All Forum Posts by: Jul Hamer

Hello BP!

My home inspector recommended I get a consult from a structural engineer.  Anyone in the Baltimore area have any suggestions?  Thanks in advance!

Need some advice BP.  I have been renting a townhouse in a suburb of Baltimore for the last 7 yrs. I have been an outstanding tenant ( landlord's words). It's a nice area close to major highways and shopping centers.  I have been watching the local market for a while and sales in this specific neighborhood have been very reasonable.  Early this year I finally mentioned to my landlord that I would be interested in buying if we could agree on a reasonable price.  An appraisal was ordered and I feel the comps used were way overestimated (like by at least $30k).  This house is 40 yrs old with squeaky floors, few modern updates, cracks in walls and baseboards, etc.  The comps used were updated with modern finishes.  The landlord came back with a reduced as is price based on the comps, but it is still way more than I expected for the neighborhood. A much more updated house sold for that same price a few months ago.  I really like the neighborhood and the house (which I have been dying to fix up for 7 yrs) but is there a tactful way to ask the owner to come down on the price? He said I could get my own appraiser but i'm not sure that will drastically change the price. Should I also order a home inspection so i have more bargaining power? I really picked an awful time to start this process ...just as housing prices are exploding.  So what are my best options for negotiation without insulting my landlord? Any help is much appreciated!

I have been renting a townhouse near a Baltimore, Md suburb for about 8 years. It's a nice area very close to the local shopping centers and not far from 95. I approached the owner about selling and they are interested.  We had a tentative discussion and decided to schedule an appraisal and then go from there with how to proceed, cost, etc.  The appraiser appt was 2 weeks ago.  I have not heard back about the results but I imagine it will be about $200k.  I just want to be sure I am prepared to move forward.  It will be a for sale by owner situation, so I want to know what I will need to have prepared in lieu of a realtor being involved. I have not sought professional advice yet, I was going to wait for the owners to give me a price.  Guessing a letter of intent and home inspection is needed before I can get a traditional mortgage.  Are there other non-traditional payment options available to me?

Also I am a first time home buyer with excellent credit...what type of mortgage would be best? I would like to pay more than the monthly cost (so i can pay off early and hopefully without penalties) but have wiggle room to go back to minimum payments should i need the flexibility.  Any advice on my next best steps would be extremely appreciated. I am new to all of this.