I Put on Offer on My First Home Today

[WabashFalcon]

And I am beyond terrified. It is a scary, scary experience.

I love the house my wife and I went and looked at. Only problem is that a couple who saw it before us is going back tomorrow to take a second look.

I don't want to get into a massive "Blind Man's Bluff" Bidding War.

Hell, beating DePauw in the 4th Quarter was less terrifying than this.

We'll know about a counter-offer around Noon tomorrow.






This crap is terrifying.

 

[Cali_domer]

And I am beyond terrified. It is a scary, scary experience.

I love the house my wife and I went and looked at. Only problem is that a couple who say it before us is going back tomorrow to take a second look.

I don't want to get into a massive "Blind Man's Bluff" Bidding War.

Hell, beating DePauw in the 4th Quarter was less terrifying than this.

We'll know about a counter-offer around Noon tomorrow.






This crap is terrifying.

Yeah it sucks, I got in a bidding war over a house a few years back and we went over the amount the house would appraise for and thank goodness we lost when it all shaked out. We wound up buying a house we were a contigent backup on and got it 12 grand under list. Good luck and I hope you get it.

 

[D-BOE34]

Time tells all. If it is meant to be it will be. If a counter is worthy it will happen and you will know immediately. My wife and I bought a house we never thought we would touch. Knowing the remodel I could do for the money, we redid the kitchen, knocked down a wall and repainted everything.


Purchase was 107k .... worth is 135k (not including remodel)


We just had that "gut" feeling to rebid for the house. Follow that and you can't fail.



DISCLAIMER: If you follow the gut with what you can see as far as changes. Than fail to follow through. You, SIR, will fail...


GOOD LUCK AND HOPE EVERYTHING WORKS OUT FOR YOU!!!

 

[Cali_domer]

Time tells all. If it is meant to be it will be. If a counter is worthy it will happen and you will know immediately. My wife and I bought a house we never thought we would touch. Knowing the remodel I could do for the money, we redid the kitchen, knocked down a wall and repainted everything.


Purchase was 107k .... worth is 135k (not including remodel)


We just had that "gut" feeling to rebid for the house. Follow that and you can't fail.



DISCLAIMER: If you follow the gut with what you can see as far as changes. Than fail to follow through. You, SIR, will fail...


GOOD LUCK AND HOPE EVERYTHING WORKS OUT FOR YOU!!!

107K? Damn California to hell.

 

[WabashFalcon]

107K? Damn California to hell.

With the home market in Indiana right now, $400,000 homes are selling in the low $310,000s... and w/ only 4% Intrest on a 30 year fixed....










I NEED TO KNOW WHAT IS GOING ON IN THAT DAMN HOUSE TOMORROW.

 

[Cali_domer]

With the home market in Indiana right now, $400,000 homes are selling in the low $310,000s... and w/ only 4% Intrest on a 30 year fixed....










I NEED TO KNOW WHAT IS GOING ON IN THAT DAMN HOUSE TOMORROW.

That is a steal, I love the beach but man we get jobbed in California. If you looked for a house for that price in the area I am it would most likely be on fire or condemned. Good Luck man.

 

[JadeBrecks]

With the home market in Indiana right now, $400,000 homes are selling in the low $310,000s... and w/ only 4% Intrest on a 30 year fixed....







I NEED TO KNOW WHAT IS GOING ON IN THAT DAMN HOUSE TOMORROW.

Me and my wife found a house we want to look at (our first home). In 2009 it sold for $209,000. Its going for $120,000 list price. Our bank when we checked their rate was 4.75%.

 

[BGIF]

107K? Damn California to hell.

In SoCal that would buy one of those yard sheds you park the lawnmower in, right? No AC.

 

[BGIF]

And I am beyond terrified. It is a scary, scary experience.

I love the house my wife and I went and looked at. Only problem is that a couple who saw it before us is going back tomorrow to take a second look.

I don't want to get into a massive "Blind Man's Bluff" Bidding War.

Hell, beating DePauw in the 4th Quarter was less terrifying than this.

We'll know about a counter-offer around Noon tomorrow.






This crap is terrifying.

Good luck, Wabash!

President Obama is rooting for you to boost the economy. Then he'll rescind the property tax exemption.

That crap is really terrifying.

 

[D-BOE34]

107K? Damn California to hell.

