purchase offer accepted, now what?

[angelaohio]

okay, i finally got an accepted offer on a house. the asking price was 68,500. i offered 72,610 to include 6% closing costs.

I did not try to negotiate this one because i lost out on 2 other houses trying to be cheap.

i understand with the new laws in ohio for houses under 75k my rate will be higher than what i was quoted a couple of months ago.

the house should appraise well. it needs new appliances. is it possible for me to submit or amend my accepted offer to increase the purchase price $4000 and for the seller to buy new appliances that i choose after closing?

if this is possible, it accomplishes 2 objectives: purchase price above 75k, and gives me new appliances so i don't have to shell out 4000 cash for them.

is an arrangement like this acceptable to lenders?

do you think the sellers would have a problem with that?

or any suggestions on how to accomplish that or how to present this to the sellers?

now its time to rate shop!

thanks for any input!!

chap 7 discharged 1/06
scores: low 600's

[HHM]

Did you put an earnest money deposit as part of the offer. Generally, once you submit the offer, that is it. If the seller accepts it, that is the end of the deal. If you try to modify now, the seller can back out and keep your deposit.

However, the lenders won't care, so long as there is a supporting appraisal for whatever the loan amount ends up being.

Are you working with an agent, if so, run it by the agent first to feel out the situation. If you're not working with an agent, you can always run the idea by the seller, but just realize, you're probably not in a position to "demand" that the seller accept your change.

[BKOnce]

How come the house price is low/cheap compared to other regions in Ohio? Is it single, townhouse, or duplex? How may bath & bed? thanks.

[poorme]

So you put an offer on the house to buy it without having financing in place? Maybe I missed that - ???

[angelaohio]

hi, the house is so cheap because it is in the youngstown-warren area. 70k is actually the median price in this area. very few decent jobs around here. that contributes to the low prices. its a regular ranch house, 1 acre of land, public utilities, 2 car attached garage, and in a suburb (not the city). its a pretty nice house.

i've been preapproved with a few lenders since right after my bk was discharged a year ago, even when my score was a 550. now my mid is a 629. so i am not worried about not being approved.

[angelaohio]

there was an earnest money deposit. there was an inspection contingency. i am having it inspected on wednesday and i'm sure that 62 year old appliances will not get an okay by the inspector.

in this area it is heavily a buyers market. and i don't think they would want to lose the sale over the inspection. so that's how i will justify the change in offer. besides, i am not trying to pay less money. so hopefully it will go okay. my concern was any lenders having a problem with that deal.

[MTG_BANKER_OH]

there was an earnest money deposit. there was an inspection contingency. i am having it inspected on wednesday and i'm sure that 62 year old appliances will not get an okay by the inspector.

in this area it is heavily a buyers market. and i don't think they would want to lose the sale over the inspection. so that's how i will justify the change in offer. besides, i am not trying to pay less money. so hopefully it will go okay. my concern was any lenders having a problem with that deal.

You will not be able to include the appliances with the purchase price. Lenders do not allow buyers to get cash back at closing. If the house will appraise you could have written the offer for $75k and have it noted to have new appliances installed before closing.