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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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offer help
OK so we found a home we love and its listed at 259,990. Our 1st offer was $250,000 with 3% seller concession to help with closing cost.. We can afford the closing cost but was hoping to either have more money to put down on the house or for fixing the house up..
the seller came back with $255,000 nothing towards closing (we knew it was a long shot but worth the try lol) we went back with $252,500..
Do you think that's fair???
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Posted 8/6/14 12:55 PM  |
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Prudential Douglas Elliman Real Estate
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: offer help
You're at the point where you're inches apart. I think at this point, it really depends on what you're willing to pay. IMO, your offers were so close to asking, if you really want the house and were willing to pay the $255k, I would've just taken that. Are you willing to risk losing the house over $2,500?
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| Posted 8/6/14 1:02 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: offer help
way is the seller rejecting the concession?
I wouldn't lose a house over $2500
but I would question why they wont let you do a concession - do they not understand it?
if the concession isn't contingent it really shouldn't be a big deal to try for it and see
Message edited 8/6/2014 1:33:44 PM.
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| Posted 8/6/14 1:32 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: offer help
ok let me ask one more question lol sorry our lender hasn't gotten back to me yet and im inpatient haha
How much would you estimate closing to be on a $252500 taxes are 9944.47?
When we did it with the house being 250,000 the closing was estimated around 16000... would the 2500 difference make that much of a difference in closing??
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| Posted 8/6/14 2:16 PM |
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blu6385
Member since 5/08 8351 total posts
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Re: offer help
Posted by Beth
way is the seller rejecting the concession?
I wouldn't lose a house over $2500
but I would question why they wont let you do a concession - do they not understand it?
if the concession isn't contingent it really shouldn't be a big deal to try for it and see
I agree with all this I wonder why they denied it. when we made our offer for our house we made one with I think double the seller concession you asked for.
ETA: unless you are asking them to pay 3% of the closing cost if that's the case then I can see why they said no
Message edited 8/6/2014 2:35:02 PM.
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| Posted 8/6/14 2:33 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: offer help
Posted by blu6385
Posted by Beth
way is the seller rejecting the concession?
I wouldn't lose a house over $2500
but I would question why they wont let you do a concession - do they not understand it?
if the concession isn't contingent it really shouldn't be a big deal to try for it and see
I agree with all this I wonder why they denied it. when we made our offer for our house we made one with I think double the seller concession you asked for.
ETA: unless you are asking them to pay 3% of the closing cost if that's the case then I can see why they said no
yes we were asking them to pay 3%.. knew it would most likely not happen but figured it was worth a shot.
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| Posted 8/6/14 3:23 PM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: offer help
Posted by browneyes
ok let me ask one more question lol sorry our lender hasn't gotten back to me yet and im inpatient haha
How much would you estimate closing to be on a $252500 taxes are 9944.47?
When we did it with the house being 250,000 the closing was estimated around 16000... would the 2500 difference make that much of a difference in closing??
$2500 is basically pennies with regards to the closing costs, it will NOT change your closing fees, honestly. He came down $4K... I would have just taken it.
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| Posted 8/6/14 4:09 PM |
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Re: offer help
Posted by browneyes
Posted by blu6385
Posted by Beth
way is the seller rejecting the concession?
I wouldn't lose a house over $2500
but I would question why they wont let you do a concession - do they not understand it?
if the concession isn't contingent it really shouldn't be a big deal to try for it and see
I agree with all this I wonder why they denied it. when we made our offer for our house we made one with I think double the seller concession you asked for.
ETA: unless you are asking them to pay 3% of the closing cost if that's the case then I can see why they said no
yes we were asking them to pay 3%.. knew it would most likely not happen but figured it was worth a shot.
Yes - assuming you are on Long Island, the seller is not going to agree to pay your closing costs in any way. This happens in other parts of the country - - Damn you, HGTV!!  - but not here. Don't even bother (in the future, if this doesn't work out) - it's just going to start your negotiations off on the wrong foot. You are better off just offering less $ to the seller than offering more and asking the seller to credit some back for closing costs.
When we refer to a seller's concession here on LI, we are talking about the buyer rolling some or all of the closing costs into their mortgage loan. You can do up to 6% on an FHA loan and anywhere from 3% to 6% with a conventional loan (depending on your down payment). As Beth pointed out out, most sellers have no issue with this type of seller's concession -- which is really a misnomer since it's really just a mechanism by which a buyer can finance closing costs, IF the sale isn't contingent on you getting it (since the appraisal CAN be a concern with seller's concessions).
I agree with others that when you are only a few thousand dollars apart, you have to see the forest for the trees. It's going to really be a negligible difference in your monthly payment (figure -- ballpark -- that every $1,000 you add to your mortgage adds $5 to your monthly payment).
Also, what do you mean by is it "fair"? I mean, it's always good to have an idea of fair market value of a house when you are negotiating an offer (meaning what have other comparable homes recently sold for). But even still, there may be other factors that would make you want to pay more or less than what the comps dictate. That being said, it's hard to attach an exact dollar value to a house. So I'd be hard pressed to say that the house is worth $250,000 on the nose, so you'd be overpaying at $252,000 or $255,000.
If you want the house, and can afford it, then I agree it doesn't make sense to let a few thousand dollars stand in the way.
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| Posted 8/6/14 5:17 PM |
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LInMI
LIF Adult
Member since 7/10 1800 total posts
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Re: offer help
,I think it was more than a fair offer. Without knowing the details my first offer on a house listed at $259,990 would be $249K
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| Posted 8/6/14 7:55 PM |
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browneyes
All moms are working mothers!
Member since 8/08 4311 total posts
Name:
Super Mom
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Re: offer help
Thank you guys for all your input!!
We agreed at 254,000... Fingers crossed inspection goes smoothly 
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| Posted 8/7/14 10:14 AM |
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Re: offer help
Great! Congratulations on your accepted offer!
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| Posted 8/7/14 10:50 AM |
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