The House Hunters Thread

[meresal]

Date: 10/19/2009 4:04:27 PM
Author: NewEnglandLady
Was the mortgage history info. encouraging? Keep us updated, I am eager for this to work out for you!

Lol. Same here! I was hoping for a "follow-up" post!

 

[geckodani]

Date: 10/19/2009 4:07:52 PM
Author: meresal

Date: 10/19/2009 4:04:27 PM
Author: NewEnglandLady
Was the mortgage history info. encouraging? Keep us updated, I am eager for this to work out for you!

Lol. Same here! I was hoping for a ''follow-up'' post!

Aw, you guys are sweet. Well, the house sold for a heckuva lot more the last time it sold in 2002, but that''s to be expected. No huge red flags or anything. Interestingly enough, when it was built it sold for significantly less than what we''re offering. It was built in 1996, so I was surprised by that. Only one mortgage, which is a plus, and will be easier to negotiate.

 

[drk]

Gecko and NEL - sounds like an exciting weekend for both of you. Hope you can figure out your offers and that they''re accepted too!

 

[NewEnglandLady]

Gecko, so the FIL is coming over tonight? Are you signing the papers tonight? Don''t forget the camera!!

Diva, did you see anything you liked when you went out with your mom this weekend??

 

[geckodani]

Date: 10/20/2009 8:54:39 AM
Author: NewEnglandLady
Gecko, so the FIL is coming over tonight? Are you signing the papers tonight? Don''t forget the camera!!

Diva, did you see anything you liked when you went out with your mom this weekend??

FIL is coming tonight! Signing papers tonight! Realtor pulled the only other comps in the sub - but I personally don''t feel like they are all that comparable. There are only 2. Both are listed around 40K higher. They are also:

1. privately owned
2. more square footage
3. hardwood floors and upgraded appliances
4. additional bathrooms

Not that comparable, IMO. We''re sticking with our intention to offer full asking price with 3% or 6% in concessions.

 

[Lynnie]

Oooh, Gecko... Good luck!!! But, man, that wait to hear whether the offer gets accepted is absolute hell. We''ll be here to commiserate with ya! That''s kinda crazy that there aren''t really any comparable comps... anything to make it more difficult, right?
Fingers crossed...

 

[geckodani]

Date: 10/20/2009 9:14:33 AM
Author: Lynnie
Oooh, Gecko... Good luck!!! But, man, that wait to hear whether the offer gets accepted is absolute hell. We''ll be here to commiserate with ya! That''s kinda crazy that there aren''t really any comparable comps... anything to make it more difficult, right?
Fingers crossed...

It''s gonna take MONTHS too. Ugh. Y''all are going to have to keep me sane!!!

 

[Lynnie]

Months?? Sorry, I''m kinda dumb about short sales.... the name implies, um, short time to me, I guess.Is the process that much longer?

 

[geckodani]

Date: 10/20/2009 9:34:33 AM
Author: Lynnie
Months?? Sorry, I'm kinda dumb about short sales.... the name implies, um, short time to me, I guess.Is the process that much longer?

Exact opposite of the name. Short sales take from 2-6 months on average. SUCKS.

 

[NewEnglandLady]

We will absolutely keep you sane! I'm excited for you--how long will it take for you to find out once you hand over the signed offer? Is it 24 hours like a regular offer or in this case does it take longer since the bank has to review everything?

I hate it when there are no comparable comparables (hehe). Our realtor sent over a few comps yesterday (however they weren't within 6 months) and they were all for more than what we wanted to offer. She thinks that what we want to offer is low. But the houses were all nicer than the one we would be getting--they were all slightly bigger, had more than 1.5 baths, had garages, etc. I was kind of annoyed. Now it's so much easier for consumers to get comps, so I pulled a few from trulia and redfin to send to her and told her that I felt those properties were more comparable to the house we were interested in. I'm just trying to figure out the fair market value--it's not easy in this market. I think the fact that you are offering asking price with concessions is great. At the most they'll say no to the concessions.

