Home News ‘I am questioning the purchase for a few reasons’: My landlord wants to sell me my home for $30,000 below the listing price. What should I do?

‘I am questioning the purchase for a few reasons’: My landlord wants to sell me my home for $30,000 below the listing price. What should I do?

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I am a first time buyer and I am about to purchase a house that has been rented for 6 years.

My landlord just wants to unpack and move on, so he’s selling me the house for $30,000, which is below the list price. The house also needs work such as a new refrigerator, garbage disposal, and a new toilet, but it doesn’t interfere much with living in the house. He gave me a year of his but that’s him until February.

I’m skeptical of buying for several reasons, one being that the Fed has raised mortgage rates. What’s more, he hasn’t saved $12,000 as a down payment. I’ve also heard that there may be programs that can help pay closing costs and taxes. And the extra work on the house will cost me more.

I’ve gotten a lot of advice from everyone, but I still don’t get it. Should I consult a real estate agent?

first time buyer

big move‘ is a MarketWatch column that looks inside and outside real estate, from searching for a new home to applying for a mortgage.

Questions about buying or selling a home? Want to know where your next move is?Email Arti Swaminathan [email protected].

Dear First Time Buyer,

I would be scared to buy this house without anyone helping me or holding my hand. So yes — good luck and talk to your real estate agent. But there are pitfalls here. Your landlord has to pay a fee. So are they riding?

Take a step back here. I am so glad you have the ability to buy a home and build wealth instead of renting.

But make sure your landlord isn’t cheating on you. Will he lower the price by $30,000 because you have a good relationship with him? Are you priced too high for your current home? And are you about to let go of a property that is in structurally poor condition, leaving you with the daunting task of fixing it up?

Get tested. It’s always best to have a third party look at things thoroughly and understand the value and shape of your home before you buy. Also check for structural problems, such as those related to .

“Inspectors will look for structural problems such as cracks in supporting walls, dry rot, and problems related to foundations.”

Technically, having a realtor help you is free. And when you go through this whole process with a real estate agent, yes, they connect you with a mortgage broker, negotiate on your behalf, and provide emotional support and advice. It also helps you get to the heart of the matter through

“Bring the estate agent to the table, [your landlord] He still wants to sell you this house for $30,000 above list price and is willing to pay the real estate agent before finding a real estate agent. ” simpson teamhe told MarketWatch.

But if he’s not keen on getting a real estate agent involved, he may not offer you that $30,000 discount, he added.

There are many things you can do independently. From pre-approving mortgages to conducting inspections, we can arrange all your tasks. If you want a higher mortgage rate, call 10 lenders and find the best deals online. Don’t settle for the first offer. Keep digging, keep negotiating.

Difficult for first-time buyers. Simpson said it’s hard to know if $30,000 or less is a good deal for a first-time buyer, and can’t (yet) check with real estate agents. Told.

“If you want a higher mortgage rate, call 10 lenders and find the best deal online. Don’t settle for the first offer.”

For that, “If you’re so scared, then yes. [hire a realtor] Because it’s the biggest purchase of your life and you’re making a bad decision.

Some parts of the country are now slowly moving into a buyer’s market as sellers are forced to make concessions to bring buyers to the negotiating table. Sometimes it takes his $30,000 off list price, sometimes it helps cover closing costs or lowers the buyer’s mortgage rate.

If your landlord is against using a real estate agent for the sales process, research the prices and dynamics in your area. Is your neighborhood still a hot market? Are homes still selling fast?

bottom row. If the landlord doesn’t mind having to pay a fee that could result in a $30,000 discount, hire a realtor and brush up your property with confidence, even if it means getting a property valuation. please. Arm yourself with market skills so you can make better financial decisions.

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