First time home buyer, need some second opinions! Looking at a Jersey city waterfront condo, small 1 bed, low HOA close to path. I really like the home and have 20% down pay saved up, preapproval ready, but the sellers aren’t budging much on prices and I feel like I’m not getting compensated enough for the risk I’m taking (buying ahead of potential recession). Thoughts? Inventory is so low I also don’t want to miss this one and not see another one I like for a while.

like
Posting as :
works at
You are currently posting as works at

In my mid 20s, single. Plan is to live there for next 3-4 years and rent it out when I need more space. Don’t see myself selling it unless I absolutely need the money. My rationale is wanting to live in owned home but also see it as an important investment.

I went through something similar. I was under contract in early March, COVID hit and I asked for a price reduction and they said no. Currently, it’s still on the market. I think it’s OK to say that without negotiating due to the risk you’re willing to back out. Dollars today are worth more than dollars tomorrow, but not many people outside of finance seem to understand this fact.

Also, in any negotiation, determine your BATNA and bottom line price. And don’t budge from it. That’s worked well for me.

Exactly, today’s dollars are really going to be worth more than tomorrow’s. But that also means it will take more to buy the same thing. We’ll definitely see some inflation or, worse, stagflation.

Where I live it costs $0 to back out during the contingency period, which means before I lift the inspection, appraisal, and loan contingencies. In some states it might cost $100 or other amount. Yes, I got back 100% of earnest deposit because I backed out before I lifted the loan contingency. I also negotiated with escrow to pay $0 for the wire transfer.

You can negotiate it down with home inspection potentially once under contract.

What’s your cash flow/ROI (compared to renting?) at the higher price? If it’s still good enough give in and buy it.
Ask your realtor if they will chip in a bit to make the deal happen - I would do that for a great client! :-)

What's the unit address. DM me

Related Posts

If i reject accenture offer, how long can i reapply again

like

Does anyone know of a service that scans options in the US market - compares them against black Scholes and calls out options that are trading at a significant discount i.e 50 % discount. If not - I think I might build it. Let me know if you are interested in leveraging a similar tool and/or other functionality you would be interested in.

like

When we opt for sodexo.do we get any confirmation mail. I didn't received any.

like

My H1B is processing but after hearing stories that company won't provide any projects for US even after H1B approval , should u take a jump. Have a offer in hand for another company which pays 50% hike on current package

like

What is the best way for someone with limited technical experience to learn how to build some bots for personal use? I want to automate some of my life.

How does the annual increment happens in TCS?? If smone joins in September 2022 when would be his/her first increment??? And what percentage?

like

Hi fishes, I will be joining NatWest on 1st Dec in Data & Analytics vertical and my base location is in Gurgaon. Can anyone please tell if it mandatory to visit office now a days for all projects? Or how is it?
During my interview process I was informed that I can work remotely majority of times and come to office on need basis. But since all the offices are opening now. Just want to know the situation at NatWest.

like

Can anyone refer me to a good work from home job? I been out of work for 3 months and I have a little one. I can not afford daycare right now. Any help would be appreciated thank you very much!

like

1992: Ukraine holds about one third of the Soviet nuclear arsenal, the third largest in the world at the time, as well as significant means of its design and production.

1994: Ukraine agrees to dissolve the entire nuclear arsenal in exchange for “safety guarantees” from Russia, USA and the UK, becoming only nation in the history to willingly give up nukes.

2022: They are fucked and nobody wants to intervene with troops because “Russia has nukes”

The world should be ashamed

likefunny

Can someone pls confirm what's the next designation in Mindtree after technical specialist ?

like

Ever downloaded PNG from Google images? 🥲

Post Photo
funnylike

I’m planning to do an Enrolled Agent (EA). Can someone please guide on the same? :)

like

Anyone in the area a fan of going to outdoor breweries or bars during these times? Lost most of my social circle after a breakup a few months ago (they were her friends since I was always traveling and couldn’t meet others or join groups) and with covid it’s been difficult to find ways to meet new people and make friends so figure I’d try here. trying to find some people in the area to hang out with in smaller groups! 23 y/o M if that matters

like
like

Searching for power and utilities consulting opportunities and renewable energy. Please get in touch

like

How do you go about figuring out the upgrades that you’ll need to do to a property when looking at a property to flip?