 

[geckodani]

From what I understand, it can take months for us to even hear back on an offer. Which is going to really, really, really suck. Our realtor is pretty good about keeping on the banks though, from what I understand.

BUT - our lender is pretty confident that with offering asking price, we'll be okay. Most banks are giving up to 3% concessions, which is what we hope we'll end up with. Doesn't hurt to shoot for 6% though!

ETA: NEL, what the heck is up with the comps that aren't even close? SO weird.

 

[Lynnie]

NEL, have you ever wondered if your RE agent is just trying to milk you? I know I have... I still wonder if we could have gotten the house for less. It''s a lot easier for me, though, to talk myself down... there were a lot of comparable comparables (ha!) in our case. What''s the worst they could do? Say no, right? I know your RE agent wants you to buy... it''s the only way he/she will make $$... and in a slow/down market... I don''t know, but I''ve always wondered whether they always have the buyers interest at heart.

 

[Lynnie]

Date: 10/20/2009 9:48:42 AM
Author: geckodani
From what I understand, it can take months for us to even hear back on an offer. Which is going to really, really, really suck. Our realtor is pretty good about keeping on the banks though, from what I understand.

BUT - our lender is pretty confident that with offering asking price, we''ll be okay. Most banks are giving up to 3% concessions, which is what we hope we''ll end up with. Doesn''t hurt to shoot for 6% though!

ETA: NEL, what the heck is up with the comps that aren''t even close? SO weird.

Wow. I didn''t know that! That does really suck! Plus, it''s still up in the air whether the tax credit will be extended! Ugh, I totally feel your pain...
I wish we all lived close... we could have a pow-wow over some drinks!

 

[meresal]

Date: 10/20/2009 9:48:42 AM
Author: geckodani
From what I understand, it can take months for us to even hear back on an offer. Which is going to really, really, really suck. Our realtor is pretty good about keeping on the banks though, from what I understand.

BUT - our lender is pretty confident that with offering asking price, we'll be okay. Most banks are giving up to 3% concessions, which is what we hope we'll end up with. Doesn't hurt to shoot for 6% though!

ETA: NEL, what the heck is up with the comps that aren't even close? SO weird.

Watching a show last night, the realtor told the couple that it could be up to 4-8 weeks before even hearing back from the bank, because they are just waiting for as many offers as possible.

Yuck!! We're here for you!!

 

[geckodani]

Date: 10/20/2009 10:01:06 AM
Author: meresal

Date: 10/20/2009 9:48:42 AM
Author: geckodani
From what I understand, it can take months for us to even hear back on an offer. Which is going to really, really, really suck. Our realtor is pretty good about keeping on the banks though, from what I understand.

BUT - our lender is pretty confident that with offering asking price, we'll be okay. Most banks are giving up to 3% concessions, which is what we hope we'll end up with. Doesn't hurt to shoot for 6% though!

ETA: NEL, what the heck is up with the comps that aren't even close? SO weird.

Watching a show last night, the realtor told the couple that it could be up to 4-8 weeks before even hearing back from the bank, because they are just waiting for as many offers as possible.

Yuck!! We're here for you!!

Thanks guys! That's another reason we're offering full price. Not only will we hopefully be the first offer in, but also have that magic asking price right there on the offer!!!

And, the listing has NO inside pictures. At all. Which was a deterrent for me, so hopefully it will be for other people too!!!

Edit for highlighting and spelling.

 

[NewEnglandLady]

Date: 10/20/2009 9:53:46 AM
Author: Lynnie
NEL, have you ever wondered if your RE agent is just trying to milk you? I know I have... I still wonder if we could have gotten the house for less. It''s a lot easier for me, though, to talk myself down... there were a lot of comparable comparables (ha!) in our case. What''s the worst they could do? Say no, right? I know your RE agent wants you to buy... it''s the only way he/she will make $$... and in a slow/down market... I don''t know, but I''ve always wondered whether they always have the buyers interest at heart.

