First Time Homebuyer

[Quinyana Mosley]

I’m a 1st time home buyer. I put an offer on my 1st home. They were asking for 204,000 on a 3 bdr 2 bath 960 sqft home. Home built in 1960. Although everything is new in the home, I offered 185 w/ sellers assist and they countered 195 but don’t want to pay sellers assist. I walked away. Now the realtor is saying they’ll agree to 201. Am I crazy to pay 201 for a 960 sqft home? I really like the home but not enough to pay that.

[Sean McDonnell]

Ask your Realtor for a list of comparable properties for that house. They should be able to provide you data on around how much that house is worth. Use and trust the data! It takes a lot of the emotions out of it. If all the comps are way lower than 200k, it is probably over priced. Now if the comps are at or even above the purchase price, you would possibly be able to buy the house with some equity from day one. It is hard to recommend if it will be a good investment property without the numbers, arv, rent, ect. Where is the property located?