Just submitted our first offer on a house...nerve racking!

Discussion in 'Community Discussion' started by detz, Mar 15, 2009.

  1. detz macrumors 65816

    Joined:
    Jun 29, 2007
    #1
    Just filled it out and faxed it over, now we have to wait until Tuesday at noon to see if they accept it. It's $20k more than we wanted to spend but it's a nice house. Any tips and/or suggestions? We're trying to put together a list of things we'll need or want before we move out of an apartment to a house.
     
  2. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #2
    so why did you offer more than what you wanted to spend?...

    theres always bargaining room
     
  3. EricNau Moderator emeritus

    EricNau

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    San Francisco, CA
  4. r.j.s Moderator emeritus

    r.j.s

    Joined:
    Mar 7, 2007
    Location:
    Texas
    #4
    You probably should have offered less to start. The act of buying a house is a process. If you had offered less, you could always work with their counteroffer. Now, if they accept right away, you will always wonder how much less you could have gotten it for.

    Anyway, congrats. A house is a big step, and in this economy I'm sure you still got a good deal.
     
  5. sushi Moderator emeritus

    sushi

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    #5
    Agree.

    In this market, buyers have the power.

    Anyhow, congrats. Getting your first home is always exciting.
     
  6. detz thread starter macrumors 65816

    Joined:
    Jun 29, 2007
    #6
    We did offer less but but the house the way it is I'm assuming they wont accept it. We'll see. :) It's been on the market for 3 days and it's very nice so they might hold out to try and get the full amount. We offered $15k less with them paying $5k in closing so all in all $20k less.


    We looked at seven houses today and so far in our search this is the only one we've seen that we both just loved.

    This is my favorite part of the house, a nice sun porch! I'm going to be upset when they reject our offer. :-(
     

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  7. r.j.s Moderator emeritus

    r.j.s

    Joined:
    Mar 7, 2007
    Location:
    Texas
    #7
    Well, that's good if you can get it there and it is worth the 20K more than you really wanted to spend.

    Don't give up yet.
     
  8. dukebound85 macrumors P6

    dukebound85

    Joined:
    Jul 17, 2005
    Location:
    5045 feet above sea level
    #8
    first rule in buying a house, a car, or anything big

    Don't get emotionally attached


    once you do, you start making foolish decisions
     
  9. eldy macrumors 6502

    Joined:
    Jan 30, 2009
    Location:
    The City
    #9
    Congratulations! I hope you get your sun porch! BTW, how old are you if your favorite part of the house is a sun porch? :)
     
  10. thebigb010 macrumors newbie

    thebigb010

    Joined:
    Mar 13, 2009
    #10
    Congrats detz!!!

    Just make sure you get a good home inspection.

    Fingers crossed that you get it!!!

    B
     
  11. scotty96LSC macrumors 65816

    scotty96LSC

    Joined:
    Oct 24, 2007
    Location:
    Charlotte, NC
    #11
    Look into warranties for the house -- appliances, heating/ac units, etc. Many come with the purchase and you can extend them.
    Check crime rates in the zip cope.
    Check proposed building in the area -- 10 years out.
    Check response times for fire department.
    Where is the nearest fire hydrant?
    Talk with neighbors about the area.
    Homeowners association? These can be good or can be a real pain with all the can't do's that go with them.
     
  12. detz thread starter macrumors 65816

    Joined:
    Jun 29, 2007
    #12
    Easy to say, hard to do. :)

    28, the porch is gorgeous and I can picture relaxing with a nice Cabernet all summer long.

    The house was built in '78 which is new for this area(New England). It's had one owner and it seems they are down sizing because it seems they are older. We'll see, worse case they say no.
     
  13. taylorwilsdon macrumors 68000

    taylorwilsdon

    Joined:
    Nov 16, 2006
    Location:
    Bay Area
    #13
    They may say no as its only been on the market for 3 days. Also remember that competing buyers have a large effect on the price... if someone offered them 10k more than you did, you're done for.

    Just don't be too disappointed if they don't take. Bounce back and find other houses you're interested in.
     
  14. thebigb010 macrumors newbie

    thebigb010

    Joined:
    Mar 13, 2009
    #14
    You say "New England"???

    If near the Boston area drop me a PM - I have a very excelent home inspector!

    B
     
  15. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #15
    But the emotions tend to cost you scads of Benjamins.

    For a house you want to live in for 20 years, it won't matter as much.

    If it is a short term investment, you might as well shoot your wallet and bury it 6 ft deep.
     
  16. samiwas macrumors 65816

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    Aug 26, 2006
    Location:
    Atlanta, GA
    #16
    We bought new construction, so we didn't have any negotiating room really. Our most nerve-racking part was getting the financing. Being self employed with irregular income made things extremely difficult, even though we made about twice as much as our friends who bought a place across the street, and had no problem getting their financing. (And yes, credit scores were fine)

    We almost gave up after two solid weeks of them wanting more and more supporting paperwork. The final stack of supporting paperwork was almost 3 inches thick before they begrudgingly gave us our loan. I did tell our mortgage broker one day to just cancel the whole thing because I was sick of it...glad I retracted that!
     
  17. detz thread starter macrumors 65816

    Joined:
    Jun 29, 2007
    #17
    Not good, I just heard back from the realtor and he said they already received an offer which means they will probably pay full price if not higher. We can't do that...damn. :mad:
     
  18. DavidAijai macrumors newbie

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    Feb 16, 2009
  19. sushi Moderator emeritus

    sushi

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    #19
    Good advice.

    Sage advice. And it's true. Always be prepared to walk away form any deal no matter how much you like it.

    ...that's when the real negotiation starts.

    Don't give up yet. Unless the other buyer can pay cash, this is not a done deal. Financing or other issues may cause this property to remain available.
     
  20. detz thread starter macrumors 65816

    Joined:
    Jun 29, 2007
    #20
    We revised the offer and gave that to the Realtor for a backup. I guess he's going to try the first one($20k less) and if that doesn't fly we're going for full price(depending on what they come back with) but we wont go over asking price. I'm not getting stuck in a bidding war when there are dozens of new houses hitting the market every week.

    After this last night though we're ready to move out now!
     
  21. Consultant macrumors G5

    Consultant

    Joined:
    Jun 27, 2007
    #21
    There are plenty of places out there. Unless it fits 100% of your criteria list, then you might want to wait.

    My current rental place does not fit 100% of my criteria and it's causing problems.
     
  22. jazg macrumors newbie

    Joined:
    Nov 16, 2009
    #22
    Did you got the house?

    Wondering what was the final outcome of the offer on the house you wanted.
    I am going to a similar situation so perhaps it will help me to know what happen with your offer.. thanks!
     
  23. ucfgrad93 macrumors P6

    ucfgrad93

    Joined:
    Aug 17, 2007
    Location:
    Colorado
    #23
    Agreed. It is a buyers market, so if you don't get this one, there will be another.
     
  24. allisonv7 macrumors 6502

    Joined:
    Jul 20, 2004
    Location:
    Indy
    #24
    I just purchased my first home and moved in about three weeks ago. It was a process, but well worth it, and I'm happy to say I am extremely satisfied with the outcome. No regrets here :)

    Good luck to anyone else out there considering making the punge!

    allison.
     

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