Home purchase should I?

Question

If the seller lowers the price from 218,900 to 202 and pays 9,000 sellers assist and a point for your mortgage. Would you buy the house it is completely renovated.

Answer 1

Depends on what it is worth.  Also, what is the prognosis for the real estate market in the area, plus  ahost of more personal questions (i.e., if I have kids, what are the local schools like; what are property taxes like; what is the neighborhood like).

On a purely financial basis, you need to have someone provide you with an impartial market valuation (talk to your real estate agent and have them pull comps, or get a rough estimate from zillow,com).  Even with the price reduction and help, you don't want to be buying a $175,000 for over $200,000.  Also, can you afford the payments and do you have the remainder of the closing costs?  When figuring the payments, don't forget to add in escrow payments and PMI if you don't put down 20%.

If all the answers are positive, then it sounds like you have found yourself a good deal.

Answer 2

most definately. You need to take advantage of the lower cost houses left in the market. That would be a great price reduction for you and with no renovations to be made it will be move in ready

Answer 3

That’s an impossible judgment to make without knowing what other comparable homes have recently sold for.