One of the most important things we do is assist our clients with market and pricing analyses - a good pricing analysis will answer the question on where this home should sell in current market conditions - and that is what you and the seller need to focus on - what is the right price in today's market.
1. Get a good agent to help you. Choose one that knows the market and inventory cold, and has the analytic skills to pound out a sound pricing analysis;
2. You need money to buy a home - if you don't have the down payment to support the purchase then save or find resources like family that may be able to help. Talk to a mortgage rep to discuss options - here too, just like a real estate agent can take the mystery out of pricing, a mortgage pro can answer the questions on the financing side. Need a good one, let me know, I have several I work with;
3. Nice idea on the lease/purchase idea but if the seller has rejected it, then move on to other ideas. Here again you need good resources to sit down at the table with you to discuss options. You can talk to them about holding the mortgage as Debbie suggests - but while it may get you over the hump if you don't qualify with the bank, but if I were advising the seller I would caution them to carefully evaluate your credit worthiness, ie ability to repay.
4. Bottom line, align yourself with the best resources - agent, mortgage rep, attorney and if you lack funds, focus on saving $$ so you are ready to buy. It is a great time to capitalize on relaxed prices, low interest rates, and the tax incentives - but you want to be sure you buying within your means and getting a good market value. There is no reason to go this alone, so get help and good luck!
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Contrary to what the news would have you believe, there are still a few financing alternatives for people making a purchase without 20% down. As for your offer of 850k for a home that the seller is asking 1.1 million.... Without knowing the actual unit I oviously can't say if her asking price is exessive or not. What I can say is every seller has a different set of circumstances and if you offered 6 months ago and both parties have yet to agree on an adjusted price, it may be time for you to move on to other homes you like. I have been a Realtor in Ocean City for nearly 10 years and know market well. I also would be happy to try to connect you to a mortgage bank that can work with your lower deposit money parameters.
Carl Bradley ReMax of Ocean City 609-399-HOME.
If you want to buy a home in Ocean City there are many ways to make sure this happens it takes a broker who is willing to work with you in putting together a deal that makes sense to all parties which is not always traditional financing. I can understand why she would not be interested in a lease purchase they have a bad wrap and they can be very complicated for sellers who just want to get out.
There are many other ways of putting a deal together if you want a Broker who knows that market and is able to make recomendation as to financing or other options that maybe available then you need me. I am a buyers broker and can show you many ways to make a deal work for you as well as a seller that will not be scary. The other issue is what ever other things that can be put together in financing will the person be able to afford the payments and pay off the debt.
If you would like to know more about how to buy in Ocean City then contact me at 800-610-3599 or visit my website
I would like to be of service to you
Tim Robbins Exclusive Buyers Broker
Better Homes Realty
If the price of the home is listed for 1.5 most likely it is worth today around $850 to $950 but not having enough money down does create a seperate problem maybe you can get a sellers second on the property she most likely would not except a lease purchase because she is either upside down on the property or she can receive more in rents for the summer. I am very up on Ocean City this was my main market for over 16 years as a Buyers Broker. You may want to consider looking into other properties or finding out what her motivation is and where she is as to mortgage amount verses sale and value. If you would like help contact me
Better Homes Realty
I see your posted question and I would like to ask you a question. The subject property you feel is worth $850 but you dont have enough down money, how much down money do you have? When buying realestate you often need to back into the deal to see what you can afford. There is no reason to get your hopes up on a property that you may not be able to afford.
I think I know the property that you are looking at and there is a reason why the seller can not do a lease purchase. If you would like a few other options give me a call.
Edward ( Augie ) Augsberger
Weichert Coastal REO / Short Sale Division
Direct # 609-338-1189
Office # 609-523-1112
How were you planning on handling this purchase 6 months ago with little down payment?? What was your plan then?
Obviously, you need to first agree on a price. Do you have an agent?
One option is that the seller holds the mortgage.
Just how much do you have to put down? Can you comfortably handle the payments and taxes?
Lots to think about.