Looking for advice...

Jarod

Jarod

Well-known member
Contributor
The contract fell through on the house I was trying to buy, I think that may be a good thing, because the guy was unwilling to pay for a new roof. Now the apprasial came in at the price I wanted to pay all along.

In the meantime I found a rental that my wife and I like. The rent would be what our current mortgage and taxes and insurance are.

So do I try to re-negotiate the origional deal or just rent for a year. Is the realestate market going to drop more in the comming year?>
 
Jarod said:
The contract fell through on the house I was trying to buy, I think that may be a good thing, because the guy was unwilling to pay for a new roof. Now the apprasial came in at the price I wanted to pay all along.

In the meantime I found a rental that my wife and I like. The rent would be what our current mortgage and taxes and insurance are.

So do I try to re-negotiate the origional deal or just rent for a year. Is the realestate market going to drop more in the comming year?>
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what area do you live?
 
Find new construction and low ball this shit out of them. Banks, sub contractors and builders are taking major discounts to keep stuff out of FC. You shouldn't have to pay more that 80% of fair market value IE appraised value on new construction in almost any area in the US
 
Jarod said:
The contract fell through on the house I was trying to buy, I think that may be a good thing, because the guy was unwilling to pay for a new roof. Now the apprasial came in at the price I wanted to pay all along.

In the meantime I found a rental that my wife and I like. The rent would be what our current mortgage and taxes and insurance are.

So do I try to re-negotiate the origional deal or just rent for a year. Is the realestate market going to drop more in the comming year?>
Click to expand...

I would say you will probably need to ask your real estate agent as it will depend largely on what area you are in and how much (if any) it has already dropped.

Is the rental month to month or a year long lease? I ask, because on average I beleive the real estate market will get worse next year in many markets and may provide you with a better buying opportunity. I guess it really comes down to....

1) How much has your area declined in the past 18 months?

2) Is this a home you just have to have due to location/view etc.... or is it a home in the general area you want to live?

3) Neighborhood demographics??? If high income then the price may not change much and thus you will probably be better off going after it now while fears are higher.

4) How long has the home been on the market?

Bottom line, the above are questions that I would want the answers to before making a decision.
 
Superfreak said:
I would say you will probably need to ask your real estate agent as it will depend largely on what area you are in and how much (if any) it has already dropped.

Is the rental month to month or a year long lease? I ask, because on average I beleive the real estate market will get worse next year in many markets and may provide you with a better buying opportunity. I guess it really comes down to....

1) How much has your area declined in the past 18 months?

2) Is this a home you just have to have due to location/view etc.... or is it a home in the general area you want to live?

3) Neighborhood demographics??? If high income then the price may not change much and thus you will probably be better off going after it now while fears are higher.

4) How long has the home been on the market?

Bottom line, the above are questions that I would want the answers to before making a decision.
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1) about 25% over the past year.
2) We love the location but are not in love with the home.
3) Failry high income demographic, homes from 400,000 to 750,000.
4) Its only been on the market two months.
 
Jarod.

Obfuscate is right. Take whatever price they are asking for the house and times it by 0.80. That is the real price of the house.

Dont worry about market appraisals and such...Dude all the people in the mortgage and lending business are frauds...They overappraise housing prices so you pay more, the banks get more money, and your agent makes more money.

I would wait another year, the market is going to go down for at least 1 more year.

But dont believe your agent dude, he is just trying to rip you off. Just offer the sellers 80% of their asking price if they dont accept you just wait. Its definitely a buyers market right now.

CK
 
look into foreclosure. you may be able to ge a mcmansion that some schmuck creatively financed but couldn't really afford.. 1.5M house for like 700 or something.
 
I htink a lot of areas in Florida are going to take some more hits. You may be better off renting for a year.
 
LadyT said:
I htink a lot of areas in Florida are going to take some more hits. You may be better off renting for a year.
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My gut says Lady T is correct, but obviously we do not live there and do not know the particular community. I would ask your real estate agent.
 
Tampa and Jacksonville are considered among the top 10 Worst Housing Value places in the US right now according to Forbes... So you may want to wait another year...

CK
 
Jarod said:
The contract fell through on the house I was trying to buy, I think that may be a good thing, because the guy was unwilling to pay for a new roof. Now the apprasial came in at the price I wanted to pay all along.

In the meantime I found a rental that my wife and I like. The rent would be what our current mortgage and taxes and insurance are.

So do I try to re-negotiate the origional deal or just rent for a year. Is the realestate market going to drop more in the comming year?>
Click to expand...

Jarod, what kind of relationship do you have with your real estate broker? I think that's really important because if its a good one and you trust them they are such a great source of information and advice.
 
CanadianKid said:
Jarod.

Obfuscate is right. Take whatever price they are asking for the house and times it by 0.80. That is the real price of the house.

Dont worry about market appraisals and such...Dude all the people in the mortgage and lending business are frauds...They overappraise housing prices so you pay more, the banks get more money, and your agent makes more money.

I would wait another year, the market is going to go down for at least 1 more year.

But dont believe your agent dude, he is just trying to rip you off. Just offer the sellers 80% of their asking price if they dont accept you just wait. Its definitely a buyers market right now.

CK
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We dont have an agent. The dude's asking price was $599,000. I had a contract for 499,000 plus he paid for a new roof at $17,000. The guy refused to pay for the roof and thus I cancelled the contract. Now the apprasial came in at $485,000 and thus we are renegotiating.
 
cawacko said:
Jarod, what kind of relationship do you have with your real estate broker? I think that's really important because if its a good one and you trust them they are such a great source of information and advice.
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I dont use realestate agents.
 
CanadianKid said:
Tampa and Jacksonville are considered among the top 10 Worst Housing Value places in the US right now according to Forbes... So you may want to wait another year...

CK
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Not too good with the Floridian geography are ya?

Tampa and Jacksonville are not close to west palm beach.
 
Jarod said:
We dont have an agent. The dude's asking price was $599,000. I had a contract for 499,000 plus he paid for a new roof at $17,000. The guy refused to pay for the roof and thus I cancelled the contract. Now the apprasial came in at $485,000 and thus we are renegotiating.
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Offer him $450 plus he pays for the roof. If he balks... tell him you'll see him in six months to watch him drool over a bid of $400
 
Like I said you can get New Construction RIGHT NOW for less than the cost to build after the discounts. Existing home prices will drop further into 08' but New Construction deals it's time to move now.
 
Obfuscate said:
Like I said you can get New Construction RIGHT NOW for less than the cost to build after the discounts. Existing home prices will drop further into 08' but New Construction deals it's time to move now.
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I hate the new construction around here... 0 lot lines, all the homes look alike, all are in new neighborhoods.
 
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