Crunk Times, My friend.....Crunk Times

[mokedaddy 5,000+ posts]

Then that's what you should have said. Instead we have to go through negotiating 101 and watch you totally miss his real question before getting to what really needed to be said to him //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

That is why I kept prefacing everything I said with, 'since you cant afford the down payment..' //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[IamDeMan 5,000+ posts]

That is why I kept prefacing everything I said with, 'since you cant afford the down payment..' //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

We don't beat around the bush in CT, especially when Flip is involved. If someone is ugly, you tell them. He is just pretty **** lucky his woman has nice tatas.

 

[mokedaddy 5,000+ posts]

We don't beat around the bush in CT, especially when Flip is involved. If someone is ugly, you tell them. He is just pretty **** lucky his woman has nice tatas.

I see. Next time he logs on I will berate him until he comes up with the answer to this vital question.

 

[IamDeMan 5,000+ posts]

I see. Next time he logs on I will berate him until he comes up with the answer to this vital question.

About him being ugly or him needing to worry about securing the down first?

 

[WhoSayWho? 5,000+ posts]

I understand now from the seller and real estate's agent's perspective why they would want the price to be higher, even if they are refunding some of it later by paying for closing costs.

But as a buyer, wouldn't I want that cut off the front end...the lower the selling price, the better suited I am to buy the house based on the 90% of appraised value. I guess my situation is very specific.

It is specific to some degree, if your seller is a developer he may be more inclined to give you more of a concession on costs than price for the reason stated.

Beyond that, it usually comes down to how an issue of how much cash the the buyer can come up with at closing. When the seller agrees to pay 3K additional in closing costs and you agree to pay 3K more you are really rolling those costs into your loan. I know that is not really your situation, but that is how the issue comes up the most. (Edit: maybe it is).

As for your real question regarding loan to value -- I may have picked a bad example to work with:

House -- 100k Money you have 13 K

He agrees to lower to 97k

You put 10k in the house and 3k toward costs

LTV = 89.7%

_____

House stays at 100k, but he pays closing of 3k:

You put 13K in house

LTV 87%

Am I missing something??

 

[mokedaddy 5,000+ posts]

About him being ugly or him needing to worry about securing the down first?

About his down payment. I have no idea what he looks like so I can not comment on such manner at this time.

 

[IamDeMan 5,000+ posts]

About his down payment. I have no idea what he looks like so I can not comment on such manner at this time.

Well facts aren't always necessary when berating someone. You might take longer to teach than I anticipated.

 

[mokedaddy 5,000+ posts]

It is specific to some degree, if your seller is a developer he may be more inclined to give you more of a concession on costs than price for the reason stated.
Beyond that, it usually comes down to how an issue of how much cash the the buyer can come up with at closing. When the seller agrees to pay 3K additional in closing costs and you agree to pay 3K more you are really rolling those costs into your loan. I know that is not really your situation, but that is how the issue comes up the most. (Edit: maybe it is).

As for your real question regarding loan to value -- I may have picked a bad example to work with:

House -- 100k Money you have 13 K

He agrees to lower to 97k

You put 10k in the house and 3k toward costs

LTV = 89.7%

_____

House stays at 100k, but he pays closing of 3k:

You put 13K in house

LTV 87%

Am I missing something??

No that is correct and exactly what I was trying to tell him. But I never was able to get past the part of where he was coming up with the down payment.

 

[mokedaddy 5,000+ posts]

Well facts aren't always necessary when berating someone. You might take longer to teach than I anticipated.

I know the rules. I just havent been a regular here long enough to just go randomly talking shit without provoking yet. Flip has been nothing but nice to me and my time here so I have no reason to go after him //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif.

 

[mokedaddy 5,000+ posts]

That's my impression....in my situation, there is no difference between offering to pay closing costs vs. lowering the price. It seems like a flexible negotiating term that may appeal to some buyers.
If I had nothing, the offer to pay closing costs would be more meaninful.

If you have the money it is better to take it off the price and you pay the costs. We know that.

My main concern was you only having 3k in liquid capital and if you will be able to come up with all that is needed.

 

[mokedaddy 5,000+ posts]

The name of the game for me is not needing a down payment.
If I can't get the sale price within 90% of appraised value, I don't get the house.

Then yes pay closing costs and take it off the price of the house if you are unable to negotiate both.

 

[IamDeMan 5,000+ posts]

I know the rules. I just havent been a regular here long enough to just go randomly talking shit without provoking yet. Flip has been nothing but nice to me and my time here so I have no reason to go after him //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif.

He has been here 5 whole months longer. He deserves no such thing. Dmmit man. Here we go with you not comprehending again.

Read your signature please.

Indeed. I have so much character that I might end up shot around every corner.