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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: mturn on October 28, 2015, 02:35:46 PM

Title: In a competitive bid and need to make a fast decision! Help?
Post by: mturn on October 28, 2015, 02:35:46 PM

Hi! My husband and I made an offer on a house - We said $54,900, w/ 1 year home warranty, seller pays closing costs.

Our realtor just called and said the offers are "really close" but they will go with ours if we pay 2% of closing costs and they pay 1%.

We have 30 min to decide.  This seems like a trick to pressure us. The other buyer might have a real crappy deal. What would you do?

Title: Re: In a competitive bid and need to make a fast decision! Help?
Post by: radram on October 28, 2015, 02:54:09 PM

I think you mean 2% commission, not 2% of closing costs.

There would also be costs associated with your mortgage.  Make sure you know what they are.

If I am right, and you mortgaged every penny, would you be willing to pay 4 more months on a 30 year mortgage?

If you are paying it down faster like the good moustachian you are, it is 2 more months out of 10 years.

You will either say "only 2 more months", or "WOW, 2 whole months" or "why can't I counter something in between".
good luck.  Be sure to share your decision.

Title: Re: In a competitive bid and need to make a fast decision! Help?
Post by: andyp2010 on October 28, 2015, 03:00:59 PM

deals come and go, don't make decisions under that sort of duress, they rarely turn out well.