There are a bunch of moving parts to loans today:The prequestion is are you trying to borrow $300K or enough so that your payment was $300/mo?If you wanted $300K then the following questions apply.The first question I would ask is that $3000 your net or your gross?The second would be, what kind of credit do you have? Middle credit score, any late payments in the last 12 months, previous foreclosure?The third would be, what kind of debt do you have? Specifically, what are the sum total of minimum payments that show up on your credit report?The fourth would be, how much money do you have to put down?The fifth is, is this a primary residence?$300K with 20% down with taxes and insurance would probably get you an all in payment of between 1800-1900/moI know of an FHA program available to primary residence with credit scores down to 600, if there are no lates in the last 12 months, no foreclosure in, I believe it's the last 3 years, and a higher debt to income ratio, which could mean that if your net was $3000 and your gross income before taxes was, say $5000, and you didn't have a lot of debt or bad credit you should qualify.I know a good loan officer, call me.
Who will you be giving the 1% to? If you are working with an agent, it is possible to request that the agent's broker hold the check, uncashed, until you reach a deal, which will then be transferred to escrow when escrow is ready to open. The 1% is earnest money, which is money that you put at risk when your contingencies have been waived, 17days or later in the deal. Should you back out of the deal, late in the game, you run the risk of losing that money. It is common practice to offer earnest money. If you are not being represented by a Realtor, these are some of the reasons you should be. There are also required disclosures that must be exchanged in a Real Estate Trasancation, and your Realtor will protect you from that standpoint too.Good luck.
The zestimate is by it's very nature, off by a minimum of 10%. Ask your lender if they're seeing properties in the area come in at less than purchase price. My guess is probably not.
Let me know if you're still looking. I can refer you to one.
1. The listing is represented by an agent, so if you approach that agent with an offer, he will technically represent you too, since you don't have your own agent.2. Most MLS listings feed to Realtor.com for sure. I'm not sure if Trulia and Zillow have the same situation.3. If you don't find an agent to just represent you, you should evaluate the sense you're getting from the listing agent, to see if you feel they are able to represent your interests as well as the Seller. It's called dual agency. We have a fiduciary responsibility to represent the interests of all parties we represent. That means advising you to the inspections you should do, what kinds of rights you have to get out of the deal, what kinds of responsibilities the seller has to you, etc. If the agent says "don't worry about it" I'd run the other way. There are things Sellers in this market are typically giving to buyers, there are disclosures that a Bank selling a property don't have to do. A good buyer's agent gives a lot of service to a buyer, and it costs you nothing. They do work on commission, which is usually 3% of the purchase price. You might also look at HUD foreclosures. These pay the buyer's agent 5%.Not sure what areas you're considering but today there is a HUD 3/1 house in Oceanside for $117K, a 3/2 in Ramon for $76K, and a bunch of 2 & 3 Bd homes in El Cajon starting at $55K. To buy one of these you need to find an agent who is certified through HUD.
I am assuming you made the offer through an Agent. Your agent should be coaching you through this process. Your offer is so close to the new asking price, that I can't imagine it would be rejected, but your agent should confirm that they got your offer. Offers usually expire after three days, so you might need to resubmit. If the agent who submitted the offer hasn't followed through for you, get a new agent. I think a great way to find one is to go around to open houses and interview them. When you walk into an office, in most companies you will be directed to the agent who is "up", whether you like it or not.
A company like Realty Trac feeds distressed properties into Zillow, but holds back the address so they can sell you their service.
Are you getting this duplex in San Mateo, or is it out of your area? In my market, I sell a lot of REO's. The asset managers controlling them seem to have about a 5-10% leeway from their asking price.I guess the second question I would ask would be, what are you planning to do with this duplex, live in it or rent it out or both? Then if your cost compared to what you can make in rents or what you would pay to live in another situation is lower, this is a good deal.I suspect, you got a good deal.
If you don't want to call a Realtor, you should be able to get this data from a title company. Walk in to one, ask them for a property profile including comps within a certain radius and time frame. You might even be able to get it by calling the office and asking them to email it to you.
Here's an interesting consideration. The tax deduction for purchase money interest payments is the same one you get for a traditional IRA or 401K contribution, however it is not limited. At the end of a career, which do you think will give you and your family more good times and memories?