I have bank approval for less than the cost of this home. Any room for negotiation?

Asked by Donna, Delaware City, DE Tue Apr 7, 2009

This question is about this property: http://www.trulia.com/property/1076191957-Single-Family-Home…

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Steve Fisher, , Delaware
Tue Apr 7, 2009
Donna, I do not think there is room on this new home. The price is 214,990 to 249,990. If you are approved for less than 215K you should look somewhere else. If you are not working with a Realtor you need to pick ONE to look out for your interest, and find the best buys in your price range. Call anytime for info.
Steve Fisher 5507-7550
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Christopher…, Agent, Hockessin, DE
Tue Apr 7, 2009
Great question. First it is important to note that the preapproval letter is for the amount of financing that the lender will provide, not the property price. Second the price is an offering price to the potential buyers. As I tell my buyers, there are normally 3 prices in the negotiation of a home purchase - the price that the seller offers the home for sale, the value to the buyer at the time a contract for purchase is written and an amount somewhere in between that both parties agree to - the selling price. Do yourself and seek some representation from a Realtor (it normally costs you nothing). Hope this helps. Feel free to contact me with any additional questions or concerns. Best of luck in your home purchase plans.
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Ed Fallon, M…, , West Chester, PA
Tue Apr 7, 2009
Are you trying to increase the bank approval or lower the price?
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