We have a house for sale for $74,900. We had an offer from a girl that was very low. Found out that she is only approved up to $70,000, but is able to pay her own closing costs. We won’t go any lower than $74,000. Any ideas on how to make this deal work? She loves the house, just a matter of money. I know one idea would be to have her borrow the money from family, friends, whatever. Any thoughts would be appreciated.
There are programs out there that help first time home buyers with down payment assistance. She may try one of those. Another idea is to have her inquire with her lender regarding first time home buyer programs that allow for higher ratios. There are programs out there that allow for 60% back ratios. Lastly, I watched the video on your web-site and thought it was pretty good. The only thing I noticed was some of the language is “colorful” and that may offend some people. Other than that good job.
Thanks for the reply. I think she may have already looked at those first time buyer avenues. I’ll check into it further, thank you. Oh, and the video… LOL. That was something my wife and I debated when we made the dvd, language. I wanted to bleep them out but she insisted we didn’t because it was “reality”. I’ll forward your feedback…
She is correct in that aspect. Although most of the time around here in Texas you hear that language in Spanish so you don’t catch it. :shocked
Okay, found out more details. She is a first time home buyer that has a $5,000 grant and is approved for $65,000, totaling the $70,000. Her agent says she absolutely cannot go over $70,000. As far as owner financing the $4,000 difference, she cannot afford a new mortgage and a 2nd payment of $600 a month to pay us back. Oh well. It’s a beautiful house and is by far the best thing in the price range so I am sure it will sell quickly anyways. Thanks for your time!!
Chances are the lender would not approve the financing with a seller second anyway. Once you decline the contract she may change her tune. The extra 4k is like a dollar extra per day per month. Even at a relatively high rate of 7.5% it would add only $27.97 per month to her payment. Don’t cave on the contract she is just playing hardball.
Well, we declined. We’ll see what happens now! Thanks for letting me pick your brain!
No word back from the buyers agent. Guess she’s gone…
Did you have some appliances or other removable items in the house you could have taken out that wouldn’t’ve affected the appraisal that you could have used elsewhere?..That may have worked for both of you…
Hey buff… there hasn’t even been an appraisal done. She looked at the house and loved it but wasn’t approved for enough $.