like

Hey BIG 4 (and similar) fishes with CPA, interested in remaining in a top notch prof service firm but want WLB more similar to industry and less travel? Miserable at big 4 or similar? DM me! I can refer to internal accounting roles. Best of both worlds, including employee stock, solid benefits, career growth. Join a strong team team. Need CPA, 3+ years and a positive attitude. I am not a recruiter, just tryna help folks out here and happy to refer.

like

Should I take the CIPP/US or CIPP/E first? Im based in the US.

like

How do you all meet people? I work 60 or more hours a week and travel around 70% of the year. I'm not really a tinder type person, but I'm about desperate enough to try anything these days.

like

What are your top book recommendations? I’m genre neutral.

like

Additional Posts in The Real Estate Bowl

Realistically how long does a custom build take? Not a development neighborhood. I know “it depends” but curious on averages. I’m in Southern California.

like

600k cash, 250k/ yr TC, would you pay off a one bed condo and be mortgage free? Or mortgage additional 300k to get a 2 bedrooms?

like

Anyone have experience or perspective on whether or not real estate investments are a good hedge vs inflation?

like

Can you refinance an ARM mortgage before the fixed period ends? If so, what stops people from taking advantage of the lower rate in the beginning and just refinancing later (assuming they are getting better rates when the refinance?)

like

I’m thinking about looking at investment properties. What at critical questions you ask the listing agent when you first view a new place?

like

First time home buyer here…my wife and I make a combined income of $282,000. Her current townhouse payment is $1900 a month. How much can we realistically afford for a new house? (~550K)

like

We own a rental property that has appreciated quite a bit and have the opportunity to do a 30-yr cash out refi at 75% LTV that would leave us with about $200,000 at the end of the deal. Rent currently wouldn’t cover the costs and we’d need to deploy the cash and earn about $750/mo to break even. We’d ideally like to use the money to invest in other property and syndicates. Seem like a good idea? Not sure if we are over leveraging ourselves and it’s worth the risk.

like

Lender shopping before I close out on my first home. Is 3.5% a good rate for putting 20% down on a home? How can I go about having my lender match other lenders? For context, the home I’m building in Texas has a lender that will cover $5k in closing costs if I go with them, and that’s the rate they’re giving me. I realize the rates are going back up and just wanted any advice on if it’s best to lock that in the next week or keep shopping as my closing is May 14. Thanks in advance!

like

Hi everyone - I’m relatively new to Dallas and starting my home search. It’s me + wife + baby with hopes of at least 1 more in the future. Can someone give me some ideas as to which neighborhoods are friendly for young parents / working professionals? Any inputs on Richardson, Carrollton, Far North? Areas to avoid? Other areas worth exploring that are not too far north? We’re trying to stay close to the North Dallas tollway / turnpike for work. Thank you!

like

Any recommendation for Cheap moving options from Wisconsin to Charlotte, NC.

like

What SF lenders are doing 10% down on jumbo loans with no PMI? All the ones I’ve spoken with offer that everywhere except SF. Chase does 10% down no PMI in all surrounding counties… just requires 20% for SF. Keybank is 15% down for CA only apparently, 10% no PMI everywhere else

like

Thinking of buying a lake front house and rent it on Airbnb. Does anyone here have experience being a host and guide me thru how to estimate the cash flow and rental stats in the area etc

like

Currently signed up to purchase new construction in NJ. Home won’t be ready for about 9-10 months. Getting a little scared hearing about all of the slow down in the market, with the added pressure of rising interest rates. Any thoughts on where the market & interest rates are headed?

like

Closing in 11 days. Excited to get the house but I hate moving.

like

How bad is this Airbnb crash going to be? Can’t be as bad as GFC, right?

like

Thinking about buying my first place in a year or two, but will still have roughly ~100K in student debt. Is it unwise to purchase a home with that much student loan debt?

like

I need cleaning services and I m crunched on time. Every cleaning person I called has a long wait time. My last option is to look for someone from task rabbit / handy. Is there other apps that folks

like

What are recommended steps to take when you are about to put your house for rent ? Anything I should look into or do to make sure the process is smooth ?

like

I’m looking to buy a property in Costa Rica or Panamá, any tips on banks that do international mortgage?

like

What happens if I have enough for a 10% down payment and maybe like $2-3k left (excluding emergency savings), but not enough for closing costs? Can I get pre approved? Just trying to buy my first home and want to do it asap (within the next 2 months). How do I avoid closing costs and what’s gonna happen if I go through the whole process and I tell them I don’t have enough for closing costs?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal