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The House Hunters Thread

I''m sorry, Gecko. I''m sure it''s very tough when you already found "the one" and now everything else is falling short. As usual, I was watching a house-buying show last week and a couple ran into a similar issue. They put an offer on a short sale and never heard back and it took them another three months of looking to find something they liked as much. I know in your case the owners rented out the house, which sort of makes it more final (this couple kept hoping they''d hear something), but I''m sure it''s very difficult when nothing is comparing for you. I''m keeping my fingers crossed for you for the next three.

We talked with our realtor and decided to just wait it out and see if the price dropped because we thought the price was a bit high and would come down (the seller''s agent even admitted it was high, which was interesting). I was actually relieved because I''m ready to take a break and I wanted to book our Caribbean trip for next month without having to think about closing on a house. But then I got a call about an hour ago from our agent stating that there is another offer coming in, but it''s very low and there is also a house-selling contignency. The seller''s agent thinks we should bid because, despite being low, it could be more aggressive than the other offer. I told our agent that a.) I am not bidding a penny more than we were originally planning to bid and b.) I''m absolutely not getting into any type of bidding war. She told me she knew I wouldn''t (haha) and that it might not hurt to try at this point.

So I''m scrambling to try to get the offer letter from our mortgage broker. If we don''t offer tonight, we will tomorrow.
 
NEL - Interesting! I hope it works out for you!

We are done. We talked about it, and at this point the houses we like are all out of our price range. And... we were walking a fine line of being able to afford the ones we were looking at anyway. For just a little more than what we pay now, we can rent a place big enough for a bambino and ourselves, and we're going to look for something along those lines when our lease is up in May (I don't want to stay where we are because of the mold issues...). Our realtor is going to keeo her eyes open in case the mythical perfect house appears, but at this point we just need to get Adam through the bar exam and then go from there!

ETA: Basically we can rent a kick ass apartment for less than we could own a meh house.
 
Gecko - I''m sorry it''s not working out for you. If you keep renting, I hope you can find something suitable! In my area a "kick ass" apartment would cost just as much as a mortgage... And "kick ass" apartments are harder to find than nice houses.

NEL - Good luck on the offer!

Things are moving along for us. The inspection went well on Sunday. There are a few more things to work on than we first expected, but apart from the roofing it''s not very urgent, so one thing at a time. We signed the mortgage papers yesterday, all we need now is to set up the appointment with the notary.
 
Woo-hoo Anchor! That's great!

We're in a college heavy area, so there are literally apartments all over creation around here. And we're also right by a big business hub, so a lot of the complexes have large penthouse/executive apartments. Shoot, the complex we're in now has 3 bed, 3 bath apartments for about $150 a month more than what we pay now...

I just refuse to buy a house I'm meh about.
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Gecko, I think your plan is absolutely fantastic! If you can find a great apartment (with room for baby) for only slightly more than you''re paying now, that that will give yourselves a chance to continue saving and then maybe you can re-address what you want to do when Adam is through with the Bar and you feel a little more settled. Also, the lower rent as opposed to a hefty mortgage payment will allow you guys to feel like you can have a baby without having to worry so much about the expense on top of the mortgage (and possible unexpected maintenance costs). You still have plenty of time to think about it--D always told me that he didn''t really feel a sense of urgency to feel "settled" until our child was school-aged. For now you can focus on finding a great apartment and then you can always keep your eyes peeled for something that might pop up. When we rented our place we knew our next step was buying (like you, after D finished his professional exams), so we negotiated a month-to-month lease and it''s definitely made us feel very flexible. I think this could be a great solution for you guys!

Anchor, I''m so glad the inspection went well--it sounds like there weren''t any big surprises, which is great!

We are putting our offer in tonight. We both had to work late last night and there wasn''t enough time to get over to the realtor''s office. Our realtor let the seller''s agent know an offer is coming tonight, so hopefully she can present it to the owners either tonight or in the morning. So we should know by tomorrow or Thursday at the latest.
 
NEL: great news on the offer! Will it be significantly below asking? Fingers crossed for you!!
 
Date: 12/8/2009 10:45:43 AM
Author: NewEnglandLady
Gecko, I think your plan is absolutely fantastic! If you can find a great apartment (with room for baby) for only slightly more than you''re paying now, that that will give yourselves a chance to continue saving and then maybe you can re-address what you want to do when Adam is through with the Bar and you feel a little more settled. Also, the lower rent as opposed to a hefty mortgage payment will allow you guys to feel like you can have a baby without having to worry so much about the expense on top of the mortgage (and possible unexpected maintenance costs). You still have plenty of time to think about it--D always told me that he didn''t really feel a sense of urgency to feel ''settled'' until our child was school-aged. For now you can focus on finding a great apartment and then you can always keep your eyes peeled for something that might pop up. When we rented our place we knew our next step was buying (like you, after D finished his professional exams), so we negotiated a month-to-month lease and it''s definitely made us feel very flexible. I think this could be a great solution for you guys!

