Offer & Financing Details for 325 Whitewater Drive
Below you will see answers to the questions asked about 325 Whitewater Drive in Bertram along with a couple of my recommendations.
#1: Why are they selling the home so soon after purchasing?
From what I could gather, the son moved to Alabama for a job & shortly after, his wife passed away. They're wanting to sell the home so they can move to Alabama to help their son raise their granddaughters.
#2: What are the concessions referenced in the listing?
The $10,000 concession comes directly from the sellers bottom line. This is a common point of negotiations & it can be used in a couple of different ways. You can apply the entire amount, or a portion, to the sales price or you can use it to cover closing costs.
When you purchase a home there are 2 main out of pocket expenses, the down payment & closing costs. When you finance a home purchase then any interest rate buy down will become part of your closing costs. In general, it costs 1% of the loan amount to buy down the interest rate 0.25%. I would recommend a higher concession to cover a larger interest rate buy down in addition to a negotiated price reduction. More on that below.
#3: What would I recommend as an offer?
Whenever I give a recommendation I prefer to use the current market trends to justify the offer so that it's fair & makes sense for everyone involved. Since this home has unique features & is in a gated community with low sales volume, it is hard to find close comparable homes that have recently sold.
I created a market analysis for the Whitewater Springs of all active & sold homes within the last year. You can see the PDF analysis online here: 325 Whitewater Drive Market Analysis
Since there is not a home that is closely comparable to 325 Whitewater Drive we can then compare the average sold price per square foot in the analysis. The average sold price per square foot is $245.45 & when you multiply that to the square footage of the home, 2,557, you get $627,615.
My recommended starting offer price would be $620,000 with a $20,000 seller concession. This offer price is designed to get you a fair price while having enough of a seller concession to cover all of your closing costs & buy down the interest rate to something that is manageable while leaving some room for negotiations.
An additional point of reference: The seller had made improvements to the home since they bought it. The 3 major things I saw were repainting the entire interior of the home, moving the storage shed & replacing the back wooden deck with a concrete slab. I believe that the concrete slab in the back cost them at least $15,000 to do professionally. You can see the listing photos from when it was sold in 2022 here: 325 Whitewater Drive 2022 Listing
Review your financing options with me at Network Funding
Any offer you make will definitely include a financing contingency & we can get a head start on that today. Since I'm also a licensed mortgage loan officer at Network Funding I can quickly & easily present realistic financing options with a completed mortgage application.
Below is a 2 step process on how to get started whenever you're ready.
Step 1: Opt-Out of 3rd part solicitation offers here: https://www.optoutprescreen.com/
The 3 major credit bureaus sell your info to other lenders & insurance companies whenever you apply for a mortgage loan. This happens with all mortgage lenders & if you do not want to get solicitation calls, emails & text messages then you will first have to opt-out. You can do this by clicking the link above, scroll down, click the blue button at the bottom, select "Electronic Opt-Out for 5 years" then click on the blue "Continue" button. You'll have to fill out the form & confirm the opt-out.
Step 2: Create a profile & start the online application here: https://nflp.com/loanofficer/alfonsorodriguez/
The online application is secure & done online. You'll first have to create an account then answer the online questionnaire. The questionnaire should be straightforward but if you have any questions I can help give guidance. Just call or text me directly at my office 512-215-4284 or at my cell 512-809-0091. After you've completed the online application it'll then come to me automatically.