“An Offer, 10% Above Asking Price?

By
Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“An Offer, 10% Above Asking Price?

 

Hi Joe, 

Finally going to see another house tomorrow. It’s quite the struggle between the market and my needs/wants to find something out there.

My realtor asked/suggested that I ask you to have an amount on my pre-qual letter. Her ask is that it’s written for 30k over asking which is 309k, so a total of 339k. To my understanding with my son on the loan, I could go even higher.

Thank You for your help and patience, your advice and guidance is greatly appreciated 😁

Jill

 

Most real estate markets across the county have housing shortages with NO letting up in sight. Interest rates have started to move upward, which will affect the buying public as mortgage payments rise.

 

I am spending a lot of time coaching clients to make sure they will be OK with what their estimated mortgage payment will be. This part is vital!

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comments (6)

Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Joe! Yes the RE market is crazy and not very healthy for buyers!

Most real estate markets across the county have housing shortages with NO letting up in sight. Interest rates have started to move upward, which will affect the buying public as mortgage payments rise.

Mar 26, 2021 04:01 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Joe. What they can pay and what they are willing to pay are not always the same. But, sometimes they need to be reminde of the difference. Enjoy your day.

Mar 26, 2021 05:05 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

10 % just crazy of what we have come to. Great info, thanks for sharing. Bill Salvatore

Mar 26, 2021 05:25 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Joe - your story illustrates that the shortage of properties for sale not only impacts buyers in today's market but so many others that need to be aware/up-to-date.  This is definitely a real world example.  

Mar 26, 2021 06:02 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

I tell people to focus on what they want to pay and then correlate that with the interest rate to find out what they want to be qualified for - but the other part of the equation has to be to figure out what they can qualify for so they know the range of their options

Mar 26, 2021 06:35 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

The market is truly startling and with little inventory buyers will be just like your example and looking for that extra money or mortgage to buy a house.

Mar 29, 2021 12:12 PM