Home Buying in 92116>Question Details

Kelly, Home Buyer in San Diego, CA

My in-laws have been kind enough to offer to help us purchase our first home. They are able to put a very

Asked by Kelly, San Diego, CA Thu Sep 18, 2008

large down payment down, allowing us to afford a home around $400,000. My question is, with this market, what is the highest list price that we should consider? Do you think that sellers, especially those with homes that have been on the market for many months, will be willing to sell for much less than their list price?

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6
Hi Kelly

Please feel free to give me a call anytime. I am a direct lender and will be able to let you know how much you qualify for based on your situation. (credit, income, debts, etc)

Best of Luck and have a great day.

Jackie Pulcano, SVP
United Mortgage Corp
800-462-4862
0 votes Thank Flag Link Fri Sep 19, 2008
Kelly,
I will take a different approach to your question. Will your in-laws be on title to the property and/or on the trust deed? If they will be on the loan, their credit and income can certainly help if it is a positive factor. If they will be on title, you might have some additional things to think about, such as a future refinancing, a future sale or a status change from any of you. Write up an agreement to cover those and other issues that may arise so that there will be no hard feelings.
You don't indicate if you will be keeping the home and if so for how long. This factor could also make a difference in what you should do.
You shold talk to a good lender, as was mentioned previously, to determine your financing options and ability to obtain a loan. Michele Kole at 858-627-9559 is excellent and if you need a referral for a superb buyer's agent let me know.
Finally, you can go to my site...http://www.fredeckertgroup.com to see an informational video about an interest rate buydown.
The site below has lots of useful buyer information.
0 votes Thank Flag Link Thu Sep 18, 2008
Kelly,

First of all you need to figure out what the maximum monthly payment you will be comfortable with. Be sure to include taxes and insurance. Any loan officer can help you with that or contact me directly and I will be happy to help you. Then make a point not to go over what you are comfortable with

As far as what maximum listing price to look at, well I always go a little above the maximum price my buyer is look at because many homes have unrealistically high listing prices. There is no real formula. Too many buyers think they can just offer a certain % below the listing price, no matter what it is. It really depend on what the home is and what it is listed at

We are in a buyers market and most sellers at some point get realistic and will sell their home a market price. It never hurts to offer below the listing price. I just like to make sure it is realistic and based on market value. You can always go up if needed. It really comes down to working with an broker or agent that will do their homework and work to find you the best value

Depending on the area and what you are looking for, you should be able to find a nice home in the $400k range

I work as a buyer’s agent and am very successful in finding my clients the home they are looking for.

Please feel free to contact me anytime

Jay Gedanken
Broker Associate
PineappleHut Realty
858-605-5839
jay@pineapplehut.com
0 votes Thank Flag Link Thu Sep 18, 2008
To add onto my original question, we are looking to stay in the area we currently rent, which is University Heights. We do not want a condo/townhome, and because we have a daughter, safety and decent schools is more of a priority. We prefer to stay within University Heights/Hillcrest/North Park. thanks!
0 votes Thank Flag Link Thu Sep 18, 2008
Congratulations! You're on your way to being a homeowner. If you were my clients, I would create a custom search to $425k. Yes, homes that are on the market for many months should be more negotiable on price. However, so many are short sales and it's not really up to the owner then. If you find a bank owned property that has been on the market for several months negotiate all you can. Banks are getting smarter though and are putting them on the market for below market value so that they'll sell quickly and with multiple offers. If it's not a short sale and not a foreclosure you can usually negotiate too. With your price range you'll be able to get a very nice home in a great area so start with a good lender, get preapproved and start looking around (with a good Realtor of course). Best of luck to you!

Diane Conaway, RE/MAX United, (760) 749-2888
Serving Buyers in North County
0 votes Thank Flag Link Thu Sep 18, 2008
Depends on what part of San Diego County and the type of seller. Distressed properties offer the buyer more leverage. I would advise my client to search upwards of $460,000.
0 votes Thank Flag Link Thu Sep 18, 2008
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