Post # 1
Just curious as to what others have experienced with purchasing a home.
We have technically entered into negotiations on 3 separate homes, with two of them never making it very far into it. Right now, we are trying to close on the third home we entered into negotiations with. Problem is, we are entering week 2 without a word from the appraiser… and it ain’t lookin good! He keeps requesting more, and more and more information.
Now that we have had ample time to think, and asses and reasses everything, we are pretty sure this deal is likely to fall through, and all signs point to the fact that this appraisal will throw a wrench into the mix.
So, how many homes did you go into negotiations with before settling on one?
I actually spoke with a lady this week that started contracts on 10 homes before they found one!!!
Post # 3
- Wedding: October 2011 - Bed & Breakfast
We had 3 failed contracts before closing on contract #4. We terminated contract #1 based on inspection results. We terminated contract #2 because the sellers did not submit the required short sale paperwork to their bank in the contracted time frame. Contract #3 expired when the short sale bank refused to consider our counter offer during negotiations. There was a $50k difference of opinion regarding the value of the house in question. Contract #4 was easy from start to finish and everything happened right on schedule. The house even appraised for $15k over our sale price. Honestly, it just felt like this house was meant to be for us.
Post # 4
I voted 2 – our current home and one other, however, we never actually made it contractual with the first house.
We were in love with a house that was FSBO. We hadn’t officially started house hunting so we hadn’t officially even gotten financing. We just stumbled on the house for sale while driving around and decided to check it out. We went to see it a few times (with my dad, his aunt who is an agent) and let them know we were very interested in moving forward and started getting our stuff together to fast track to buy. They ended up selling it to a friend of theirs without even contacting us to let us know someone else was interested. We were SO upset that we’d lost out on this house.
I think they probably thought we were young and not that serious. Timing is everything though, because over 2.5 years later we finally found THE house (after seeing a ton of others) – and it turns out it was newer, nicer, and over 1,000sqft larger than the house we missed out on….for the SAME price. The great thing about small towns is that we occasionally see the people who owned that other house, as well as the people who bought it.
The jokes on them, because the people who bought that house way overpaid, and we thank our lucky stars every single day we didn’t buy that house because we’d be upside down in it right now!
The best advice I can give is to not get discouraged. I know it’s easy to get upset and frustrated but everything truly does work out for a reason!
Post # 5
I think during week 1 of not hearing from the appraiser I was OK
Week two and no word… I was getting worried.
Now we are on to week three, and I’m just plain annoyed lol. I just want SOME semblance of an answer so we can figure out our next move.
Post # 6
How frustrating. We only entered negotiations on one home and it was pretty smooth sailing. I’m definitely glad we didn’t have the added stress of complications during negotiations when we were buying our house. I hope you hear back from the appraiser soon!
Post # 7
Unless you’re the highest all-cash offer, it’s super tough to even get to the negotiation point here. We only went under contract with the place we ended up buying, and that was after the higher all-cash bidder changed their mind.
Post # 8
@Mrs_Amanda: We had a super tight contingency deadline for our appraisal, and the sellers were cranky and impatient about the fact that the first appraiser couldn’t complete things, and subsequently put pressure on us to lift the contingency before the actual appraisal came through. We basically called the bank 2-3x a day until the appraisal came back. We weren’t about to lose the place over something so stupid as a delay!
Post # 9
We actually signed a contract on a co-op, then ran into trouble with the board. When it became obvious they weren’t going to abide by the terms of the contract, we withdrew our offer and bought a house. We then had to litigate to get our first deposit back. So annoying. Stay away from co-ops.