Anchor, I''m so glad the inspection went well--it sounds like there weren''t any big surprises, which is great!

We are putting our offer in tonight. We both had to work late last night and there wasn''t enough time to get over to the realtor''s office. Our realtor let the seller''s agent know an offer is coming tonight, so hopefully she can present it to the owners either tonight or in the morning. So we should know by tomorrow or Thursday at the latest.
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This is precisely what we''re going to try to do at our next place, although that might be difficult. I hate to miss out on the 8K incentive, but - who has the tag line that a deal is only a deal if you get exactly what you want? That''s where we''re at.
 
Gecko, that''s exactly right. If you''re not getting exactly what you want, then don''t risk it. You''ve got nothing to lose--I''m betting that you and A can find a great apartment and you can take a bit of a breather without stressing about a house. In the meantime, you can hunt for apartments in addition to any fabulous houses that might come on the market. We''ve negotiated a month-to-month lease in 3 apartments now (we''ve been thinking about buying a house for a long time, haha) and each time it has been much easier than I thought. Landlords are happy to bend a little for great renters, which I''m sure you are!

(P.S. The last house we rented--which was a year ago--the landlord was just happy to have an applicant that wasn''t a product of foreclosure! I think having solid financials right now is key even in the rental market)
 
Date: 12/8/2009 9:48:05 AM
Author: geckodani
Woo-hoo Anchor! That''s great!

We''re in a college heavy area, so there are literally apartments all over creation around here. And we''re also right by a big business hub, so a lot of the complexes have large penthouse/executive apartments. Shoot, the complex we''re in now has 3 bed, 3 bath apartments for about $150 a month more than what we pay now...

I just refuse to buy a house I''m meh about.
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That sounds like great apartments, gecko! You definitely couldn''t find this hear for less than a mortgage. Good luck!

NEL - Sending you lots of dust! I can''t wait to hear the news!
 
Good luck with your offer, NEL! For what its worth, I think you made the right decision. That''s a "forever" house if I ever saw one.
 
Good luck NEL! I cannot wait to hear! I agree that the house is a forever house for sure. BEAUTIFUL!
 
Aww, thanks, guys! I''ve been analyzing this decision over and over and the bottom line is that while we really wanted something on the water, this feels so much more like a "family" house. There are definitely trade-offs, but I think this would be for the best.

We are in the midst of the offer/counter offer dance and to be honest, I don''t know if it''s going to go our way. We offered 12% below asking. They countered at 6% below asking and we are countering at 10% below asking and that is our final offer. D and I have been going over it and if they can''t meet the price, we are willing to walk away...I''m really keeping my fingers crossed, but am preparing for them to not accept.
 
Crossed fingers over here for you NEL!
 
Thanks! They''re taking the night to think about it...I''m encouraged that they''re thiinking about it (I was afraid the response to our final offer would be "no"). I guess we''ll find out in the morning!
 
Date: 12/9/2009 9:53:16 PM
Author: NewEnglandLady
Thanks! They''re taking the night to think about it...I''m encouraged that they''re thiinking about it (I was afraid the response to our final offer would be ''no''). I guess we''ll find out in the morning!
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Yes that is a good thing!
 
I''m a bit of a lurker on this thread, but GOOD LUCK NEL :-) That is so exciting and I have a feeling it is going to work out!!!
 
Major finger crossing for you NEL!
 
Good luck NEL!
 
Date: 12/9/2009 7:06:49 PM
Author: NewEnglandLady
Aww, thanks, guys! I''ve been analyzing this decision over and over and the bottom line is that while we really wanted something on the water, this feels so much more like a ''family'' house. There are definitely trade-offs, but I think this would be for the best.

We are in the midst of the offer/counter offer dance and to be honest, I don''t know if it''s going to go our way. We offered 12% below asking. They countered at 6% below asking and we are countering at 10% below asking and that is our final offer. D and I have been going over it and if they can''t meet the price, we are willing to walk away...I''m really keeping my fingers crossed, but am preparing for them to not accept.
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GL, but it is looking good in my opinion.
 
NEL - hope you get it at your 10% below! If it was priced too high per their realtor, they should be willing to drop a little. And if it''s been on for a while, they should be motivated. If not, it wasn''t meant to be.
 
Can''t wait to hear your update NEL!! I hope they decide to accept!!
 
NEL - I hope you get it!!!! Can''t wait to hear your update!!!
 
NEL - Good luck!!! I''ve got everything crossed for you!!!! Can''t wait to hear your update!

Gecko - Here''s to a kick ass apartment! When are you thinking of TTC? Dust for Adam for his bar exam, too!

Mer - Horray for work getting started!! You must be over the moon!

