i got accepted for mortgage, and i asked seller can i have house for 220 k instead of 225k.?

Question

she said no too me, it was meant to be a private sale and she is my mothers next door neighbour. My point is house value is 225k and shes asking for 225k surely 220k isnt a bad offer.. i thought that was quite reasonable actually
Than i said 222k and she hasnt texted me back. She keeps saying that if i dont buy it she`ll sell it to developers as it is a terraced house. The mortgage thing was stressful enough to make matters worse this has become stressful aswell.

advice me please, i can`t call her now as shes driving, the house we are meant to be buying her mother lived in it and she died so her daughter is selling it. Funeral is tomorrow so cant speak to her than, what shall i do?

by the way how quick are property devolopers able to buy it?
as i know if i bought it it would take 2-3 weeks as mortgage is accepted.

thank u x

Answer 1

Property developers can move a lot quicker than you.If you really want the house give her the asking price.

Answer 2

You are haggling over a difference that is about 2%.

If the house has a 225k value then 225k is a reasonable offer to accept. This is especially true if there are other buyers out there willing to pay that amount. If you really want the house, I would say pay the 225k. If you try to hold out she could sell the house to someone else. You say the house have a 225k value. I am guessing that this is what an appraiser set the value at.

Something you can try to do instead is see if she can pay your points on your mortgage or help you with closing costs or something. Maybe give an allowance for paint or carpet or something. Many times a seller is unwilling to lower the price but is willing to help out in other ways.

Answer 3

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Answer 4

i'm a property developer, and we cannot buy properties any quicker than an ordinary housebuyer.

Personally I would have accepted your offer as it was only £5,000 under the asking price, it sounds as though she is trying to pressurise you to up the offer as she knows you want to buy it.

Maybe she is stressed at the moment with her mother's funeral coming up, give her time to come back to you and don't rush her, just make your situation clear, and point out the pro's of her accepting your offer.

As you have already had the mortgage accepted, and assuming you do not have anywhere else to sell - so no chain - you would be classed as a cash buyer - to me you would be a dream, as there are fewer hold ups.

Can you afford the extra few thousand pounds, if you really want the house then it would be worth it, essentially houses are only worth what anybody is willing to pay - but of course if the house is not yet on the market and you are having first offer this gives you the upper hand to any property developers,as they probably do not know that there is a house which needs renovation. I do not know what state this house is in or what area you live in, but personally I, as a developer, would only be interested in a house if there was profit to be made from 'doing it up'.

As I have said before I think that you have put in a reasonable offer, if the purchase can be made swiftly, the your money will soon be in this lady's bank account and assuming there is no outstanding mortgage it will earn approx £400 - £500.00 pounds per month which would very shortly make up th e extra £3,000.00. Maybe if you pointed this out, then it may sway her.

The other point is that if the house belonged to her mother, the deceased estate is usually subject to probate, and this will have to be dealt with before the inheritor can sell - although this may be very simple and already have been dealt with.

Also have you seen proof of the valuation, after valuing estate agents usually give the valuation in writing, even if you do not use them.

I hope this makes sense to you, as I have rushed this explanation to you.

Good luck, and try not to get too wound up, I'm sure things will sort themselves out.

Answer 5

Well you have your mortgage arranged so to me 5k off the asking price is very good . All you can do is put the offer on the table if she won't accept it's her loss. I find it hard to believe a property developer would offer a full asking price in any case . Most property's can take up to 10 weeks for contracts to be exchanged makes no difference just because they are property developers. It all comes down to how much you want the house and what your prepared to pay.It seems a very fair offer but if she won't accept you can either leave her to think about it or come back with a slightly higher offer.

I am currently selling my property and would maybe reduce it a couple of thousand .

Good Luck xx

Answer 6

Well, it all depends on where it is located. Where are you? In most markets, the real estate market is really, really off. Its unlikely that Real Estate developers will be rushing in to buy a place like you describe, since it already has a house on it, that drives up their cost to build there pretty significantly. But it all depends on where you are! That being said- I dont think you are being unreasonable either. What makes you say that the house is worth $225,000? Has it been appraised recently? Also- have you had an inspector look it over? Maybe there is something really wrong with the place! To me, it sounds like this person is trying to pressure you into buying the place as quickly as possible for the most money possible- which would make me think there is more to this than meets the eye- like maybe a leaky roof and a cracked foundation... be careful!

Answer 7

First thing is you really shouldn't be making offers and counter-offers via text messages. You will want to have them in writing in a contract form (there are several pre-made house sale agreements and offer/counter-offer forms available).

Second thing, if her mother's funeral is tomorrow, for God's sake give the woman some peace and don't harass her over a couple thousand dollars. You're more likely to annoy her and she may decide not to deal with you any more.

Third thing, in the scheme of things $5000 in a 30 year mortgage equates to about $30/month difference in payments. If you really really want this house and you don't have other options, I'd say forgo trying to haggle over a few thousand dollars.

Fourth, you really should consider getting help from a real estate agent or a real estate lawyer. It could potentially save you a lot of money and headache later on down the road if things don't go so well.

Answer 8

The acceptance need to be in writing. Period. Do you have that? Verbal does not count. Did you ask her to help you pay for any of the closing costs? Is that why she will not go down in the price. If you got accepted for a mortgage, why is your Bank &/or Broker helping you out since this is a private sell (For Sale By Owner) I do FSBO alot, and work with the seller on your behalf.

YOUR MORTGAGE BROKER WILL HELP YOU & THE SELLER FROM START TO FINISH, TO CLOSE YOUR LOAN. THE PERSON YOU ARE WORKING WITH, WILL ORDER TITLE, ANY SURVEY’S NEEDED, INSPECTIONS IF NEEDED, ORDER PAYOFFS ON SUBJECT PROPERTY IF THERE IS A MORTGAGE ON THE PROPERTY.

Also developers may give her less for the property.

AND, IF THE HOME WAS IN HER MOTHERS NAME, AND THE FUNERAL IS TOMARROW, IS SHE THE EXECATOR OF THE ESTATE.????? Does she even have the right to sell the home? Depends who has that right / If there is a will, it will stipulate who has Legal rights to dispose of said property. Sit down with her when she gets back from the Funeral - And ask her these ?'s

Good Luck to you.

Answer 9

If her mother just died who owns the house? It has to go to probate unless she is the actual owner. There is too much room for error here. All correspondance should be in writing and not text messages. You need a Real Estate Agent or lawyer to handle this. Just too dangerous.

Answer 10

Are homes in your area taking a long time to sale? If they are just wait a little while and see if they change their mind. The developer will probably offer an even lower purchase price than 220K.

Answer 11

When you get ready to sell something?? If it's valued at 225K will you happily take 220??

If so, then your reasoning makes sense, for you.

But generally speaking you pay the value not just lop off a healthy good measure fromthe price for your own comfort. You are unlikely to see it from your current perspective when you have your home priced right at value and are offering to sell private party. Highly unlikley....