Buying A Home
zoieglow
member
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When to look at a house over pre-qualification
Normally we wouldn't but I'm wondering if this might be an exception. We close October 31st and I'm really just not finding anything out there now. There's a house that is priced 5% over our pre-qualification amount that I love - it has everything we're looking for. It's been on the market for over a year and I feel it's priced above its comps. I was thinking that with another winter approaching and a slow-down of the market here, maybe they would consider an offer they may not have before. Do you think it's worth checking out or should we just forget it? The offer would be 10-15% below their asking price. I know that's way lowball.
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Re: When to look at a house over pre-qualification
Well the main thing to consider is, was your pre-qual amount for a specific amount you were thinking of spending, or whatever amount the bank qualified you for?
Because in the first case, it may not be a big deal if you can afford to spend more. With our second home we went into it knowing what kind of mortgage we were comfortable with and specifically requested that amount, but if needed we *could* have afforded more.
If you're just going by what the bank listed, banks will qualify you for way more than you should realistically spend, so if you are going by that upper limit then no, you;re already not making a fabulous decision.
I agree with everything that PP said. However, if like she said, you are pre-qualified for only what you are comfortable spending (for example, we asked to be approved for 300,000 even though we know we could get more than that), then I think that the house might be worth looking at. Just break down what your monthly mortgage would be and make absolutely sure you are comfortable spending that much.
H and I weren't finding much in our comfort range and went slightly above. We got them to come down 8% in price and it worked out nicely.
BFP 2/10/2012!
Due Date: 10/15/2012!
Baby Boy Born 10/11/12! (Not on purpose)
Are you working with a realtor and have you seen the house in person? It might be a non-issue once you see the house. We saw tons online that we loved but not in person. If you have a realtor, have him/her pull comps to the house to see what the market price should be. If you make an offer they can submit the comps as a reference point to why you are making the lower offer.
Two thoughts: 1) It's been on the house a year and you think it's overpriced. These people are very attached to the house and have overpriced it and will not hear low offers. 2) They might be super desperate to sell and take the offer.
If you are working on your pre-qual number that you set yourself for comfort, I'd go see it.