Today we received an appraisal on a property that is scheduled to close in the middle of this month. The purchase price on the contract is $275,000. The appraisal done (by one of the most conservative appraisers that we use) came back saying that the house was worth $325,000.
How is it possible to buy a home that is currently worth $325,000 for $275,000?
One way is to use an experienced real estate agent to help you negotiate such a price with the owner of the property — and often when the owner of the property is a bank, you end up with the chance to save a significant amount of money.
I am not sure how long you will be able to “save 15-25%” when you buy a house — but for at least the next few months, it is a real possibility.
With foreclosures, abundant inventory an interest rates at record lows now might be a great time to see where your credit is to qualify for a new home, upgrade or downsize your home! If you would like a no obligation evaluation on your ability to qualify, please don’t hesitate to call me direct. If you have any concerns or questions in regards to mortgage loan programs, rates feel free to contact me.
Arizona Mortgage Rates for December 2, 2008
EQUAL HOUSING OPPORTUNITY
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