All Forum Posts by: Jordan Josh

Hello ,

I am thinking to put offer for short sale. its mentioned that short sale process will take 60-75 days. how should I come out of contract after 75 days if they don't act on short sale ? how much offer usually people go below asking short sale price ?

Market is slow down a bit and need to take advantage of it .. any suggestion is welcome.

Thank you

@Michael manchester  yeah the Gap between new and old properties is closing so started looking at the new property . Also one more question with curiosity does seller like the escalation clause ? I put $1600 as escalation clause and no inspection but still didnt get it . 

Jordan

I have paid 30k above asking price with escalation clause and waving the inspection but I didn't get it Also question is if you are buying townhouse around 450k or above will you get the benefit in renting out ? Lot of new houses are building near Clarksburg md and surrounding area seems like the market will slow down after summer. Also can any one guide me how to find off market property to buy ?

@Jenny Letto You should ask this question to your lender as he could answer this question about appraisal. Also your offer should have appraisal contigency . lets say you are offering 390k and bank thinks its only worth of 340k you need to pay 50k from your pocket to buy house. To save you from this situation ,  you need to have appraisal contigency so you can back out from the offer. Housing market is crazy but buying with higher price removes the benefit of low interest rates. Wait for second quarter I guess with more stimulus inflation will go up so interest rates. 

Jordan

Hello ,

I am trying to buy property in Montgomery County MD but seems market is really hot and houses are selling like anything. Most of the the time people are paying 25k to 35 k above asking price and getting home. So asking price already high and top of that people are paying premiums. I understand interest rate is low but is it good idea to pay approx. 50k more on a house ?  it removes the benefit of low mortgage rate. 

Any one has any idea prediction when the market will slow down ? 

Jordan

Hello ,

I am trying to buy property in Montgomery County MD but seems market is really hot and houses are selling like anything. Most of the the time people are paying 25k to 35 k above asking price and getting home. So asking price already high and top of that people are paying premiums. I understand interest rate is low but is it good idea to pay approx. 50k more on a house ?  it removes the benefit of low mortgage rate. 

Any one has any idea prediction when the market will slow down ? 

Jordan