My understanding from lenders is if you pay them down to 50% or below and continue payment every month this will increase your credit score quickly. BUT...I would talk with you lender before doing anything.... more
you can still get a mortgage, but you will pay a higher rate. I suggest you run your own report or obtain one from the reporting agency. See what the reason was for he drop and try to correct it. If you are still in need of continuing, you can contact me and I'll put you in touch with someone that can help.
Madeleine Realty Ltd.
Banks are notorious for not knowing the true value of a home and extend of needed repairs. Most likely they will counter very close to their asking price.
What do you think it is truly worth? As Lee said, you don't get many chances to make a counter offer. Assume that others are looking at it too and submit your highest and best offer if you really like the home and the area. Otherwise, lowball offers will probably be a waste of everyones time.
What are the terms of your offer - Cash? No home inspection? Those all matter and can usually give your lower offer a better chance of being accepted.... more