Home Buyer 1…, Home Buyer in Bay Ridge & Fort Ham...

Lawyers are reviewing a contract at this point but I feel like I'm over-paying.

Asked by Home Buyer 101, Bay Ridge & Fort Hamilton, Brooklyn, NY Thu Jun 19, 2008

I've fell in love with this house although it's quiet small for our family. After a few counter-offers, both parties came to an agreed price and our laywers have started working on the contract this week. However, I just can't get this feeling off my mind that I may be over-paying. What can I do at this point?

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Answers

6
Rhonda Holt’s answer
Hello, if you haven't signed the contract yet you can ask your real estate agent to provide you with some comparables in the area so you can get an idea of the price homes have sold for in your area in the last 4-6 months. Also, have your agent check the homes similar to this one on the MLS and see what those are selling for as well. But beware that you have already agreed to a price with the seller and if you change now after giving your word the sellers may get frustrated and change their mind about selling to you.
Web Reference: http://www.KandHhomes.com
0 votes Thank Flag Link Wed Jul 2, 2008
You have fallen in love with the house, but obviously not with the size of it, so this is not only a price point issue, or you would not have mentioned space at all. It's fairly quick and easy to have your agent or an appraiser evaluate whether the price you have agreed to pay is within a reasonable range for comparable properties. More difficult is evaluating the compromises that both you and other members of your family will have to make because of it's less than perfect size. That aspect doesn't have a price tag, it's a quality of life issue.

Paying less for a house doesn't make it any bigger, but perhaps you were more comfortable at the lower number because it meant that you could afford to pay for more family activities outside the home to compensate. That is something that only you can know, where and how you want to spend your money as a family.

Another factor to consider is whether or not the house has any potential for expansion. If so, then even if you don't want to do the work now, or can't afford it straight away, it's only a matter of time until you can have your cake and eat it.
0 votes Thank Flag Link Thu Jun 19, 2008
You have fallen in love with the house, but obviously not with the size of it, so this is not only a price point issue, or you would not have mentioned space at all. It's fairly quick and easy to have your agent or an appraiser evaluate whether the price you have agreed to pay is within a reasonable range for comparable properties. More difficult is evaluating the compromises that both you and other members of your family will have to make because of it's less than perfect size. That aspect doesn't have a price tag, it's a quality of life issue.

Paying less for a house doesn't make it any bigger, but perhaps you were more comfortable at the lower number because it meant that you could afford to pay for more family activities outside the home to compensate. If paying more for the house means fewer activities outside the home, that is something that needs to be worked through with each member of your family, to find out what is important to them, and where and how you want to spend your money as a family.

Another factor to consider is whether or not the house has any potential for expansion. If so, then even if you don't want to do the work now, or can't afford it straight away, it's only a matter of time until you can have your cake and eat it.

Good Luck!
0 votes Thank Flag Link Thu Jun 19, 2008
You have fallen in love with the house, but obviously not with the size of it, so this is not only a price point issue, or you would not have mentioned space at all. It's fairly quick and easy to have your agent or an appraiser evaluate whether the price you have agreed to pay is within a reasonable range for comparable properties. More difficult is evaluating the compromises that both you and other members of your family will have to make because of it's less than perfect size. That aspect doesn't have a price tag, it's a quality of life issue.

Paying less for a house doesn't make it any bigger, but may have meant that you could afford to pay for more family activities outside the home to compensate. That is something that needs to be worked through with each member of your family, to find out what is important to them, and where and how you want to spend your money as a family.

Another factor to consider is whether or not the house has any potential for expansion. If so, then it's only a matter of time until the house you love transforms into the perfect size as well.
0 votes Thank Flag Link Thu Jun 19, 2008
If you bring an appraiser, you will still need to pay for another one that the bank will select. Bank appraisers are looking for a specific criteria; when you purchase a home, you are basing it on market value, not appraised value.

You are not bound to this home until you sign a contract and hand over money. Go back to the house for another look...make a decision and then stop second guessing yourself.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Thu Jun 19, 2008
Are you working with a Realtor? If so, ask for the most recent sales (6 months) with upgrade list and details, this is FREE. Even safer, get the appraiser over there ASAP, who you will need anyway, and get yourself a real solid number, this will cost you maybe $300-$400. Listen to your gut
0 votes Thank Flag Link Thu Jun 19, 2008
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