- 7 years ago
- Wedding: August 2010
I know there are a lot of threads floating around already with tips for “first time homebuyers”.
Technically, my husband and I are first time home searchers but not first time homebuyers or homeowners. We currently own our home but it was purchased within family so there was no searching involved. In the past month or two my husband and I have gone to look at 30+ houses and hundreds/thousands more online.
We finally saw a house today that we both got that fluttery “this might be it” feeling.
As a background, we’re moving into a bigger home because we are TTC and already bursting at the seams at our current home. We’re not afraid of hard work or making upgrades, in fact ideally we want a house that will need tons of upgrade. And yes, the house is in a great neighborhood and school district. 🙂
Well looks like we found it. The house is literally stuck in the 60s. haha. I don’t think the owners have changed zilch since they bought the house. But the bones of the house are there, we love it and absolutely see the potential. My husband is extremely handy and comes from a family of handymen, a Father-In-Law that is in HVAC and I an architect. 😉
Anyway, the asking price of the home reflects all the work needed. We are taking the next couple days to absorb all this and see if we love the house as much in a couple days. We fully realize we’re playing a risky game, the house can be under contract in a day with someone else. But since the house has been on the market for almost a year we’re willing to take that risk.
My questions are:
1. How low ball of a offer before you think it’s insulting to the homeowner? I’m thinking 20K and husband is thinking 10K so right now we’re meeting halfway at 15K lower if we make an offer. And we plan to sit down and price out what all the updates we are thinking of doing will cost to bring the house up to appraised value per neighborhood. Knowing full well we’ll do most of the labor ourselves. I vividly remember one Bee’s phrase on another thread, something like try not to get emotional about this process, after all it is a business transaction.
2. We are NOT working with a buyer’s agent right now. And if we do put an offer in I’m not going to scramble to find a agent to represent us. I’m thinking a real estate lawyer will look for the same things a buyer’s agent will. Yes or no?
3. Related to 2. For those that have purchased a home without an agent. Were you able to get the seller’s agent to cut their commission (due to not splitting with buyers agent) and take it from the selling price?
4. Any other tips in the making offer process, besides get a home inspection, look at DOM, make an offer contingent on home inspection, driving around at different times to get a sense of the neighborhood (which I’m truly not worried about the neighborhood, we know it’s a great neighborhood and in a top ranked school district) etc?
P.S. This is the home we plan on raising our kids in and sending them off to college in and maybe even retire in. So all the hardwork and updates is def worth it to us.
Thanks for reading all this! 🙂