Hate it when this happens. If you decide to move forward, you're pretty much OVERPAYING for this house. I understand that the house is one you really want, but if you could put that aside for a moment, are you really ok with the fact that you'll have to pay an additional $15,000 for this house when other buyers will pay $305,000 in the same are for the same house? It's just not financially smart, in my opinion.
I think that if you decided to pay not a penny more than $305,000 for the house, the seller would be a fool not to reduce their price by $15,000. If the listing agent doesn't advice their seller of the same, they would be foolish as well. Again, I'm sure sure Realtors will disagree with my way of thinking but that's just how I feel.
If you decide to move forward with the $320,000 offer, speak to your Loan Officer. This will have an impact on your mortgage. You basically need $15,000 out of pocket BEFORE your down payment and any other closing costs you were coming out of pocket with. So if you were putting a 10% down payment, meaning you were financing 90% of the price, before you only needed $32,000 but now you need $47,000. That's a significant difference.
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797