Goin' Away & Condo Update

| | Comments (4)

Going down to Myrtle Beach with some friends to golf. Will be back Sunday. Hope to have a good story or two by the time I return.

In other news, had my home inspection of the condo last night. Everything went well, except for a small hitch. Apparently, the listing agent had my condo as 750 sq ft. I really can't tell the difference between sq footage, and my agent told me last night that the condo is actually 635 sq ft.

That's kind of a big deal. I was absolutely pricing it at 750 sq ft, and my math for the cost of the condo was based on that. Other condos in the same building (don't know what sq footage) have been selling for much higher than what I paid, and even after doing the math for the price per sq ft, I still think the condo was a good buy...just maybe not as good as I was thinking when it was supposed to be 750 sq ft.

A friend of mine mentioned that I could make a stink over this, but I won't. I do actually like the place and like the potentional of how it could look. I am squaring away my mortgage now with Countrywide Home Loans. During the pre-qualification process they showed me some good rates, and the 10 year Treasury was at 4.50 today, which is good for mortgage rates. I'm hoping to get at least 6%, if not better on a 30 year fixed. I'm not a huge fan of ARMs, I like the stability of a 30 year fixed. I *might* peek at a 10 year ARM. Dunno. Thoughts?

Anyhow, off on a jet plane. Happy St. Patty's Day!

4 Comments

Two things - you absolutely should make a point about the sq. footage being less... If you like the place, don't kill the deal, but you should certainly raise the question about it and request a discount as a result of it... It never hurts to ask, and for all you know, the seller may knock $5000 off just because they don't want to lose you as a buyer...
Second, you definitely should explore the 10 year ARM.. If it saves you anything worthwhile (ie, .5% or more), it would be good to look into... In 10 years, a lot can change, and you would hopefully be able to either refinance, pay off the entire balance, or sell the place to someone else!

Umm, looking at it from a numbers perspective , you should really be considering nixing this deal. In hoboken, if we assume (on the conservative side) that most places go for around $400-$450/square foot, then that would mean that the asking price for your place should have been around 40-45k less than what it was. Don't be silly, you need to do something about this.

This is definitely a big deal- a potential dealbreaker. Getting a fair price for 750sq. feet is now overpaying for 650. There should be a significant price concession on behalf of the seller. I know you've been waiting for this for a while, but you have to make a good business decision.

I work in real estate, and you cannot put a guaranteed price on sq. footage, whether it is residential or commercial. Their are averages, but you shouldn't nit pick. If you are paying less then what the other units in the building are selling for, then you are already making money on it. Making a stink over it can kill the deal, and then someone else will come in and scoop it up. It will be your loss then.

Why didn't your Realtor research and find this out for you in advance, anyway? Nonetheless, Realtors are protected by errors and omissions and that is clearly stated on the MLS and all info they provided you. 100 sq.ft. is not that big of a deal. You like the place, and it is the space that you want so just buy it.

Countrywide is hands down THE BEST lender to deal with. I only use Countrywide when buying homes both primary and investment. No one else can beat their service, programs or rates all in one. I love them.

Go with the ARM. Have the smaller payment now and just re-fi when it's time.

Leave a comment

Pages

Powered by Movable Type 4.23-en

About this Entry

This page contains a single entry by Furey published on March 13, 2007 11:23 PM.

Amazon Unbox was the previous entry in this blog.

Myrtle Recap & My Golf Story is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Join Zipcar and get $25 in free driving!