As some or you may know, we have been looking into buying a house. Preferably the one that we are currently living in- our stuff is here, we have great friends as neighbors… plus the fact that it’s a mother-in-law. A mother-in-law apartment is a house that has two separate living areas; two kitchens, two living rooms, two baths and two bedrooms per portion. It’s a really good set up, and we figured if we buy the house, the rent that we currently pay plus the rent that upstairs pays would easily cover the mortgage! So in short- pay the same as rent, yet own the house! Big advantages here! Like- I could paint the walls something other than white, and I could landscape the yard and have a garden! We would be rid of the horrid RV sitting in our patio that belongs to our landlords and actually have an awesome place to entertain!!!!! (Party- our place!)
Given the current situation America is in, we thought it would be a great time to buy- low prices and good incentives… well after talking with the bank and other connections, we found out that the CMA for this house is $$$ ( smiley face ). However, when talking to the landlords they wanted $$$ ( frowny face ). We still could afford the $$$ (frowny face), but we’re a little taken back that they want that much, even though it’s WORTH a lot less.
Here’s their side: they are not that motivated it sell the house- they have multiple properties, and this is just something that would help them pay their other mortgages- (they don’t even have this house up for sale). And just because the market is down doesn’t mean they have to settle for what the economy has dragged its worth down to. Back when they DID have it for sale, they originally had this house priced at $$$$ ( double-frowny face). They have dropped it considerably after learning of the CMA. They believe that even though the house currently isn’t worth $$$ ( frowny face ) that if they hold on to it longer they would easily get that amount.
It’s just a bummer, we can see their side- just because the market is down doesn’t mean that they have to sell their house at a reduced sell. But then again, no one wants to buy something that's over priced.
What do you all think? Who should give? suck-it-up and go for it? or "just say no"?
I was having fun thinking about all the cute things I could do with the yard….. *sigh*…
5 comments:
Thank you for your post. I know you don't want my opinion ;) Love ya.
The hard thing is that if the appraisal comes in low it is really hard (read impossible) to get a loan for the asking price. The sellers should realize that, and understand that they either have to lower the price to the appraised value or wait until it appraises for their desired price. Sorry it probably isn't what you want to hear. Good luck!
Hey Girl! You will find the perfect place to live, whether it's the house you are in now, or another gorgeous house. Keep your eyes peeled, there is no hurt in looking. If you find something for a good price you can let them (your landlords) know you are considering moving. They probably don't want to hassle with finding new renters to take your place, plus, I'm sure you are awesome renters, and it's hard to find good (and clean) renters these days!
Good Luck!
Marian has a really good suggestion. Get serious about the hunt and use that as leverage!
I think you should keep looking until you find one you are 100 percent comfortable with...after all, this is a house you are buying and that's a huge decision! Good luck with the hunt, I know you will find the perfect place!
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