Well, ppl call it a buyer's market but being a "buyer" in this market, I really don't think everything is out there and I just need to ask for it. Well, I'm not talking about the sellers... the issues are with the lenders. Second loans are almost non existent these days. So if you are planning for a 80/10/10 - forget about it. Also no watercooler wisdom is valid anymore. This economy is a one off. So if you see a rate you like and you are planning to close soon, then please lock it. Don't wait for the perfect Monday! :)
Watching these rates over the past 6 weeks is liking watching a roller coaster. It dropped like crazy in Sept, was back up for a few weeks and dropped again in the beginning of Oct and has spiked back up again! It makes me ride the roller coaster too... emotionally!
So... it looks like the only place you can ask for something and have great chances of getting it, is on the offer and ensuing amendments. Here are some things worth asking for:
- 24 hrs offer expiry time - helps keep the seller "shop around" time to a minimum.
- closing date - for you apartment dwellers this clause will give you your "move out notice" time.
- contigent upon inspection -if something big comes up on inspection like foundation problems, you'll have the option to walk off from the deal. This clause can also be covered by putting in an option period by which you should plan to get the inspection done. This will also help warm up your cold feet from buyer's remorse! :)
- contigent upon mortgage rate agreeable to the buyer - you can put in a more specific rate and state that the deal holds only if you get a rate within that number.
- closing costs - ask for closing costs and do mention that any leftover monies should be used for a price adjustment.
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