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Asked by Clayton, Tewksbury, MA Sat Feb 16, 2008

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Jim Johnson, , 78233
Mon Feb 18, 2008
Other than the limits to a party's patience, there are no limits to counter offers. However, the counter offer from the bank may well be their bottom line.

First, try to determine whether the initial asking price was in line with current market values. If so, continue.

How significant a difference is there between the rate your lender offered and that of the bank--and is it still available? Remember too that a stated rate and APR are not the same. Some of those closing costs your lender is charging affect the overall rate. Compare the APR each is offering. Then decide on the lender, based on how long you anticipate living in the house, as suggested in another post.

Then decide whether you want the home enough to accept the bank's counter offer or continue to negotiate. If you decide to negotiate further, you might try negotiating the rate and accepting the other terms if they are acceptable.
1 vote
Jon Ernest, , Brookline, MA
Mon Feb 18, 2008
As far as the financing, that's your perogative, and it realy depends on how long you plan on owning the property. As a general rule of thumb, If this is a long term thing, take the lowest rate. If you're going to be there for 5 ish years max, take the more money up front.

Most importantly, count your lucky stars... the fact that you even got a counteroffer from the bank is a great sign...
0 votes
Brecht Palom…, , Massachusetts
Sun Feb 17, 2008
If you want to get your financing through another source stick to your guns. You don't have to use the seller's lender. Typically you can tie up a bank owned property without any more money down at the P&S, just the binder. Some banks will offer as much as 6% back in closing costs to the buyer.
0 votes
Gary De Pury, , Pasco County, FL
Sat Feb 16, 2008
Yes, you can counter all you want. Go get em tiger
0 votes
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