSE" ? Is it the location, layout, school? etc .....
I ask b/c renovations to a home can be done over time, and I think there are justifiable reasons to go over budget sometimes .... BUT - you have to weight the pros/cons and really know what you're getting into.
WANT to renovations can be done over time. HAVE to renovations are different KWIM?
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| Posted 6/6/16 11:16 AM |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Keep coming back to this one house!
Posted by jlm2008
Posted by Kitten1929
I am a firm believer that it's not the right house unless it all falls into place at the right time. There is a reason they have unsuccessfully tried to sell this house in the past - it is overpriced. I wouldn't stretch myself too thin if they are being so unreasonable, that alone make me think it isn't "the one." Good luck!!!
I agree with the above. If the house has been on the market 4 times in the last 8 years and not come down in price at all, well then I think the sellers are delusional. It would seem to me it's overpriced.
I agree. And it's obvious they don't need or want to sell or they would have already.
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| Posted 6/6/16 11:21 AM |
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HomeIsWithU
Baby #2 on the way!
Member since 9/07 7816 total posts
Name:
Jenn
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Re: Keep coming back to this one house!
Posted by MsSissy
Posted by jlm2008
Posted by Kitten1929
I am a firm believer that it's not the right house unless it all falls into place at the right time. There is a reason they have unsuccessfully tried to sell this house in the past - it is overpriced. I wouldn't stretch myself too thin if they are being so unreasonable, that alone make me think it isn't "the one." Good luck!!!
I agree with the above. If the house has been on the market 4 times in the last 8 years and not come down in price at all, well then I think the sellers are delusional. It would seem to me it's overpriced.
I agree. And it's obvious they don't need or want to sell or they would have already.
I agree with this. We saw several houses like this when we were looking. Those same houses have re-listed AGAIN this spring. In general, those are sellers who aren't really looking to sell unless they get their asking price or over. And they're usually way overpriced. Don't fall into that trap. You'll end up house poor or just plain over-paying for what it's worth.
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| Posted 6/6/16 1:30 PM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Keep coming back to this one house!
Also be careful with taxes...your mortgage will stay the same but taxes generally go up each year. If they're HIGH now, you might find yourself strained in a few years.
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| Posted 6/6/16 1:32 PM |
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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Re: Keep coming back to this one house!
Posted by MarisaK
Why do you feel it's "THE HOUSE" ? Is it the location, layout, school? etc .....
I ask b/c renovations to a home can be done over time, and I think there are justifiable reasons to go over budget sometimes .... BUT - you have to weight the pros/cons and really know what you're getting into.
WANT to renovations can be done over time. HAVE to renovations are different KWIM?
It is the location and lay out... and school... There is one big reno that has to be done right away and the rest can wait....
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| Posted 6/6/16 9:01 PM |
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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Re: Keep coming back to this one house!
Posted by MsSissy
Posted by jlm2008
Posted by Kitten1929
I am a firm believer that it's not the right house unless it all falls into place at the right time. There is a reason they have unsuccessfully tried to sell this house in the past - it is overpriced. I wouldn't stretch myself too thin if they are being so unreasonable, that alone make me think it isn't "the one." Good luck!!!
I agree with the above. If the house has been on the market 4 times in the last 8 years and not come down in price at all, well then I think the sellers are delusional. It would seem to me it's overpriced.
I agree. And it's obvious they don't need or want to sell or they would have already.
There was an upstairs tenant who moved out at the end of May. And they are getting married this summer and picked a location to move too. Not sure if they found a place already. I put another offer in and upped my down payment a bit. I guess I will find out tomorrow..
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| Posted 6/6/16 9:03 PM |
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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Re: Keep coming back to this one house!
Thank you every one.... A lot of good information from everyone!!!
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| Posted 6/6/16 9:03 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Keep coming back to this one house!
Posted by NewLeaf2012
Thank you every one.... A lot of good information from everyone!!!
 it works out for you 
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| Posted 6/6/16 10:27 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Keep coming back to this one house!
Posted by hotelcalie
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
This. We realized it wasn't really that much more over a 30 year mortgage
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| Posted 6/7/16 9:15 AM |
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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Re: Keep coming back to this one house!
Posted by JDubs
Posted by hotelcalie
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
This. We realized it wasn't really that much more over a 30 year mortgage
I am already at 30k over where I started. They denied my offer stating now they want 390. Even though they accepted an offer of 385. The taxes are crazy high and people are not willing to offer more.
