Putting in our first offer today - HomeModders.com

chestercheeto48 · 01-10-2008, 10:23 AM

So the wife and I have been looking at houses for the last couple of weeks and we have decided to write our first offer this afternoon. We are hoping to get a great deal on the property due to the fact that it has been on the since early last summer and is currently held by a property relocation company. We are going in really low in order to see what they will really let it go for. We also can move in at any time so hopefully that will ad to the offer a little bit. I am sure they don't want to make anymore payments on the property.

Here is the house.

wisconsinhomes.com

The walls have since been painted to more neutral colors.

The sq. footage is enormous as the basement isn't even finished yet.

I am trying not to get my hopes up too much.

87vert · 01-10-2008, 10:45 AM

Quote:

Originally Posted by chestercheeto48

I am trying not to get my hopes up too much.

thats one of the hardest parts

good luck

ScrapinSTi · 01-10-2008, 11:27 AM

3 br, 2 1/2 ba, 2k sqft!?!! BRAND NEW KITCHEN!?!? HARDWOOD FLOORS?!?! For $220k!?!? God thats depressing...

chestercheeto48 · 01-10-2008, 11:42 AM

Why is that depressing? We are actually only going to offer 195,500 for it as a starting point. There are a few homes in the 1900-2200 square foot range for sale in my area. The only downside is that some are in neighborhoods that could go south really quickly.

ScrapinSTi · 01-10-2008, 01:41 PM

Because my house is 2br/1ba 850sq ft, and was $160k....And is now worth $190k...

chestercheeto48 · 01-10-2008, 01:54 PM

Oh I see. Yeah I thought 220,000 was expensive but I see I am wrong. Hopefull wages match houses in your area.

briansol · 01-10-2008, 02:30 PM

that house would list for 359 here. go for it.

chestercheeto48 · 01-10-2008, 03:25 PM

Really? Damn I could never afford a house where you all are. Between my teachers salary and my wifes salary we couldn't swing a payment that high on 359. I am also stoked as it looked like intrest rates for mortgages dropped again at my two banks. 5.75 - 5.794 last time I looked they were at 6.25 and 6.5.

briansol · 01-10-2008, 06:00 PM

just don't get walked. 30 or 40 yr fixed. nothing else. no interest only, not 5/1, no arm, nothing.

also, you probably won't see 5.75 either. Those numbers assume 20% down. you'll be up a full point with less than 40 grand down.

When i did my paper work, everything was advertised at 6.5%, and i'm in a 7.25%.

87vert · 01-10-2008, 06:07 PM

Quote:

Originally Posted by briansol

just don't get walked. 30 or 40 yr fixed. nothing else. no interest only, not 5/1, no arm, nothing.

also, you probably won't see 5.75 either. Those numbers assume 20% down. you'll be up a full point with less than 40 grand down.

When i did my paper work, everything was advertised at 6.5%, and i'm in a 7.25%.

when I was doing my paperwork they were advertising 5.5-5.75 and I got in at 6.5 so I think your probably right.

01-10-2008, 10:23 AM	#1
chestercheeto48 Member Join Date: Aug 2007 Posts: 73 Rep Power: 5	Putting in our first offer today So the wife and I have been looking at houses for the last couple of weeks and we have decided to write our first offer this afternoon. We are hoping to get a great deal on the property due to the fact that it has been on the since early last summer and is currently held by a property relocation company. We are going in really low in order to see what they will really let it go for. We also can move in at any time so hopefully that will ad to the offer a little bit. I am sure they don't want to make anymore payments on the property. Here is the house. wisconsinhomes.com The walls have since been painted to more neutral colors. The sq. footage is enormous as the basement isn't even finished yet. I am trying not to get my hopes up too much.

01-10-2008, 02:30 PM	#7
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 32 Posts: 499 Rep Power: 10	that house would list for 359 here. go for it. __________________ 1997 2050sqft Split Level

01-10-2008, 06:00 PM	#9
briansol Administrator Join Date: Aug 2007 Location: Central CT Age: 32 Posts: 499 Rep Power: 10	just don't get walked. 30 or 40 yr fixed. nothing else. no interest only, not 5/1, no arm, nothing. also, you probably won't see 5.75 either. Those numbers assume 20% down. you'll be up a full point with less than 40 grand down. When i did my paper work, everything was advertised at 6.5%, and i'm in a 7.25%. __________________ 1997 2050sqft Split Level

01-10-2008, 11:27 AM	#3
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	3 br, 2 1/2 ba, 2k sqft!?!! BRAND NEW KITCHEN!?!? HARDWOOD FLOORS?!?! For $220k!?!? God thats depressing...

01-10-2008, 11:42 AM	#4
chestercheeto48 Member Join Date: Aug 2007 Posts: 73 Rep Power: 5	Why is that depressing? We are actually only going to offer 195,500 for it as a starting point. There are a few homes in the 1900-2200 square foot range for sale in my area. The only downside is that some are in neighborhoods that could go south really quickly.

01-10-2008, 01:41 PM	#5
ScrapinSTi Senior Member Join Date: Aug 2007 Location: In Debt. Posts: 252 Rep Power: 5	Because my house is 2br/1ba 850sq ft, and was $160k....And is now worth $190k...

01-10-2008, 01:54 PM	#6
chestercheeto48 Member Join Date: Aug 2007 Posts: 73 Rep Power: 5	Oh I see. Yeah I thought 220,000 was expensive but I see I am wrong. Hopefull wages match houses in your area.

01-10-2008, 03:25 PM	#8
chestercheeto48 Member Join Date: Aug 2007 Posts: 73 Rep Power: 5	Really? Damn I could never afford a house where you all are. Between my teachers salary and my wifes salary we couldn't swing a payment that high on 359. I am also stoked as it looked like intrest rates for mortgages dropped again at my two banks. 5.75 - 5.794 last time I looked they were at 6.25 and 6.5.