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Instead, suggest that it might be best if you do one at what could be the worst case scenario, the lowest potential price a buyer might come in at, knowing that while that’s not a number they would accept it will at least provide a baseline to start at when calculating a counteroffer number.
Like making counter-offers and going through the home inspection process, the home appraisal can be a sticking point between buyer and seller. If you're putting the majority of your savings into a downpayment, it's likely you can't afford the non-mortgaged cost. You now owe less than 80 of the home's worth on your mortgage.
Take a look at your home’s current estimated value, then look at how much more of your mortgage needs to be paid off. Once an offer comes in that piques your interest, inform your real estate agent so they may inform the buyer in a timely manner.
The seller might counteroffer that since they are living in the home, they want that access restricted to 5 or 10 days. If the buyer agrees, that’s a concession.
The homeowner/borrower defaults on (fails to make) their mortgage payments for a certain length of time, with the qualifying amount usually specified in the mortgage terms. The property is then offered to the public at a foreclosure auction and typically sold to the highest bidder. Foreclosure.
In most cases, the smart thing to do is come back with a counter-offer, even if it is a small reduction. There are other factors that can be negotiated as well that would be favorable to a seller such as closing dates, down-payments, pre-approved mortgages, etc. Keep everybody at the negotiating table.
Closing Statement The closing statement provides a comprehensive financial picture of your home sale, detailing all costs and credits involved in the transaction.
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