Home Buying in 02790>Question Details

Anne, Home Buyer in Brewer, ME

3 bed/2 bath Home in Westport, MA

Asked by Anne, Brewer, ME Mon Jul 21, 2008

I am interested in buying a home in Westport. Its prived at $279,900, but needs a lot of work. It needs new windows, new electric, a new garage, asbestos removal, and it has some termite damage. I was thinking of offering $220k, or $230k with them paying closing costs. My questions are, Can the seller legally pay all of the closing costs in MA, and Do you think these are fair offers? Thanks!
Home is on .78 acres in Westport MA, and the seller is putting in a new septic once sold.

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7
go to http://www.OnlinePropertyValue.com for market value of this home
0 votes Thank Flag Link Thu Oct 24, 2013
Ann

Westport qualifies for the USDA Rural & Development loan. This means that ALL closing costs can be paid by the seller. There is NO limit to the amount as in the FHA program. You would need to consult with a mortgage person who is familiar with this program.

A person who can pre qaul you is Candice Kazen her number is 774-644-3220 She is with Bay Point Mortgage.

If you are interested in properties here in town, I would be happy to represent you as a Buyer's Agent.
My company is located in Westport and I have lived here for over 15 years.

One thing with Westport, is that properties here continue to hold market value and do not follow the normal trends of the market.

If I can be of assistance, please contact me. There is NO obligation.

Susan Costa, AMS Real Estate, Westport, MA 774-264-9117, 774-526-2457
0 votes Thank Flag Link Thu Sep 3, 2009
Anne,

I'm selling a house for $90,000 in Westport on Friday. You need a buyers agent to help you assess the value of the property, and to handle negotiation. Westport is the most beautiful town. No one can tell you what it's worth unless they've seen it. There are properties worth millions in Westport, and property worth not much at all.

As far as the septic, the closing attorney usually escrows 1.5 times the estimate of repair out of the sellers proceeds until completed.
0 votes Thank Flag Link Wed Jul 15, 2009
Anne,
First, is the property bank-owned or a short sale? Second, will your lender finance a property at any price that needs this much work? In regards to your $220-230 offer, you may insult the sellers, but you have a right to make this offer and get it presented... you never know..
A good buyers agent is what you need.
0 votes Thank Flag Link Wed Jul 23, 2008
Yes, the seller can legally pay the closing costs if they agree to it in the offer.

I took a look at the house you are considering and I am assuming you know all this information about its condition because of the disclosure report they gave you? Or perhaps you are considering using the sellers agent as your agent and they told you all this information. If that is the case, you might want to consider having a pre-inspection (before making a formal offer) to find out how much it is going to cost you to make all these fixes and then make an offer based on that number. It will probably save you a lot of time and effort for a project that might be out of your leagues. Plus Debbie is right your bank may not approve the loan on a place that needs this much work so knowing what you are getting into upfront might be best.

As a side note I highly recommend you don't use the sellers agent as your agent. Find yourself an exclusive buyers agent so you can be guaranteed your best interests are being protected.

Hope this helps! good luck.
0 votes Thank Flag Link Tue Jul 22, 2008
Dear Anne,
Call your lender and ask if they actually would finance a property needing this much work. You could get as far as paying for an appraisal and the appraiser kicks it back for all the work it needs. A little caution up front could save you the headache later not to mention the appraisal fee.
0 votes Thank Flag Link Tue Jul 22, 2008
Dear Anne,
As far as closing costs are concerned if seller agrees to them than yes they can pay for all the closing costs. Just make sure to put it in writing and submit it with the offer.
As far as the offer itself your agent should provide you with the current market analysis so you can make an educated guess of what would be a good offer. And if the agent gives you numbers that you do not like, you can still offer what you are comfortable with. They can counter, decline or accept.
0 votes Thank Flag Link Tue Jul 22, 2008
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