Home Buying in 01748>Question Details

Hav1226, Home Buyer in Hopkinton, MA

If I have been approved for $150,000.00 but only want to buy a home in the range of 65,000.00-75,000.00.

Asked by Hav1226, Hopkinton, MA Sun Oct 10, 2010

Can I make an offer for a home in my range without the realtor telling me that I should offer more or look at home that are valed for what I have been approve for. I really do not want to use too much of the retirement saving for a home, but is kind of tire of renting only to have the land lord asking for their home back after 2 years of renting. I was waiting to see what was happening with the economy before buying a home for the first time. I do not want to end up with a to expensive home being that I do not know if my employer's company is solid given that they are looking to sale the business due to bad economic times. I currently live in a rural area where it is cheap to rent at this time but too few places to rent that are nice to live in. I just do not want to get stuck if I have to leave my current employer to seek work somewhere else if the company fails. Help! I do not know if I should continue to rent or buy I have 1.5 years left on my contract at my current employer?

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Answers

4
You can copy your approval letter and black out the amount. My advice is to start looking in the price range you have chosen. You get what you pay for. I have people all the time want to see the cheapest houses and they get inside and say "yuck". It is good that you are approved for a little more, it gives you some wiggle room to buy what you need.
Never have home prices been so low and mortgage rates. It is a great time to buy !!
1 vote Thank Flag Link Mon Oct 11, 2010
Hav1226,

Your agent should have your best interests in mind...even if that means you keep renting or spend less than your loan approval amount. At the end of the day, YOU have to live with the decision, not your agent.

There are many positive reasons to buy right now...even with the uncertain future and some options in case you have to move. You can always rent out the house if you end up having to change locations. The tax deduction and instant equity that is to be had in this current market does make it an attractive choice.

BUT..do what is right for YOU!

Amy Mullen, Realtor CPA
Re/Max Professional Associates
http://www.amymullenrealestate.com
0 votes Thank Flag Link Fri Oct 15, 2010
Is your agent aware of the price range of interest to you--if not do have a discussion, you're the buyer and you can purchase whatever you'd like--as for making offers--in order to determine a fair bid, do review comps-- recently sold similar properties in the immediate area--then make a determination on price and go from there--as for to continue renting or buying--a decision only you can make based on your finances, wants, needs, lifestyle, duration of stay, etc.
0 votes Thank Flag Link Mon Oct 11, 2010
If you do not want your agent pressuring you into spending more, work this out in advance and tell the agent you will walk if you start feeling pressured.

Best, Ron
0 votes Thank Flag Link Sun Oct 10, 2010
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