The most common rule of thumb cited with loan mortgages is that you cannot exceed 28% of your adjusted net income per month. For example: If you make $48,000 per year net income for your household that would be $4,000 per month and you could then afford a payment of around $1,120 PITI.
Now to define what I mean. $4,000 X 28% = $1,120
PITI means Principle, Interest, Taxes and Insurance or P.I.T.I.
I will make some basic assumptions here to give you a general possibility. If you buy a house for $35,000 Principle and Interest would be $188. per month at 5% interest amortized over 30 years. The taxes without homestead exemption would be roughly $460 a year and your Insurance probably would be around $1,300 yearly in our area. That makes your payment roughly $400 a month. There are a LOT of variables like your credit score, down payment, insurance in your area and the bank discount points etc. A Bunch of stuff.
But....roughly it would be a $400 dollar a month payment. At 28% of your income can you pay a $400 payment?... more
From a practical stand point, the official information is the information that one finds on the tax records. If there are inconsistencies, the owner should resolve them.....only then should any agent/agency adjust there information to anything other than what is stated publically in these records.
There can be much more to adjusting from a two to a three bedroom home. There may be other regulation involved that could be impacted based on regulations and codes......
If Zillow has it as a 3 bedroom and trulia has it as a 2 bedroom there is obviously a conflict. My guess is that your listing agent accepted your stated information without verifying the records while trulia based their information on what was presented in the tax records.
Either way, one must be very careful, making certain that the information that is presented is accurate.
As the Question is ask, if you are in contract, then you may submit another offer, but unless the contract falls through because of buyer's ability to complete all the items required on that contract. The contract can not be broken if at some point there is abetter offer. This is what a contract does it says we have commitment from both buyer and seller to complete the sale. Only if the contract requirements are not met, which then voids the contract, then a second offer can be intertained and a new contract can be made with the offer. Contract is what it is, you are contract, both side to complete sale, no other persons but those in the contract can break the contract and only if the requirements of the contract are not met.... more
That property is not currently on the market. If you'd like I can let you know if/when it hits the market. Contact me at Josh@HernandoLuxuryHomes.com and I'll get you all set up. I can also put together a list of similar properties that ARE on the market if you'd like.