Home Buying in Elizabeth>Question Details

Curline Adjo…, Home Buyer in Newark, NJ

If I buy a home today chances are the value may decrease lower than my mortgage months later. Can I just bid lower to safeguard myself?

Asked by Curline Adjodha, Newark, NJ Thu Apr 18, 2013

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5
Hi Curline, what area are you interested in purchasing in?
You can always bid lower, but there's always a chance you may be over-bidded.
In certain areas, home values are starting to stabilize and even go up. Homes are also getting into bidding wars and selling for over asking price.
So it's not guaranteed if you purchase a home today that it's value may decrease lower than your mortgage.

Hire a Realtor to best advise you in your desired area and discuss with you the trending sales activity and current market values. Doing so may help ease some of your concerns.

Best with purchasing a home!

Laquita Baez
Weichert Realtors
973.687.7095
0 votes Thank Flag Link Fri Apr 19, 2013
Of course you can bid lower - that doesn't mean you'll get a deal, but you can always try.
0 votes Thank Flag Link Thu Apr 18, 2013
Everything is negotiable, go over your plan with your Realtor and they will be able to best guide you on your offers.
0 votes Thank Flag Link Thu Apr 18, 2013
Curline,

You can submit a lower offer on a home whenever you want, however the seller is not obligated to sell you the home. If you want to give me a call I would be happy to answer all of your questions and address any concerns you have,

Ron Sheedy
Coldwell Banker - Robert Michael Realty
(732) 239-7452 Cell
rdsheed@comcast.net
0 votes Thank Flag Link Thu Apr 18, 2013
There is another chance that might happen and with homes prices so low these days I feel the chance the home value will go up and up is more likely. Another thing is try and get a FHA loan at the crazy low interest rates today. These FHA loans are assumable and a buyer will crawl through fire to get an assumable 4.25% loan when they are being offered 6-7% on a new loan.
0 votes Thank Flag Link Thu Apr 18, 2013
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