How I Ended Up Saving $275,000 on Buying My First House – xoNecole
Human Interest

How I Ended Up Saving $275,000 on Buying My First House

Comments (11)
  1. Nekkid35 says:

    What a bizarre experience. Was the selling agent also the listing agent?

    1. Nekkid35 says:

      Also, if the mark up was as you described, it probably wouldn’t have appraised and the lender wouldn’t approve the mortgage anyway. Unless you’re paying cash, I don’t see any lender allowing themselves or you to get ripped off like this.

      1. Jasmine Brown says:

        The selling agent wasn’t the listing agent, but her husband had the house under contract to flip to another buyer or keep as a rental property.

        I agree – the appraisal is another big saver! I like to keep that as one of my last due diligence steps since it typically requires an upfront fee.

  2. Phoebe says:

    The title is slightly misleading but these are good tips.

    1. Jasmine Brown says:

      Thanks! The title’s not meant to be misleading, but there are many different ways to look at the savings. This one is based on what would have been borrowed if I went through with the buy.

  3. AnaXBoss says:

    Did you purchase the second home through the same realtor?
    I’ll keep these tips in mind, hopefully I’ll be able to purchase a home within the next 5 years.

  4. AnaXBoss says:

    I really should’ve said next home, not second home.

  5. roseinweeds says:

    i agree w the other poster…the title is a bit misleading! nonetheless…im a homeowner n agree w the other commentor…the house wouldnt hv been approved on loan ne way bc the appraisal woulda caught that mess. these r the safeguards (for the buyer n lender) in place to make sure u are paying at most market value.

    home buying is all about doing YOUR due diligence. the realtor is a faciliator in that process n can be very helpful n knowledgeable bt 1 thg a prior realtor i worked w told me was look, “think of this as a business. ur the boss. and ur going to run ur business (ur home). not me.” best advice ever. trust bt verified!!!

  6. Dee says:

    If you choose a good Realtor you can eliminate a bunch of these steps. Zillow and Trulia don’t always have the most up to date info so I wouldn’t advise that anyone use those two avenues for research. Ask your agent to provide comps, from the MLS, as they should to help you determine your best offer price. Also, don’t call other Realtors if you’ve already hired one.You’re essentially asking them to do research for you without getting paid. And under no circumstances should a buyer call the listing agent as they are the sellers representatives and they have a fiduciary duty to their client only If you have any trepidation at all about your agent, find another. Ask your friends who have purchased homes who they used and if the experience was good or not.

  7. Chantel says:

    The appraisal would’ve stopped that deal in its tracks anyway. I agree with the other commenters; the title was misleading…

  8. John says:

    Your points are well taken though I see how some readers were thrown off by the title. Buying real estate is a balancing act and in my view you did save yourself $275k or possibly more. While the assumption is that ‘the appraiser would have killed the deal’, appraisers have their loyalties and often do business accordingly. No one wants to be viewed as unethical, or at least blatantly, but it happens often. Cheers to you for making moves toward ownership; that’s how true wealth is created – you’re on your way. Perhaps some of the readers who commented that do not own anything will be better prepared when they do take the step.

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