They bought the house for 425 when the housing prices were crazy and right now things are in between a buyers and sellers market.. My realtor said the house appraised for 392. They are NOT willing to come down at all. All the other houses I looked at have lowered their prices already, but they didn't work out for us.
Now he is looking for a rent to own option. But the rent is going to be insane..
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| Posted 6/7/16 11:35 AM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Re: Keep coming back to this one house!
Posted by NewLeaf2012
Posted by JDubs
Posted by hotelcalie
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
This. We realized it wasn't really that much more over a 30 year mortgage
I am already at 30k over where I started. They denied my offer stating now they want 390. Even though they accepted an offer of 385. The taxes are crazy high and people are not willing to offer more.
They bought the house for 425 when the housing prices were crazy and right now things are in between a buyers and sellers market.. My realtor said the house appraised for 392. They are NOT willing to come down at all. All the other houses I looked at have lowered their prices already, but they didn't work out for us.
Now he is looking for a rent to own option. But the rent is going to be insane..
Honestly, "crazy high" taxes would be enough to make me walk away. We did that more than once when we were looking. Taxes are only going to go up (and even if you grieve them and they are lowered, it won't be by THAT much, and then they will go up again). You'll be stuck with crazy high taxes for as long as you live there. And if you go to sell, that will turn off many potential buyers, as well.
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| Posted 6/7/16 12:05 PM |
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TheDivineMrsM
2 girls 4 me!
Member since 8/08 7878 total posts
Name:
Mama mama mama....
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Re: Keep coming back to this one house!
Posted by NewLeaf2012
Posted by JDubs
Posted by hotelcalie
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
This. We realized it wasn't really that much more over a 30 year mortgage
I am already at 30k over where I started. They denied my offer stating now they want 390. Even though they accepted an offer of 385. The taxes are crazy high and people are not willing to offer more.
They bought the house for 425 when the housing prices were crazy and right now things are in between a buyers and sellers market.. My realtor said the house appraised for 392. They are NOT willing to come down at all. All the other houses I looked at have lowered their prices already, but they didn't work out for us.
Now he is looking for a rent to own option. But the rent is going to be insane..
Is this in an area with super low inventory? Because IMO this place is way more trouble than it's worth...
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| Posted 6/7/16 12:25 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Keep coming back to this one house!
Posted by NewLeaf2012
Posted by JDubs
Posted by hotelcalie
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
This. We realized it wasn't really that much more over a 30 year mortgage
I am already at 30k over where I started. They denied my offer stating now they want 390. Even though they accepted an offer of 385. The taxes are crazy high and people are not willing to offer more.
They bought the house for 425 when the housing prices were crazy and right now things are in between a buyers and sellers market.. My realtor said the house appraised for 392. They are NOT willing to come down at all. All the other houses I looked at have lowered their prices already, but they didn't work out for us.
Now he is looking for a rent to own option. But the rent is going to be insane..
How does your REA know what the house appraised for? Your bank will do the appraisal, should you get the house.
Also, you say there's one major reno that has to happen now...how do you know that's it? Without an inspection, there's no way to know. And there's always that surprise leak or broken appliance.
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| Posted 6/7/16 1:49 PM |
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NewLeaf2012
LIF Adult
Member since 1/11 2741 total posts
Name:
....
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Re: Keep coming back to this one house!
Posted by chilltocam
Posted by NewLeaf2012
Posted by JDubs
Posted by hotelcalie
We went up 20K from our top price and it really did not ad all that much a month. I think it was like $35 a month or something like that. Good luck!
This. We realized it wasn't really that much more over a 30 year mortgage
I am already at 30k over where I started. They denied my offer stating now they want 390. Even though they accepted an offer of 385. The taxes are crazy high and people are not willing to offer more.
They bought the house for 425 when the housing prices were crazy and right now things are in between a buyers and sellers market.. My realtor said the house appraised for 392. They are NOT willing to come down at all. All the other houses I looked at have lowered their prices already, but they didn't work out for us.
Now he is looking for a rent to own option. But the rent is going to be insane..
Honestly, "crazy high" taxes would be enough to make me walk away. We did that more than once when we were looking. Taxes are only going to go up (and even if you grieve them and they are lowered, it won't be by THAT much, and then they will go up again). You'll be stuck with crazy high taxes for as long as you live there. And if you go to sell, that will turn off many potential buyers, as well.
They are high because they never grieved them or did the STAR program.. Not sure why but when we worked it out, the taxes would come down to a manageable level..
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| Posted 6/7/16 8:48 PM |
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