Home Buying in 01845>Question Details

Homebuyer33, Home Buyer in 01845

I am looking to buy a first time home. We have already put above asking price offers on 3 homes within the last 2 years and have been outbid everytime

Asked by Homebuyer33, 01845 Fri Feb 11, 2011

We have a 15,000 down payment as well. We ideally want a single family home with a garage. We have come across a free standing condex with no condo fees in the haverhill area. Would this be a bad idea? from my understanding you would only only your house not the land. What are the pros and cons of this? Im lost.

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It is a very competitive market, and the highest price is not always the answer but it's the total package including the agent that gets the deal done. I have won 2 out of 3 recent offers for my buyers and all were multiple bidding situations. Often times the seller will look at the agent and the agents ability to keep the deal together throughout the process. That's what I do and because of the amount of deals I do, I am able to win most if the buyer meets the criteria. If you are not signed into a buyers agent now please feel free to call respectfully Deb
0 votes Thank Flag Link Sun Apr 27, 2014
Unfortunately, for many of the buyers out there the market as done a 180 and right now in many communitites it is a seller's market. There are some strategies you can use to put yourself in a better position to get your offer accepted, however, many times the hightest bid is going to win out.

Try to think of this from the seller's point of view. What would you want in a perspective buyer?
Competitive bid, not contigent on selling a home, flexible closing date, a pre-approval with the majority of the conditions satisfied (or even better a cash buyer or no mortgage contigency).

You don't want to get into a bidding war but you may have to come in over asking price if you really want a specific home. An experienced realtor can often sense the right number that will get you in the game but you need to show some restraint and not let your emotions get the best of you and grossly over pay for a home.

There should be a lot more inventory coming on line in the next several weeks. Be prepared to move.
You need an experienced realtor and a lender who understands your situation and is on YOUR team.
You are the Captain of Your TEAM and we need to work for you!
Stay Positive and Best of luck!
John
jwillis@mortgagemaster.com
0 votes Thank Flag Link Thu Mar 20, 2014
Wait for what you want! This is one of if not the biggest investment of your life!

I would encourage you to try to go out and search during off market periods during the winter when their may not be as much traffic in the marketplace. I would also advise you to make low offers on a couple properties that are outside of your price limit right now. You may encounter an estate sale/out of state seller/ or someone that relocated that needs to sell quickly.

In some instances you may need to evaluate the offer price a little bit further and have a broker go through the local comps within the past 3 months to show all current market data! Don't settle for less.

Are you still searching or did you find your ideal home?

Thank you,
James Gattuso
Principal Broker, Mayflower Realty Group
Email: James@MayflowerRealtyGroup.com
Direct Line: 978-604-2491
0 votes Thank Flag Link Sun Jan 19, 2014
Home buyer:

I am surprised to hear that you have been outbid 3 times. This would lead me to believe that it is the terms of your offer rather than the price that is the problem. I would keep after the single and only go to the condex if you can't find what you want. Best
0 votes Thank Flag Link Wed Mar 2, 2011
First you are you putting these offers in with a Realtor. As a buyers agent we help you make sure you never over pay but you understand what you are putting an offer on so you can make the best offer.

Single family if you can afford it would be the best. If you buy a side by side see if you can find out about the neighbor how long they have lived there and if you have anything in common.

I have lived in the area for 25 years. Haverhill has lots to offer I am one big family. Fabulous downtown with lots of trendies restaurants.

Feel free to contact me if you need any assistance. Good Luck!!.
0 votes Thank Flag Link Tue Mar 1, 2011
Hi Homebuyer,

Purchasing a home can be quite the roller coaster! The key is not to get discouraged, but to get prepared. Have you gone through a pre-qualification and had a letter of pre-approval done by a mortgage broker? Many sellers find this very attractive as it shows the buyer's financing qualifications. If you e-mail me (dayle@phoenixmortgage.biz) the name of the condo I can check to see if it is FHA approved and we can move forward with a pre-approval.

Looking forward to helping you in this exciting time!
Dayle
0 votes Thank Flag Link Tue Feb 15, 2011
If this is a first home for you there is a program in North Andover that offers 10% of the purchase price up to $30,000 for first time buyers. You would have to meet the income criteria but this may be a way for you to put some more cash down. North Andover has a lot to offer. I grew up in Haverhill and I am now a Realtor in North Andover so I know both city's very well. If you need any help or have any questions please feel free to give me a call or send me an email. I would be more then happy to discuss anything about either town or their real estate market.
0 votes Thank Flag Link Tue Feb 15, 2011
Take a deep breath. Determining the type of home you want or don't want is key to minimize your stress in looking for a home. First, condo ownerhip typically includes ownership of the home and an undivided interest(ownership) in the land.
All condos(exes) have varying rules. If you are interested in that type of ownership it is important to identify the property then understand the governing rules. An attorney would be helpful at that stage.
Single family ownership tends more easily definable and less volatile as an investment, but condos(exes) can offer a great opportunity as well. Good luck
0 votes Thank Flag Link Mon Feb 14, 2011
Hi Homebuyer,
Good questions. 18 months ago, I had a client that looked at everything in North Andover that they could afford and lost out on 3-4 homes. Unfortunately, they were at the top of their range and couldn't go any higher and would ultimately lose out. Instead, I showed them a house in Bradford, for the same price they were hoping to spend and they loved it. It was updated, in the correct neighborhood and had the bells and whistles that they needed. They love their house and are satisfied with Bradford and the decision they made. I was good friends with them before and after they bought this home.
My point for you is this...if you want a single family in North Andover and are willing to look in Haverhill, why even look at condos at all? There is typically more risk (especially if there are no condo fees). Look for single family homes in Haverhill where you can get more for your money.
Feel free to call or email for any additional assistance. I live in North Andover and work out of Haverhill.


Mike Consoli
Web Reference: http://www.mikeconsoli.com
0 votes Thank Flag Link Fri Feb 11, 2011
There was an excellent thread on this a while ago. Basically, you have to review the rules of the condo association, and yes, you only own the structure, not the land.
Here is the past discussion on this:
http://www.trulia.com/voices/Home_Selling/How_does_a_condex_…
0 votes Thank Flag Link Fri Feb 11, 2011
Hi ,
Buying a home here in North Andover should be easier than it actually is BUT don't let that get you down. It just means you clearly have good taste because others agree the homes you are picking are valuable.

The key point to remember is when a property is priced right it goes quickly as you have experienced.

The Haverhill market is a good alternative for many. I have worked on many condexs in town. Condex's have very different mortgage requirements than single family properties do so the first thing I would suggest is speak to your lender to find out how this impacts your loan costs.
The other thing to find out is if there are no condo fees who takes care of the land and what charges are in fact involved.

If you have specific questions feel free to email or call.

Best of luck!
Web Reference: http://www.route495.com
0 votes Thank Flag Link Fri Feb 11, 2011
Are you working with a buyers agent? There is no charge to you for the realtors experience - remember the listing agent represents the seller! If I can be of assistance, please give me a call or send me an email.
0 votes Thank Flag Link Fri Feb 11, 2011
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