Southwest Missouri bro! Haha ... You would nevr catch me in Cali living other than the few months I spend working! Don't even want to feel your pain!!!

 

[Domina Nostra]

And I am beyond terrified. It is a scary, scary experience.

I love the house my wife and I went and looked at. Only problem is that a couple who saw it before us is going back tomorrow to take a second look.

I don't want to get into a massive "Blind Man's Bluff" Bidding War.

Hell, beating DePauw in the 4th Quarter was less terrifying than this.

We'll know about a counter-offer around Noon tomorrow.

This crap is terrifying.

Here is some free advice: DON"T LOVE ANYTHING THAT CAN'T LOVE YOU BACK. This is a buyer's market and there will be other houses you like. Patience!

 

[BGIF]

Here is some free advice: DON"T LOVE ANYTHING THAT CAN'T LOVE YOU BACK. This is a buyer's market and there will be other houses you like. Patience!

^

 

[jmurphy75]

Jesse in the exact same position last June, and I ended up bidding about 10 grand over what I wanted to spend. The only reason I did that is because I had a really good idea that the house would not appraise at the amount I offered, it would appraise at the amount that I wanted to spend. The banks are only going to loan you the amount that the house appraise for, so they will most likely have to back the sales price down from your offer.

 

[NDinL.A.]

And I am beyond terrified. It is a scary, scary experience.


This crap is terrifying.

Good luck bro! My wife and I went through this about 2 and a half years ago, right when they were going through the credit crisis...we were about to approved and the house was ours, had everything in order (and TONS of friggin' paperwork), and at the very last minute we were denied b/c my wife hadn't been at her job long enough. Luckily, her parents stepped in at the 23rd hour and cosigned for us, and we BARELY got the house. But man, when you finally move into something you call your own...it's all worth it!

And you want to hear about the CA market? We got a house that had to be completely remodeled (new windows, new paint job in and out, new bathroom, new kitchen, new hardwood floors - we added all that in the first 2 months) that was appraised for $340,000, and we bid $320,000 (closing costs included) and got it (it was a short sale). Thing is...it's only 2 bedrooms, 1 tiny bathroom, and 900 square feet. California everybody!!! Our lot is 6400 sq feet which does help.

Still felt good to get the house though. As educators in CA, we just thought that we'd never be able to own a house. But then the market crashed and we stepped in. As the market recovers, we should be able to sell for a profit and move out of this damn state and get a real house...

 

[Irish Insanity]

Living here in Michigan houses are dirt cheap. Mostly because we have no jobs, everyone is in forclosure, and hell I do believe we were the only state to have a decline in population over the last 10 years. I just purchased a house 2 months ago myself. Bought a forclosure for about 13% of its fair market value. It does need some work, but nothing outside of my ability. Hope it all works out well for you. Now is the time to buy.

 

[WabashFalcon]

Our offer just got accepted. They just asked for another $5,000.

Holy crap. I am the owner of a home.

HOLYSONOFASHAT.

 

[WhoDeyIrish]

Congratulations! My girlfriend and I are looking for homes now as well. I'm finding houses bought just a couple of years ago for 100 k plus for 35-45 thousand. Problem is nothing seems to be working. We put our first bid in last week went back and forth a few times with the owner and ended up moving on from them. Good luck with the house!

Just one question? Your offer got accepted but they asked for another 5 grand? That doesn't make much sense.

 

[NDFANnSouthWest]

Buying a house is gut renching...then you think about adding the Escrow (tax and insurance) so budget an extra $350/month.

 

[jmurphy75]

Congrats!

 

[shovel_dr]

CONGRATS! We went through the same about 2 1/2 years ago as well. Got the house $10,000 under asking price Closing Included. Almost 2000 sq ft 4 bed 2 1/2 bath older home but in excellent shape and built like a tank. In SW VA the market never really fluctuated much like the rest of the country. We ended up into it for almost $200 k on almost and acre plot. The only complaint is our driveway and front yard are very steep.

 

[WabashFalcon]

I should have phrased that better. We accepted their counter-offer: $10,000 more for the house, but they will give us $5,000 in cash for painting, landscaping, etc..

So... for another $5,000 for a fantastic house that was (we checked) first sold for $386,500, I'm absolutely estatic.

On requst of the owner, we won't be moving in until July. (That will give my wife her 30 days for the mortage approval.)

AHHHHHHHHHHHHHHHHH. I'm happy.

