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aniseb

Update to question about thirty year mortgages

peaceofmind
8 years ago

My kids were able to buy the house they wanted at a price they are comfortable with. It is an interesting story, as all discussions of buying and selling real estate are to me.

They started looking at houses in their price range and just didn't find anything that seemed right. If they were going to move (and their current house is under contract) they wanted to buy a house that would suit their needs until the youngest child who is seven is out of high school. Their real estate agent advised them to start looking in a higher price range. They were reluctant but the first house they looked at was THE ONE. As they were pulling into the driveway the current owners were pulling out and they realized they knew them. M and K's teenage daughter was a friend of their daughter and she had been to the house several times and had told her parents what a nice house it was. M and D thought these people had sold their house during the summer last year and moved to a new house before school started. This was true but somewhere along the line the transaction for their old house fell through. So the current owner of the house they want to buy has been paying two mortgages for several months and had just lowered the price on the house M and K wanted to buy last week by 10,000. When M and K made them a lower offer they refused it and would not lower their price. M and K's Realtor told them to forget that house and keep looking. They did so but in two days of house hunting they didn't see anything they were interested in buying. Then, yesterday afternoon, the owner called and said they wanted to reopen negotiations. M and D made an offer that was within their comfort range and asked for $7,000 in closing costs. The offer was promptly accepted.

This is why real estate buying and selling is so interesting to me. I don't gamble but this is very close to a game of chance. It is very exciting to me especially when I don't have any money in the game.

Thanks to all of you who offered your advice. It was just what we needed to hear.


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