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Guest

I want to bid on a house that has been on the market for 6 months. The asking price is $135,000. I want to get the best deal possible. My realtor tells me the homeowner does not have equity to bargain.

Home was sold in 2006 for $122,000. Interest averaged 5.3% the time of purchase. How much do they owe on the loan? And any extra costs/fees I should factor in?

adonis · Posted: Mon Jan 25, 2010 8:29 pm Post subject:

Hi Guest,

You need to contact the seller or your realtor in order to know the amount of loan they owe to the lender. Before buying the property, you should go for a home inspection in order to know the condition of the house. This will help you know whether or not you will have to go for home improvements after you purchase the property. While you take a loan to buy the property, you would be responsible for the closing costs. Moreover, while transferring the deed in your name, you'll have to bear the deed recording fees, transfer taxes, etc.

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