Smurfy - Welcome to the madness that is house-hunting! Lots of dust! How did the open houses go? My house is across the street from a golf course. I kinda wish we were on the other side of the street, because the backyard would look over the golf course. But those houses go for a bit more $$.

Kitty- So sorry to hear you lost the house. How frustrating that you had to wait so long for a no-go. Try to keep a positive attitude, though (I know it''s hard).


Nothing new here. The basement floor was the next project, but we''re holding off til Spring for that now. DH says it''s too cold down there to lay tiles now (something about the temperature making the tiles crack). So we went to Home Depot and bought new indoor doors for the 1st floor. DH needs to borrow a router so he can hang the new doors this weekend.
 
Still negotiating. We've gone slightly over what we said we would stick to and they are on the edge of what they're willing to sell it for, but there is still a gap. They countered at 8% below and we offered slightly more than our last offer, but gave them an option where we'd come very close to their counter offer, but they'd have to pay closing costs. It's getting down to the very nitty gritty and I'm still not sure it's going to work out. Even if we come to an agreement on price, I think the inspection would have to go REALLY well because if anything major pops up, neither of us would be willing to budge.

I'm waiting to hear their response to our offer. The only good thing is that I'm insanely busy with work and barely have the chance to check my phone--I'm in a meeting now and am hoping I might have a message when I get back to my desk. Just wanted to give an update!

ETA: Lynnie, your husband is such a doll! I need to take some tile-laying lessons because I'm going to be too broke to hire a contractor!
 
NEL - You are so close! I really think it is going to work out! Lots of factors are unknown, but if they really want to sell, and you are this close, then I predict an agreement is near!!

Regarding the inspection, things could change in terms of what the sellers are willing to do. Once they have a signed contract, their negotiating position may likely change. Say 20k of reasonable repairs are required -- they may be willing to do the repairs, or give a partial price reduction, just because they want to close the deal.

I have a good feeling about this!!! Keep us posted!!!
 
NEL - sounds nerve-wracking!

So my agent emailed back tonight finally to say that she hasn''t heard back yet from the other agent, and wonders if our seller went out of town. Well, if he''s too busy to go find the stuff he''s supposed to be giving us without delay, how can he have time to go away again? He already spent 3 weeks in Scotland after we closed and another week or so out of town very recently. You''d think these trips wouldn''t be possible if life is so insanely busy. I''m getting kind of pissed here. I sure hope the contractor went by and was allowed in today by his coworkers. I emailed him to find out what''s up. If no news, I have a feeling we''ll be telling the other guy we''d like to go with him. I''m not sure how much of a price differential you''d really get for a reno around the 25-29k mark. And I''d really really really like to get it done before the baby arrives. The timeline is getting pretty tight for getting anyone else in in that time frame, I think.

A little dust my way that the second contractor got in and we''re able to get a quote from him that set our minds at rest would be much appreciated!
 
Sounds like it's going to stretch into Day 3. I was really hoping to get it all settled tonight since we'd need to have the inspection this weekend.

Hopefully it will all be wrapped up in the morning.

As it stands now, they might meet our price, but not the conditions of the offer. They were about to put a second sump pump into the basement and we made the offer contingent upon completion of that project. The seller's agent said that if they came down to our price, they would probably forego that project. I hope that's not the case because it would just be one more issue to sort out...and we haven't even gotten to the inspection yet!

ETA: drk, I didn't see your post! Tons and tons of dust your way. I hope the contractor got in!
 
NEL FWIW I agree with whoever said that it''s a different ballgame once an offer has been accepted in terms of repairs and $. Our sellers who said it was AS IS (and this was not a bank sale) and didn''t even bother to paint, clean, NOTHING before listing sung an entirely different tune when we found a crack in the garage floor and a few plumbing issues that threatened to undo the whole deal. They took care of it right away to the tune of a few thousand dollars with just a few words between our agent and theirs.

Hang in there!!!
 
So....THEY ACCEPTED!!

BUT! They are not doing the basement work, which is a bummer. On the positive side, the issue isn''t flooding--the basement hasn''t flooded, they were just going to redo it because they felt the sump pumps were running a lot after a big storm. We are going to have the home inspector assess it and give us his thoughts. We booked one that specializes in antiques, so I think he''ll be very helpful.

Also, they told us that the purchase would have to be as is, which we expected. As I said, we are both at our limits, I think, so anything big might be a dealbreaker. I do know that the roof, furnace, water heater, etc. are all new, but anything can happen because it is an antique.

SO YAY!!! I''m getting a little excited about this finally! We aren''t out of the woods by any means, but I''m relieved after 3 days of negotiating. Turns out posting a couple of pics was good luck!

Home inspection is on Sunday and we are scheduled to close Jan. 29th!
 
YAYYYY NEL!!!!!!!!!!!!!!!!!!! I have been watching and waiting hoping to hear good news!

I am crossing my fingers that nothing big comes up!!!
 
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