Lance Clifford

Hello Desmond! They can go back more than six months, and with the size difference you're describing, older sales may be a better fit. There isn't a fixed rule that square footage always matters more than the sale date. The appraiser needs the best overall comparisons. A home around 3,000 square feet that sold eight or nine months ago could be a stronger comp if the location, condition and features are similar. The appraiser would need to account for any market changes since that sale. They may also look in nearby competing neighborhoods for homes that appeal to the same buyers. The 5,000-square-foot homes aren't automatically ruled out, but using them would require support for the size, bedroom, bathroom and other differences. Being the most recent sales doesn't automatically make them the best comps. I'd ask your agent to pull older sales closer to your home's size and coordinate with the lender on submitting them for consideration. The appraiser makes the final selections, and the loan program or lender may have additional requirements.

I'd start by getting everyone to agree on an independent appraiser before negotiating a buyout number. That $550,000"$650,000 estimate leaves a lot of room for disagreement. The starting calculation is his share of the equity after the mortgage is accounted for. Assuming the debt and equity are allocated in the same proportions as ownership, with a $420,000 mortgage: At $550,000, his 49% share would be about $63,700. At $600,000, it would be about $88,200. At $650,000, it would be about $112,700. Those are starting figures, before other liens, actual closing costs, or any justified adjustments between the owners. I'd be cautious about using a higher hypothetical value to pay him for future appreciation. Prices could rise, but they could also fall. You might decide an additional payment is worthwhile to reach an agreement and move forward, but identify it separately as a negotiated premium. That lets you see exactly how much you're paying above the current equity calculation. An appraisal also won't obligate him to accept a voluntary buyout. Before settling on a price, contact the current mortgage servicer about keeping that rate, releasing any departing borrower from the loan, and how you would fund the buyout. Transferring ownership doesn't automatically remove someone's mortgage responsibility, and you shouldn't assume the existing loan can stay unchanged. With three owners and disagreements about payments and occupancy, I'd bring in a Utah real estate attorney early. Have them review the deed, any ownership agreement, and records of who paid what. Don't automatically deduct back rent or credit every mortgage payment without that review. The aunt's 1% needs an explicit decision too: does she remain an owner, or does she agree to a buyout? A neutral mediator may help everyone reach terms. Put the price, financing, ownership changes, and brother's move-out date in writing. If you're contributing buyout money personally, document what ownership interest you receive as well.

Brandon, yesaEUR"your agent should help you understand the costs and plan for them. Your lender will confirm which loan programs you qualify for and provide the written financing estimates. The minimum down payment depends on the loan: - **Conventional:** Some programs allow as little as 3% down. - **FHA:** As little as 3.5% down for qualified buyers. - **VA or USDA:** No down payment may be required if you and the property qualify. Since you're looking in Beaver, I'd ask about USDA eligibility. It depends on the property's address, household income, and other requirements. Closing costs are separate from the down payment. A rough starting budget is **2%"5% of the purchase price**, although your actual costs can vary. On a $300,000 house, that's roughly $6,000"$15,000 in addition to your down payment, before any credits or assistance. Ask your lender for an estimate of your **total cash needed to buy**, including lender and title fees, prepaid insurance, and tax escrows. Have your agent explain the earnest-money deposit and inspection expenses too, since some money is needed before closing. Your deposit is generally credited toward the purchase, so it shouldn't be counted twice. Your agent can also help negotiate seller contributions toward allowable closing costs. Before making an offer, make sure you understand both the upfront cash requirement and the full monthly payment.

Odessa, a higher offer by itself generally doesn't give a seller the right to cancel an existing, binding purchase contract. If both parties signed and acceptance was properly communicated, the seller needs a valid contractual or legal reason to terminate, or your agreement to release them. The detail I'd look at immediately is that you're only four days in. Some Illinois contracts include an attorney-review period that could still be open. The exact wording matters, including any restrictions on rejecting the contract over price. There isn't a universal four-day window to change your mind. Your agent's general point makes sense, but " they can only cancel if you miss a deadlineaEUR? is too broad to confirm without reviewing the contract. A seller contingency or other termination provision could also matter. I'd have an Illinois real estate attorney review the signed contract and the seller's messages now. Ask the seller to identify, in writing, the provision they believe allows cancellation. Meanwhile, keep meeting your earnest-money, inspection, and financing deadlines unless your attorney advises otherwise. Don't sign a cancellation or agree to increase your price before that review. Save any messages saying the higher offer is the reason they want out. If they have no valid right to cancel, refusing to proceed could be a breach of contract.