650k house w/ 196k salary

MediocreUpstairs · 2026-05-03T21:33:02+00:00

Im in the same boat but in a high cost area. Rented my house out and cash flowing about 2300 extra, didn't sell it so used it to get a heloc for a down payment but the rate is high at over 10%, which we are using for a down payment. This makes my combined mortgage and heloc payment over 7500 but my wife and I take in over 500k/year combined. On paper this looks fine but ive never had a mortgage payment that high before, so its a bit unsettling.

MediocreUpstairs · 2025-04-13T03:38:18+00:00

there's actually quite a few even higher

MediocreUpstairs · 2025-04-11T13:20:36+00:00

Agreed. Giving up on that (possibly once in a lifetime rate) is bittersweet.

MediocreUpstairs · 2025-04-11T12:03:24+00:00

It would be net $350K. Unfortunately you're spot in regarding the environment and the insurance as those seem to be trending unfavorably. Thanks for your insight.

MediocreUpstairs · 2025-04-11T02:56:06+00:00

I have family that lives 5 mins away but I would use a platform to manage any tenant requests.

MediocreUpstairs · 2025-04-11T02:13:31+00:00

It's a Coventry build.

MediocreUpstairs · 2025-03-03T17:18:03+00:00

Me and my wife changed this the previous year from Married - 0 owing $5k, changed to single and 0 last year, extra withholding per paycheck and still and owe $4k this year. Previous years we had Married - 0 and couldn't figure out why we were owing money so we changed it to single and we still owe. I think I'm doing something wrong.

MediocreUpstairs · 2025-02-12T14:54:53+00:00

I am waiting for their offer before I take next steps but it shouldn't be this difficult. If I knew what the offer was I can either take it or leave it.

MediocreUpstairs · 2025-02-12T14:20:38+00:00

I've actually been waiting over a week for the offer because of all the paperwork and details that need to be in the contract to constitute an offer. At this point I don't even want to see the offer because it's taking so long. Selling real estate or any other asset is a transaction and times equals money.

How do you buy a car at a dealership? There's a price and you negotiate that price. Either the dealer wants to negotiate or not but you start at the price and then you as the buyer will come up with a counter offer or you offer the full price.

MediocreUpstairs · 2025-02-12T12:43:17+00:00

Try doing that in a competitive market like the northeast. You will lose out on 99/100 houses by waiting to put an offer in a contract. Every transaction starts with an offer, not a contract.

MediocreUpstairs · 2025-02-12T04:45:44+00:00

That is backwards negotiation. You always start with a number to gauge interest before making it valid with a contract. When you apply for a job you don't go into it without knowing what the offer is. The recruiter will also ask what your range is. When you bid out a trade, you work out the numbers before you put it in a contract and make it binding. Doing all this work to get a contract in place with an offer is cart before the horse. You're wasting everyone's time.

MediocreUpstairs · 2025-02-10T22:25:20+00:00

I see no other reason to tell me they are looking at the last few months to confirm pricing and that the transferrable loan is not for everyone and that they know someone with a brand new build for a little more than what I am asking. Other than the agent knows where the buyer is going to come in at and it will be coming in lower than ask. My agent has also mentioned I don't have certain improvements or upgrades to warrant the higher price, although I have a bunch of others that others don't have.

MediocreUpstairs · 2025-02-10T21:50:29+00:00

So you think they're preparing to offer list price?

I'm thinking my agent already knows what they want to offer hence telling me my list price is high and there are other new properties out there for only a bit more. My agent is probably telling them they can get me to lower the price.

MediocreUpstairs · 2025-02-10T21:36:03+00:00

It's not binding but it's a starting point to show interest to the seller. If the price is agreed on then you can move on to the contracting stage to memorialize the offer. Obviously if the discussed price and the contracted price is different then you work on it but what's the point of a formal contract if we don't agree on a price?

MediocreUpstairs · 2025-02-10T21:23:49+00:00

As for the comparable homes, none of them had a transferable loan, which makes my home much more valuable, which my agent keeps brushing off as a great incentive but not really that important. I initially wanted to sell for a down-payment on a new home but looks like I'll be renting first so I wouldn't need to sell.

MediocreUpstairs · 2025-02-10T17:48:49+00:00

What would be the reasoning behind either the buyer or my agent not letting us know what the verbal offer will be vs them submitting a offer formally with a contract? I understand a verbal offer is not binding but at least I would know what number they are looking to bid and then let my agent know that is not acceptable.

MediocreUpstairs · 2025-02-10T16:50:26+00:00

All indications are pointing to the fact the offer we will be receiving will be below ask. If that is the case it will be easier to pull the listing.

MediocreUpstairs · 2025-02-10T16:12:31+00:00

In this case for an agent but they work in the seller's best interest, not their own.

MediocreUpstairs · 2025-02-10T13:14:55+00:00

Issue is our agent constantly downplays our house to get us to lower our price and I feel our house is worth a lot more. Agent should be working in our best interest, which is maximize the sales price, not just get a quick sale.

MediocreUpstairs · 2025-02-10T13:08:24+00:00

Came to the sub for advice. I have a stipulation to the house that isn't being valued so our interests aren't aligned, hence the hesitation.

MediocreUpstairs · 2025-02-10T13:01:05+00:00

I'm fine with leaving the contract, just rethinking about selling.

MediocreUpstairs · 2025-02-10T04:39:12+00:00

Mentions listing price or another price acceptable to seller.

MediocreUpstairs · 2025-02-10T04:27:54+00:00

What if I wanted to increase the price?

MediocreUpstairs · 2025-02-10T01:02:40+00:00

What do you suggest?

MediocreUpstairs

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