As a retired realtor in the New York City area, I am knowledgeable with million dollar homes and financing. You need to see it from the lenders side. What you don't know is there are caps set for each county across the U.S. So the cap amounts vary. Example: the max amount allowed to lend with low interest rates is higher for the New York City area than it is for your area because the value of the average home in NYC is much higher.
You need to ask your lender what the max cap is for your county. Any home priced above the cap amount means the lender can charge higher interest rates to buyers. So even if your max cap was set at $1 million for example, the fact that you want to buy a home for $1.1 million means that home's under $1 million will be eligible for low interest rates in the 3's or 4's BUT as soon as you go over $1 million the interest rate changes to the 7's, 8's or higher. Look, lenders need to make a profit and this is their hidden secret to making a profit - charging you high interest rates. From my experience, my gut feeling is the max cap for your county is around $700K. How close am I?
Your 2017 tax returns have nothing to do with this. The only thing that will work is having a larger down payment. Any possibility you can have 20% down payment instead of 15%? With a 20% down, you have more power to negotiate a lower interest rate. Lenders will negotiate once the down payment is 20% or higher. It's basically proving to the lender that with a higher down payment, they are taking less risk.... more
Thank you for reaching out. I apologize if you experienced any inconvenience or frustration with editing your for sale by owner listing and I am happy to help take care of your concern.
As a general reference, Trulia does not have a central platform to post/edit listings. Instead, listings are sent to us through a variety of feed sources such as partners, brokers, agents, third-party feed providers, or directly from an MLS.
Your listing, specifically, is being sent to us from Zillow, which is our partner site that sends us listings.
Any changes you are requesting to your listing on Trulia will need to be updated at the source, Zillow. Here is a helpful link on how to edit your Zillow listing:
As you look at homes think about what you are looking at(getting) to the value. You'll soon get a good understanding of how much your paying vs the condition of the home. Once you feel good about a home, make an offer and make sure you get a home inspection. That is the best way to look out for yourself.... more
This is the percentage difference between what a home was listed for vs. what it sold for. For example, a home listed at $150,000 sold for $145,000. The ratio is 96.7% or the home sold for 96.7% of it's asking price.... more
Bruce and Monica,
You can "ask" for anything but your buyer may not be receptive. If there are some aspects of the purchase agreement that are open-ended in your favor, you may be able to require an increase but that would be rare and exceptional in most agreements.... more