Yes, we chose our agent because she wasn''t the pushy type and I liked her. She''s willing to put in any offer we think is fair, but I also know that the more she gets, the better for her. I do think she''s milking it a little, but neither of us is as familiar with this particular town as we''d like because it wasn''t on the original list of towns. Our offer is 14% below asking and 10% below assessed, so I can see her point. Still, it''s been on the market for 8 months, so it''s worth a shot. I''m like you--I can easily talk myself down and my mentality is that the worst they can say is no. If that''s the case, I don''t have any problem walking away. We haven''t even decided if we absolutely want to put an offer in. We''re in an analysis paralysis stage.

 

[NewEnglandLady]

Date: 10/20/2009 10:05:34 AM
Author: geckodani

Date: 10/20/2009 10:01:06 AM
Author: meresal

Date: 10/20/2009 9:48:42 AM
Author: geckodani
From what I understand, it can take months for us to even hear back on an offer. Which is going to really, really, really suck. Our realtor is pretty good about keeping on the banks though, from what I understand.

BUT - our lender is pretty confident that with offering asking price, we''ll be okay. Most banks are giving up to 3% concessions, which is what we hope we''ll end up with. Doesn''t hurt to shoot for 6% though!

ETA: NEL, what the heck is up with the comps that aren''t even close? SO weird.

Watching a show last night, the realtor told the couple that it could be up to 4-8 weeks before even hearing back from the bank, because they are just waiting for as many offers as possible.

Yuck!! We''re here for you!!

Thanks guys! That''s another reason we''re offering full price. Not only will we hopefully be the first offer in, but also have that magic asking price right there on the offer!!!

And, the listing has NO inside pictures. At all. Which was a deterrent for me, so hopefully it will be for other people too!!!

Edit for highlighting and spelling.

Good point, Gecko! If you offer the asking price, they can''t really wait for something better to come along. I just hope this process can go as smoothly and quickly as possible for you. We''re all keeping our fingers crossed!

 

[geckodani]

Date: 10/20/2009 10:23:05 AM
Author: NewEnglandLady

Date: 10/20/2009 10:05:34 AM
Author: geckodani

Thanks guys! That''s another reason we''re offering full price. Not only will we hopefully be the first offer in, but also have that magic asking price right there on the offer!!!

And, the listing has NO inside pictures. At all. Which was a deterrent for me, so hopefully it will be for other people too!!!

Edit for highlighting and spelling.

Good point, Gecko! If you offer the asking price, they can''t really wait for something better to come along. I just hope this process can go as smoothly and quickly as possible for you. We''re all keeping our fingers crossed!

Oh NEL, I SO hope this goes smoothly! I am going to be a wreck!

 

[Diva0413]

Thanks all!

gecko, congrats on putting an offer in! I tried my best to read everything and I know you''ve been looking for the perfect find for a little bit. I hope this is the one!

NEL, house hunting was awesome this weekend! My Mom and I were looking separately, but together. If that makes sense. Basically, we printed a list, got a map and just alternated driving to a few places. It was lots of fun. I didn''t find anything that made my heart swoon, but my Mom did. They only thing that sucks is that she has to wait to go into contract with her current house before she''s comfortable enough to put in an offer. I don''t blame her. As for me DH and I are continuing the search this Saturday. There''s a few open houses in Westchester County so we hope to find something we like. I''m excited to hear about you potentially putting in an offer as well.

Lynnie, wow that sounds like a lot of work! Wallpaper ceiling?!?!?! I''m not even sure what to say about that. It sort of reminds me of my grandparents who use to put plastic runners over the entire carpet. Not just doorways and staircases... Yup, all of the carpet. LOL!

