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are you sure your bank is going to allow you all that credit at closing? I was told, no matter what I negotiate with the seller, the bank will not allow them to give us more than 3% of the purchanse price at closing (in the form of seller credits). Your credits total about 5.6% of the purchase price. You might want to ask your loan officer about this before you proceed much further.
Anytime you buy a house for $139,000, you get a VERY GOOD deal.
you know that's not true at all...why do you keep posting such nonsense?
There are thousands of houses across the country that would be a VERY BAD deal at $139,000.
Its only a good deal if you want it to be . Buyers remorse usually kicks in for about 48 hours after closing and then you will probably sit down with a cup of coffee and give yourself kudos for doing so well in this deal. Buy yourself something nice for the house and relax!
alpine, I have several hundred very good deals for you! 3/2 homes WAY under 100k, heck even under $40k!!!! I'll hook you up friend!
The real test to use in deciding if you got a deal is to look at the bank appraisal that you paid for to get your financing approved. If the house appraised above $139,000 then you got a deal. The appraisal is the only true financial basis you can use to determine value at the time of your purchase. As long as we are seeing foreclosures, short sales and desperate sellers who are taking a loss and selling below market value, properties will continue to drop and therefore appraise for less. By buying a home for less than market value you have just lowered the property values in your new neighborhood. Real estate runs in cycles as does everything else. We have no idea how long this one will take to turn around. Right now I am working with several buyers and everyone is looking for a deal. I respect that and will help them find them. But it is hard to get a "deal" and then expect your new house to be worth more when in fact you have just devalued it. Confusing - but true.
your terms are very good, I am not familiar with the particular area that you are buying in , I would suggest talk to a realtor, to give you comparable sales for the last 6 months, and in the past two years, that way you will no what is going on in that market, also find out how many homes are for sale in the neighborhood , and how long is it taking to sell, if the price is right and the neighberhood has demand , than a property should sell in max 15 days ...
To find the average value of homes in your area, ask your realtor to evaluate your home, your neighborhood, and the surrounding neighborhoods. They will also do a CMA and pull some numbers to show you where your home stands in market value for your area. Without all of the information, none of us can give you an accurate answer.
Congratulations. If you're going to be in the home for a while and you're happy, than don't follow the sales transactions for the next year or two. Again, congrats, I hope to purchase again in the next year.
An appraisal after a contract is accepted is not a clear indication of whether you got a good deal or not. If, however, you hired an appraiser beforehand and the numbers said $200K and you then contracted to buy for $140K yes I would think you got a good deal. Unfortunately the banks appraisal would likely come in much closer to the agreed price.
I know a lot of houses been listed for low 400's with zillow estimates mid 500's.
MariaMorton, I disagree, do not ask your realtor to evaluate the market. Their scale has not been updated yet, most of them are still living in 2005. Me and my cousin (he is on the market now to buy something) have a lot of examples which sellers came way below the buyer's agent's estimate.
I think asking a realtor for an evaluation is your best source of information. Looking at sales within the last 3-6 months you will have a good overview of value for the home you are considering. Sellers can be more flexible with their price if they have owned the house for more than 5 years, and are in a distress sale situation.
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Did I get a good deal ?
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