Second Opinion

We found out yesterday that there is going to be a pay freeze at my fiance's work and possibly a fee to keep health insurance.  So now we are rethinking the purchase of a new home.  That would stink for this blog but that is real life right now.  

Getting a Second Opinion

We are going to shop around a little more for home loans.  The one we can get from Fifth Third is good but we are interested to see what another bank, Flagstar, has to offer.  Plus this bank works with our realtor and comes recommended by her.

New Home to Look At

Plus, our realtor emailed us the other day about a new home that is a short sale located in Berkley.  Apparently the prices of homes in Berkley are higher but the taxes are lower.  The house that she sent us was originally for sale at $129,900 and is now priced at $109,900.  According to our Fifth Third loan this would still be out of our price range but I wonder if we could negotiate down to $90,000 or so?  In talking with a few people that have bought houses in the past, you should never pay the asking price.

What is a Short Sale?

A short sale is when someone can no longer afford to pay the mortgage on their house and the bank takes it back from them.  Then the bank tries to sell the house for less than it is really worth in order to recoup as much of the loan as they can.  So the house is being sold by the bank.

I wonder how much the bank is willing to drop the price?  If it stays on the market long enough they might be anxious to sell it.