Baby on the way. Found a home but it is still too much for us. How can we bring the price down? Thank you!!!?

Question

My wife and I have found a fixer-upper in Topsham, Maine and want to know what we can do to bring down the price. They are asking $162,500 for the home. It has good potential and we are to see the inside this weekend. We are to have our first baby on November 2nd and would love to be in a home before that time comes. We maybe able to get a loan for $130,000 (But not sure) how can we get the price to that level? Is it possible? I work at a local Hospital on the Medical/Surgical/Pediatric floor and don't make much for the line of work I'm in. My wife makes less money than I do and will be out of work without pay when the baby is born. We really need advice and any help that you can offer. Please be kind in your answers to us.

Take care and God bless.

Answer 1

Be realistic--talk to the bank first before you guess on your loan. Also, don't max out your loan on this house. It's a fixer-upper.

Also, I would talk with a realator. When you are a BUYER, having someone to help you buy a house doesn't cost you a thing. How long has it been on the market?

Also, it sounds like you've found this ONE house and are in love with it. Can you afford to finish the big fixing up before the baby is due? Will you be able to AFFORD fixing it up?

Talk with a lender AND a real estate agent.

Answer 2

Not to sound negative, but I don't think a fixer upper is going to be a good idea, especially with the new baby on the way and less income for an undetermined amount of time.
If you are really really wanting the house in-spite of the cost of it being a fixer upper, I think one of the best ways, which might already be done, is to hire an appraiser. They can go through the house and list the things that need to be fixed, sometimes giving you an estimate on the cost. You would then have your realtor make an offer, for minus the cost of the repairs the appraiser found.
My husband and I purchased a house that needed some work 7 years ago, when we had two children. We now have three children and one on the way, and the things that we wanted to do to the house, aren't done. Time and money are both things that get "tight" when you have children.
I know the feeling though of really wanting a specific house. Just make sure you're willing to make some sacrifices in your daily life, so that you can afford to live in the house and fix it up how you want to, no cable tv, no car payment, no long distance, etc.
Congrats on the baby and best wishes and happy home hunting.

Answer 3

First of all don't plan on qualifying for a loan on both salaries when you know you will only be bringing home one. That will save a lot of stress. Make your offer and stand firm - there will be closing costs etc and some repairs that need to be done sooner then you expect so you need to be prepared with cash beyond your down payment.
You have no power in negotiating when you "have to have it", only when you can honestly walk away from a deal - and you seem to be in a rush for this house, so you are putting yourself at a disadvantage. Make your offer. If it is not accepted keep looking. You do not need to be strapped with payments you can't really afford while adjusting to a new family and all the repairs an old home needs - I'm sure it will be inspected as part of the whole deal - just make sure you are covered for any immediate repairs.

Answer 4

I just sold my house and I would not take anything less than my asking price and every time they whined about something and tried to add repairs I raised the price to cover them. It was a new house and the people were way too picky! Usually before buying a house you have to show the seller a pre-approval letter. When we had the house built, I was 19 and my husband was 22. He made good money in the military, but I was still an undergrad and did not have much to contribute. We qualified for a loan way above what we could afford, so we had to settle for what could afford in monthly payments. If we bought the house we could qualify for in a lenders eyes we would have been broke! In two years the house sky rocketed and we made a good profit when we sold it. I would go for what you can comfortably afford, foreclosure is a b&^ch and so much comes up with owning a house that you have to pay for. Call a mortgage lender and they can qualify you and they can estimate your payments. But there is no way you are going to get the people down 32,500 unless you find out it is about to fall apart or is like sitting on depleted uranium.

Answer 5

Make sure your credit bureau reports reflect good information. You can pay to have someone "clean up" your credit, but you can do it yourself. You can dispute any blemishes on your report directly with the Credit Bureaus.

You can ask the seller to carry a second loan. In other words, get your loan for $130k and then ask the seller to give you a loan for the rest. You will be making two payments, one to the mortgage company and the other to the seller. If the home has been on the market for some time, this offer may be "do-able" for them.
Second, look for a "Dr's Loan". Many lending companies see the "potential" of your salary and will cater to people in your field. They see that it's a long term career and not something that will be out of fashion in a few years.
Congrats on your family and good luck.

Answer 6

honestly i think that is too much of a drop, those ppls probably will not sell their house for you for $130k only, if they are asking for $162k. i think a reasonalbe price down would be $152k. i think what you have to do is find a good loan officier. they can work their way with numbers, the different kinds of programs there are available and they have access to tons of different banks, meaning that each bank has different loans. if you guys save a lot or have a lot of deposits in your bank account, he could use only your bank statements to help get you a loan. but if it's more money issues that you are concerned about, like not being able to pay for your mortgage, then i really suggest, get something in your range. it will be your first house, we can't all expect to live in our dream house right away. my husband and i settled for a small townhouse, rather than a real individual house, it's been three years now, and in about 2 more years, we will have enough money to move out to a nicer, bigger place, b/c we are expecting too. so i suggest finding a loan officier, and getting the best deal you can, or someone who is willing to work hard for you. congrats on baby, and happy house hunting. :)

Answer 7

Biggest mistake people make buying a home is one they truly can't afford. They become "house rich; cash poor". If this house is going to stretch your budget, look elsewhere for 2 reasons. A fixer-upper raises a flag to me b/c you'll never truly know what's wrong with it. And after buying it, you'll probably find out what's wrong with it the hard way. Secondly, having a baby will incur additional costs. Babies get sick (often) which means trips to the doctor (that's trips, as in plural). You'll be spending $$ on toys, clothes, baby books, formula, diapers!!!, more formula, more diapers, more doctor's visits. It all adds up. Good luck though.

Answer 8

perhaps you may get somebody that can assist you with a down fee or evaluate a 40 365 days loan or pastime only loan. If somebody could supply you a downpayment, then you definately can money them out over the years or pay them decrease back with pastime once you refinance some fairness out of the domicile. the subject with Maine is which you will no longer see plenty appreciation very quickly such as you do out here in California. only my 2 cents Congrats on the toddler. Mine is a million 365 days previous. you are going to love it.

Answer 9

You could do some type of rent or lease to own if the owner is willing to do that. You would agree on a price, but then you would pay rent and a portion of that rent would go towards a down payment and once the balance you are comfortable with is left, then you complete the sale.

Answer 10

well i am kinda in the same situation only our baby is due july 3rd yep it is really close. you can always offer them 130,000 they may take it that is what we ended up doing.if all esle fails go see a realestate agent and tell them what u are looking for and in what price range. the best advise i can give ya is go ahead and hurry to find one cause if not u will be like us and closeing on one 2 weeks before your baby is due. good luck best of wishes and congrads on the baby. may god bless you guys and your family.