 

[dshans]

Congrats and good luck!

I'll actually own my house come mid-May.

Here's a tip: when possible, round up a bit or add additional dollars to your payment – credited to principal. I turned a 30 year mortgage into a 24 year mortgage doing that.

I got lucky. My wife and I had contacted an agent with the intention of simply "testing the waters." The seller had a deal to sell, but she died before it was completed. Her son, executor of her estate, put the kibosh on the deal and bumped the asking price five grand. The buyers balked or no longer qualified.

I didn't really feel ready to buy a house at the time, but when I saw that it was a particular house, across the street from a large park where I'd watched Fourth of July fireworks, played tennis and told my playing bud "I wouldn't mind living in THAT house;" I put in a bid all of 100 bucks over the asking price. It scared the living **** out of me when the bid was accepted!

The rest, as the saying goes, is history. No regrets. Carry on and sleep well.

 

[WabashFalcon]

It still really hasn't sunk all the way in yet.

 

[johnnykillz]

It still really hasn't sunk all the way in yet.

Don't worry. After you pay three years worth of mortgage and notice how little you have moved the principal balance, you'll come to understand amortization charts a little more...

It'll give you new found respect for why others preach the "cash only" lifestyle, ala Dave Ramsey.

That being said (typed), congrats Wabash.

It really is exciting to be working towards "owning" a home.

 

[NDFANnSouthWest]

Don't worry. After you pay three years worth of mortgage and notice how little you have moved the principal balance, you'll come to understand amortization charts a little more...

It'll give you new found respect for why others preach the "cash only" lifestyle, ala Dave Ramsey.

That being said (typed), congrats Wabash.

It really is exciting to be working towards "owning" a home.

A nice read....is Rich Dad Poor Dad. Cash flow Cash flow...

 

[NeuteredDoomer]

It still really hasn't sunk all the way in yet.

Congrats Buddy! Follow SirDishand's advice and add any spare bucks specified to the principal.

I lived near JohnnyK about 10 years ago and bought a 2000 sq. ft. house and 13,000 sq. ft. lot, a fixer upper in a great neighborhood for, get this.... wait for it....dramatic pause...65k. Just before I sold it, my monthly payment was about 420. Considering how much I put into restoring the house from the ground up and monthly payments, I kinda sorta broke even on the deal when I came to Cali.

I get to Cali and people that had bought their houses for 100 or 200K many years back were selling them for 500 or 600K, taking the cash and moving to Texas or other towns and paying cash for mansions.

So many scams here in SoCal last couple of years shot housing out of control. Thankfully those bastages are now going to prison. I kept track of the real estate market when I first came to Cali. A friend was adamant about wanting a house NOW. I told her to wait for at least one year, because prices were inflated and something illegal was going on. Well, dammit, she bought a small brand new house for about 260k about 3 years ago. The builders are now in jail. I saw last week in the paper that her NEXT DOOR NEIGHBOR just sold his house for 115K.

I can think of a lot of things I can do with 145K.

Not meant to scare you at this exciting time in your life buddy. Just a story about the crazy market lately.

 

[Irish Insanity]

Many mortgage companies now offer an option to pay bi-weekly. Your bi-weekly payment would be 1/2 of your monthly payment. So every 4 weeks your total paid would be that of your expected mortgage payment. It sounds like something little, but in most cases it takes 7+ years off the life of your mortgage, and saves ALOT of interest.

 

[NDinL.A.]

Congrats Buddy! Follow SirDishand's advice and add any spare bucks specified to the principal.

I lived near JohnnyK about 10 years ago and bought a 2000 sq. ft. house and 13,000 sq. ft. lot, a fixer upper in a great neighborhood for, get this.... wait for it....dramatic pause...65k. Just before I sold it, my monthly payment was about 420. Considering how much I put into restoring the house from the ground up and monthly payments, I kinda sorta broke even on the deal when I came to Cali.

I get to Cali and people that had bought their houses for 100 or 200K many years back were selling them for 500 or 600K, taking the cash and moving to Texas or other towns and paying cash for mansions.

So many scams here in SoCal last couple of years shot housing out of control. Thankfully those bastages are now going to prison. I kept track of the real estate market when I first came to Cali. A friend was adamant about wanting a house NOW. I told her to wait for at least one year, because prices were inflated and something illegal was going on. Well, dammit, she bought a small brand new house for about 260k about 3 years ago. The builders are now in jail. I saw last week in the paper that her NEXT DOOR NEIGHBOR just sold his house for 115K.

