(Closed) Found a house (different kind of waiting)- NWR

posted 8 years ago in Waiting
Post # 3
Member
4385 posts
Honey bee
  • Wedding: May 2011

Good luck!!! House buying is both exciting and stressful! Today we’re 12 weeks from move-in 🙂

Post # 4
Member
3762 posts
Honey bee
  • Wedding: May 2010

Good luck good luck good luck!

Are you fully pre-approved?  That will make the offer process go much smoother.Also be prepared to determine how much of a good faith deposit you are going to put down.  This is due when you make the offer.  I totally wasn’t expecting having to write a $5k check when we put the offer in.

Also, think WAY ahead about what price you want to offer and what additional aspects you want to include in your offer letter (ie closing costs, inspection times, move in dates, closing dates, etc).

I know you said your dad is in construction, but I really can’t stress how important it is to get a certified inspector to come in there!

 

Post # 5
Member
623 posts
Busy bee
  • Wedding: November 2012

Good Luck!!!! Hope everything works out for ya’ll and you get the house!!!!!!!!

Post # 6
Member
1111 posts
Bumble bee

Yay!  I’m sure it will work out for you.  Think of it as *your* house.  Not “the” house, or “the seller’s” house, but *yours*.

 

When we were house-buying, BF told me that it is not good to look over excited. 🙁

Regardless, I was still over-excited, but I think we did well.  At least that’s what people who work with houses regularly tell us.  

Post # 7
Member
611 posts
Busy bee

Good Luck! Just keep a positive attitude and pray that it be yours! I bought a new car last week, well it’s new to me, and I was so scared something would happen and it all fall through but God saved it for me and everything worked out!

Post # 9
Member
1207 posts
Bumble bee
  • Wedding: December 2009

Good Luck!

Post # 10
Member
474 posts
Helper bee

How exciting Corgi!!!

Post # 11
Member
3762 posts
Honey bee
  • Wedding: May 2010

That sounds like a great plan about the inspections!  Also talk to your dad and see if you need a WDO inspection.   The pre-approval helps show the seller that you are serious about buying and that you are ready to buy when they are ready to sell.   

At the last negotiation of the offer, the sellers of our house asked to sell the house “as is”  I had my FFIL come and look the house over before we spent the $400 on the inspection to see if it was worth the effort as well.

Another point, if your dad feels that the house is in good shape, another way to beef up your offer is to say you will buy the house as is.  This means the sellers won’t have to come in and do any last minute repairs.  They can just walk away from the house.  If you do this, I would recommend getting a 1 year at least home warranty policy.  Again, you can negotiate that the sellers pay for this first year if you want.

The good faith deposit comes out of your down payment.  So if you are going to do a 10K down payment, they maybe you do $3K up front.  I completely forget what % they usually tell you to put as a deposit.  I think maybe 3% or so.  Again, depending on how serious you want your offer to look, the more money you can put down ahead of time. 

If, during your 10 day inspection window (standard time frame but can be adjusted/negotiated I think) you decide to back away from the house then you get your good faith money back 100%.  After that, if something falls through, the seller could be able to keep it. 

 

Post # 12
Member
1901 posts
Buzzing bee
  • Wedding: June 2010

Very exciting, Corgi! Good luck! The home-buying process can be a roller coaster, so try to stay calm. As a Realtor, I would not recommend buying the house “as-is”. If your area is anything like most of the country right now, you shouldn’t have to.  If iGreat to have your Dad in the construction biz!!

Post # 14
Member
116 posts
Blushing bee
  • Wedding: June 2010

How exciting, Good luck! 

Post # 15
Member
2767 posts
Sugar bee
  • Wedding: September 2009

I agree with surkim.  Don’t get too excited when you are around the realtor and you go to look at the house.

The seller will find out that you really want the house, then they won’t accept any offer lower than the asking price since they know you really want the house anyway and will pay for it.  This happened to us, because our realtor was the same as the seller’s.  Big mistake.

Anyways, act professional and play a little hard to get.  

Post # 16
Member
5498 posts
Bee Keeper
  • Wedding: September 2010

That;s so exciting! I hope everything turns out right!

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