Now we just need to negotiate

We got a contract signed for our condo yesterday. I was pleased but this is not a done deal. Now our attorney will negotiate the price of the house. It is a 30 day contract that expires November 8th. We got estimates of repairs that need to be made from a contractor and hope to get some credits (money to make repairs). The total estimate for repairs is roughly $11,000, I realize that is probably out of the question, but I believe that a $5,000 credit might fly. We know that the current owners of the house moved to Indiana in June and the house has been on the market since March 2006. It was originally listed at $400,000 which is out of our league, but the price was reduced to $369,000 and relisted. We bid and they countered and the current agreed price and contract is for $335. Hopefully the seller is feeling some pressure and will either give us some credits, or help with the closing costs. Currently I'm researching mortgages. This is one of those times when it pays to have good credit and we do. No car loans, one small school loan, no credit card debt (pay off credit card bill in full each month), punctual bill payments = good credit. The mortgage rates are currently decent at 6.25%. We will try to pay down a point or two meaning we'll pay extra money up front to decrease the interest rate on the loan. This is good to do if you can afford it, and if you plan on being in the home for more than three years.

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