I can think of a lot of things I can do with 145K.

Not meant to scare you at this exciting time in your life buddy. Just a story about the crazy market lately.

So true! I was blessed to have a lender and an agent that really schooled me on the ins and outs of the 'business' and exactly what I should end up paying upon closing. Well, the crooks who were selling the house (the real estate company, not the actual sellers) tried to slip in a 'late fee' for $2500 while we were signing for the house!!! I noticed the difference in pricing, checked and rechecked the documents until I found the error, and told my wife to stop signing immediately. I got pissed, called my lender and told them I wasn't signing and threatened to walk out. Suddenly they realized it was their mistake and took off the late fee.

Now, I'm a college graduate and I was lucky I had good people teaching me what to look for. But imagine the immigrants who barely spoke the language much less understood what they were getting into? My wife went to friggin Notre Dame and she had no clue what was going on. These crooks took advantage of people and added fees and convinced (coerced?) them to sign completely idiotic mortgages like zero percent interest for 3 years (and when that interest kicked in and added $700 to their monthly payments? Hello foreclosure!!!). Now, I'm aware of buyer beware and everything, but what these crooks did was beyond that. People wanted to live the American dream and these crooks took complete advantage of that for the betterment of their pocketbooks and to the detriment of our society. Effing low-life crooks...

 

[NeuteredDoomer]

Crazy schemes my friend. One real estate company that was paying its employees 9 bucks an hour also had a financing scheme that allowed each employee to qualify for 300k homes. Needless to say, they ALL foreclosed.

MotherFocking bastage scam got exposed and they are now in prison. But the damn sucker employees with massive hope lost a whole bunch. And my lady friend, a highly respected PhD., but stupid person at the moment because of her want it now mentality, will owe FOR THE REST OF HER LIFE.

Geez Wabash. Don't mean to rain on your parade. I am so excited for you and your Babe. You will LOVE the experience. Stay sharp and alert. Protect your credit. Listen to SirDishands and NDinLA.

Oh, and Happy Blessed Easter to all my ND friends and haters. I am still playing phone and home tag with my Latter Day neighbors who want to convert me. They will be my best friends by Monday. I will give you all a report.

EDIT: By the way, I put ZERO down on my house. Absorbed it into the total monthly payment, which at that time, added about 10 cents a month. The agent showed me the house. The broken walls, the irreparable carpet, the outdated plumbing. I took a look around, he knew I wouldn't buy, and I nodded my head and said "I likes. I'll take it." Geez, I'll p.m. you and show you what the lady who bought it from me did to it. I simply fixed the property back to normal. She turned the entire property into a work of art. She was sold on the house as soon as she walked in and saw my baby nephews and family playing baseball in my massive backyard.

 

[dshans]

Quick "Joys of Home Ownership" story: six weeks after buying the place (a 1913 Craftsman) my folks came from Orlando to Minneapolis to check things out. The wife and I had spent those weeks scraping 5 layers of wallpaper off of walls, 3 layers of wallpaper off of ceilings, patching plaster, painting and getting the lawn and yard in shape.

I'd scrambled to buy a grill and picnic table for a Sunday barbecue ... T-Bones with green beans, mashed potatoes and rolls. Apple pie for dessert. The in-laws were also there for the "christening."

When the charcoal was just right I went into the kitchen to heat the rolls while the steaks were cooking. The stove was an old gas model that required lighting the pilot with a match.

I struck a match then noticed that the oven was already set to 350º, so I crouched down and waved my hand inside to find out if it was preheated. It was stone cold so I shook the match to extinguish it. Without standing up.

Did I mention that have a lousy sense of smell? The gas that had built up in the oven ignited. I saw a blue and orange ball coming my way and heard a "whoosh." I was on my back on the floor of the pantry 10 feet behind me in an instant.

My dear, dear mother was concerned when she heard the whoosh, thud and "G-dammit!" She went into full panic when I dropped the "F" bomb after I ran my hand through my hair and ash fell out. What was left of my mustache smelled like **** so I shaved it off.

Over the next few days the burns on my face made me more hideous than I was already. "Welcome to my new home, Mom and Dad!"

The good news? I healed and re-doing the kitchen went from #3 on our to-do list to #1 with a bullet.



Have fun – and be careful!