My client was a first time buyer. It was a tough market to get into but with a little help from me and the loan officer I was able to put together a strategy for my client. We went above list price but not much and I was able to keep him in the monthly payment my buyer was looking for.
I arranged the contract terms to give my client the ability to renegotiate the list price just in case it did not appraise. He would need to come up with the difference but only the difference he agreed too. After all was said and done the home did not appraise and my client was able to renegotiate the price. We renegotiated and got the price down and my client was able to come in with less and buy a huge home for his family and still pay the monthly payment he was looking for.
As of now my client is so happy with the choice he made in a home as he sees the homes in the same area have risen so much in price. He is now a new father of a baby boy.