A townhouse on the market for 224.?

Question

What would be a reasonable offer for trying to bring the price down? How much should i expect to pay a month on mortage? What is the best way to go about getting a mortage? Should I trust who the realtor is having me talk to? What is the actual job title of the person the realtor would be having me talk to about finance?

Answer 1

TO EVERYONE THAT KEEPS ASKING THIS QUESTION:

Before you make any offer, you MUST KNOW THE VALUE OF THE PROPERTY!!!!

Your realtor should provide you with what has sold in the past 6 months and compare these with the house you are looking at.

Maybe the price of the house you are looking at is actually below market. Just because a house is for sale, DOES NOT make it over priced. We only do listings with sellers that will try to sell their homes at market value or a few percents lower. We will not take a over priced listing. It costs us money and the house will sit. To all those sellers that say that they will over price the house, BUT look at offers - you are fooling yourselves.

There is a LOT of misinformation out there. There are 3 types of buyers.

1. The ones that can't afford their house and need to sell. However, these people usually don't have any equity and even if they wanted to sell low, they would have to make up the difference on their mortgage at settlement. These usually go back to the bank.

2. The ones that WANT to sell, but have no equity. Same story as above, but they will not loss the house and will wait to sell when the market gets better.

3. The ones that want to sell and have equity. This is the only group that you can actually get a "deal" with. However, equity in their home is their greatest asset and most of these people will wait the market out.