My husband and I are first time home buyers. We have found the house we want, but we don't want to close until May or June. Any help would be appreciated.
2007-01-11 14:24:47 · 6 answers · asked by ? 1 in Business & Finance ➔ Renting & Real Estate
What is more important to you, the price or the date of purchase? If you had cash and wanted to close in 5 days you could usually get a seller to lower their price a lot. You are asking the opposite of that. What do you think will happen? Yep, the price will go up. That is simply because the seller will be taking their house off the market for 6 months. It will cost them insurance, notes, taxes and upkeep for 6 months. Who is going to pay that? Yep you are when they consider the price you are offering them on the house. Actually you should not even be looking for a house until you are ready to buy. The market changes daily. You might find a much nicer house 6 months from now at a better price or you might not. In 49 states (except Louisiana) the deposit is called an earnest money deposit. It is basically a bet. You bet the sellers you will buy the house and they bet they will sell you the house. If the sale goes threw then it is a push. If you back out you give them the money and if they back out they give you the money back and match it. If the risk is big on the sellers part then the buyer should give a really big deposit to keep the house and if the risk is big on the buyer then the deposit should be low. Example. If you are buying a 100k house for 75K put a big deposit of 10k or more. This would keep the seller from selling the house to someone else for 85K. If you were paying 100k for a 100k house the dep should be low just incase you found another one before the sale and wanted out. You just let them keep the deposit. In your case you want the house. It would be a good possibility that someone else would want the house from march threw may. That is a busy season for selling houses. A small deposit would probably cause the sellers to look at others offers.
You should look at the reasons why you want to wait and maybe they are not good enough to not go to sale sooner. You should be able to put them off for 2 months pretty easily.
good luck,
Michael
2007-01-11 16:27:38 · answer #1 · answered by Bestbank Real Estate 3 · 0⤊ 0⤋
Escrow money doesn't hold the house, a good-faith deposit with the owners does. With wanting to wait 5 to 6 months to close, it would have to be a large deposit if the owners are willing to wait. A typical good faith deposit (sometimes refered to as Earnest money) is $1000 +. It shows serious intent to purchase. With the length of time you are going to wait, they may want more. Just ask. This money will be applied to the purchase price of the home. And make sure you agree on a latest closing date. If you don't close, they can keep your money!!!!
Get everything in writing!!!!!! Don't leave it up to each other's word.
2007-01-11 14:32:37 · answer #2 · answered by Joe S 6 · 0⤊ 0⤋
No person is going to hold their house off the market for 4 - 5 months, and a mortgage company won't hold paperwork open longer than 60 days (average) - if you don't want to move, you can find if they want "occupancy", so you close but they still live there, paying you rent. What happens if you drop out - they're 6 months in the hole and no closer to selling their house than before. The best you could hope for is a 72 hour clause - which is if they get another offer, you have 72 hours to sign and start paperwork, otherwise it goes to the other buyer.
Market's slow - maybe just wait until April and see if the house is still available - if so, maybe offer them less $$$.
2007-01-11 14:30:32 · answer #3 · answered by Anonymous · 1⤊ 0⤋
There will be more home if this one sells. I would bet that the price will fall even more by then. What you may want to do is lock in a rate and have that be held for 60 day or as long as you can.
Check out this web site and see what it say and i think is true in why the price are now falling and will for some time.
Best of luck
http://www.breakingbubble.com/index.htm
2007-01-11 15:47:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
When you make the offer on the house state that in the contract the currant owners can either except or deny the offer that way. If they are in a hurry to sell the more than likely will turn your offer down but it they are not they may except it. Make sure you offer under what they are asking. They may except that.
When I bought my home they owners where asking $130,000. I offered $100,000 and they excepted the offer hopefully you have a good real estate agent that is helping you and guiding you with this. That to your friends that have already purchased home for help.
GOOD LUCK
2007-01-11 14:34:35 · answer #5 · answered by Diane 2 · 0⤊ 1⤋
Mick Parker and Jamie Williams posted the same question. You should see their answers side by side.
2016-08-23 15:00:12 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Good question
2016-08-08 23:48:16 · answer #7 · answered by ? 3 · 0⤊ 0⤋