 

[DivaDiamond007]

We''re just playing the waiting game over here. Our agent should be getting back to us any day now about the check-up on the repairs that needed to be made and we''re closing on the 30th. Squeeee! I''m pre-packing already

I can''t wait to get out of my in-laws'' house...we get possession at closing and it just can''t come fast enough. As soon as we hear back from our agent I''m dragging DH to the store (again) to get the things we''ll need right away - which isn''t much.

 

[geckodani]

Okay. I somehow managed to not take any pictures of the basement.

Here''s the rest of it though! Offer is IN. Another family was coming in as we were leaving.

GAH!

 

[geckodani]

Kitchen...

 

[geckodani]

 

[geckodani]

 

[geckodani]

 

[geckodani]

That''s all I got for now.

 

[NewEnglandLady]

Gecko, the house looks fabulous! I love that bird''s eye view from the stairs, I''ve never seen that! The floor plan flows really well and it seems spacious! Those bathrooms and closets are huge! All of the homes we''ve looked at are pre-1950''s, so when I see closets like that I feel like they''re massive!!

So what is in the finished basement? I''d assume there is an extra family room and maybe some storage?? The finished basement just adds so much space, how nice!

Okay, I am keeping fingers, toes and eyes crossed for you!! I really hope that you find out soon and that it doesn''t drag on for weeks. Please, please keep us updated if you hear ANYTHING!

 

[geckodani]

The basement is carpeted, has a drop ceiling, and is about 800 sq ft of extra space. I really don't know how I didn't take a picture, LOL!!! The furnace and water heater are behind one door, and the sump pump has its own little closet.

As I understand it, what happens now is:

1. The sellers have to accept the offer.
2. The offer has to go to the bank.
3. The bank has to:
a. Approve the short sale.
b. Approve/ negotiate with us.

The bank could nix the whole thing, even if our offer is accepted by the sellers.

It's gonna be a long coupla weeks/months. Meh.

Although, on the flip side, we've still got our apartment, so if this drags out for a while, at least we won't be double paying for long!

I am so, so, SO SCARED that the offer will be accepted by the sellers, and then the bank will say no. Ugh.

ETA: Basement also has storage in by the furnace, and there's a 1/2 bath that I didn't get any good pics of.

 

[geckodani]

Date: 10/20/2009 6:56:38 PM
Author: Diva0413
Thanks all!

gecko, congrats on putting an offer in! I tried my best to read everything and I know you''ve been looking for the perfect find for a little bit. I hope this is the one!

NEL, house hunting was awesome this weekend! My Mom and I were looking separately, but together. If that makes sense. Basically, we printed a list, got a map and just alternated driving to a few places. It was lots of fun. I didn''t find anything that made my heart swoon, but my Mom did. They only thing that sucks is that she has to wait to go into contract with her current house before she''s comfortable enough to put in an offer. I don''t blame her. As for me DH and I are continuing the search this Saturday. There''s a few open houses in Westchester County so we hope to find something we like. I''m excited to hear about you potentially putting in an offer as well.

Lynnie, wow that sounds like a lot of work! Wallpaper ceiling?!?!?! I''m not even sure what to say about that. It sort of reminds me of my grandparents who use to put plastic runners over the entire carpet. Not just doorways and staircases... Yup, all of the carpet. LOL!

Diva- Good luck this weekend! I think your mom is being smart by waiting until her house is in contract, but that has to be nerve wracking!

 

[NewEnglandLady]

Diva, I forgot to reply to you--I''m so glad you had a great time with your mom this weekend!! I''m glad she found something she liked, but agree with Decko that she''s a smart lady for waiting for her house to go under contract first. I know that for me and D, it took a long while for us to find something we really loved. I think it''s completely normal for it to take some time before you find something you can really see yourself in. I can''t wait to hear how the open houses go this weekeend!

Gecko, will your agent know where the offer is in the process at all times? She''ll know if the owners accepted, right, and then when it goes to the bank? I just don''t want for you to be in the dark...