for those homeowners

FH and I are strarting to think about buying a house. We would probably be trying to get an FHA mortgage as all of our savings was eaten up by the costs of the wedding, and we dont want to kill all that we got as gifts.

We will be looking on the north fork. Now my question is--if a house is listed at 300 or 325 what could you expect to pay??? We were speaking to a friend tonight and he said that a lot of sellers are taking a lot less than the asking price out here as houses still arn't moving where we are looking.

we're so confused by this whole house stuff.

Re: for those homeowners

i don't think that a homeowner is going to take a lot less on a house that's priced in that range. the more the house costs, the more chance you'll have of paying a good chunk less than the asking price. i'm no expert but at 300 - 325 k i'd guess you'd be paying within 20k of asking price.

Re: for those homeowners

I know someone who is paying more, like $380K for her home on the north shore and that was after the seller came down A LOT from what she was originally asking. The girl is also getting an FHA mortgage. Not sure if that helps.

I guess it also depends on what you're looking for. We haven't even really found anything in that price range that we were interested in buying, so we're going to save up some more and wait until we can afford something better. It's so hard

Re: for those homeowners

After you start looking at houses you'll get a good idea of what the house is worth.
There's a website (forgot the name- I'm sure someone on here knows it)- that gives you the value of the house, what it was last sold for, etc. I think its my nassauproperty.com?

Anyway, you'll be able to get an idea when you see the houses. Some sellers price high knowing they'll get lower. Our sellers priced just right because they wantd to sell right away. We paid $5k less than the asking price and I still think we got a great price.

Re: for those homeowners

It depends on the house. The advise I can give you is to do your research!!! Go to a lot of open houses or go see a bunch of houses and get an idea of what you want and what you are willing to spend. my DH wanted to offer full list price and I said that I would NEVER. but the house is only worth what you are willing to pay for it.

We are going into contract this week (fingers crossed). We offered 49k less for the house and we agreed on 39k less.

Re: for those homeowners

you can also check out zillow.com ... they show you values of houses in the area (but note that it could be wrong)

you can offer whatever you want for a house ... the owner might accept, or they might counteroffer.

as for monthly payments, don't forget you'll need to pay taxes too (usually between $500-1000 per month)

good luck house-huntnig

Re: for those homeowners

I'm not a Homeowner but I have a lot of knowledge on this topic... I believe you should always offer less than what the asking price is unless their are offers on the house and you dont want to loose it than I suggest go as close as you can. I believe a 300-325K house... a payment should be in between 2500-3000 depending on the downpayment you give as well. Do a lot of researcn and do comparables on houses that sold in the area.

Good luck.

Re: for those homeowners

The best thing to look at is how long the house has been on the market. A house that has been on for six months is more likely to negogiate with you opposed to a house listed for a week. HTH!