(Closed) We are ready to submit our first house offer! So nervous…

posted 6 years ago in Home
Post # 3
Member
261 posts
Helper bee
  • Wedding: April 2013

Congrats!!! how exciting!! Each time Fiance and I submitted offers, it was so exciting and I remember texting my realtor a millions times to see if he had heard anything. lol  GOOD LUCK!

Post # 4
Member
1720 posts
Bumble bee
  • Wedding: March 2013

@candy11:  We offered 240 on 265…they countered at 256…we said 243…they said 246900, we said 245 and they accepted.

 

Good luck!!! 🙂

Post # 5
Member
10366 posts
Sugar Beekeeper
  • Wedding: September 2010

Houses here are going for $50,000 to $100,000 (more in some cases!) above asking. We offered about $40,000 above asking on our first place and didn’t get it. We just closed a week and a half ago on a place we offered $30,000 over on (yay!!). Houses are crazy expensive here, and the market is very competitive. Definitely not a buyers’ market here.

Post # 7
Member
2105 posts
Buzzing bee
  • Wedding: September 2012

We put offers in on several houses. In some cases we were outbid. In some cases the house was taken off the market. In a few cases the owners rejected our offer and came back with an insulting counter offer (that house later became a short sale). And in one case we went under contract and the house under-appraised and the seller took the house off the market. 

We did finally get a house. Our initial offer was list price with $7k in closing help. They countered with list and no closing help. We paid list with $5k in closing help. We were in a multiple bid situation and someone else had a higher offer but the seller picked us because we had guaranteed financing (since we were under contract before) and we wanted to close fast. The higher bid was contingent on selling another property. 

Moral of the story: don’t get your hopes up and continue looking at other properties. 

ETA: Just saw your update- congrats! I still stand by my post (except maybe looking at other properties) because you still need to have the inspection and appraisal. Like I said, the appraisal was the reason our previous house fell through. The appraisal will tell you if you got a “good deal,” not how your offer compares to the initial list price. 

Post # 9
Member
4046 posts
Honey bee
  • Wedding: November 1999

We offered about $40K below asking price, then negotiated for a while and ended up somewhere in the middle. But housing is pretty cheap here in OH.

Post # 10
Member
140 posts
Blushing bee

We offered 30K less back in 08 and they accepted only because they were in the military and had to move pronto. What they accept is based on how desperate they are, we are considering moving and if it ever came down to selling, we would just take it off the market rather than give it away.

Post # 11
Member
886 posts
Busy bee
  • Wedding: November 1999

@MrsBroccoli:  The market here in Maryland has been and still is crazy, isn’t it? It’s like: housing bubble? What housing bubble? Ugh! 

If I had any advice to give someone who’s putting bids in etc, tour the place with someone who knows houses. I took my Mother-In-Law with me on a second look at the place we’ll be closing on. She bought a foreclosure back in the day, and she knew her renovations. Judging by the look on her face as she toured the house, I knew it was going to be worth something. It made me feel a lot more comfortable in offering closer to asking price.

If I could do anything differently, I’d recommend that you order the appraisal first. I couldn’t because our offer was accepted the day before Thanksgiving, and the bank wasn’t open that whole weekend, so I went ahead and did the inspections. But I felt confident it would pass inspections since the owners do maintenance work for a living. But if you have any doubts whatsoever, order the appraisal first. That way, if the value comes out way too low and the sellers take it off the market, you only lose the money for the appraisal and not also the inspection(s). It’s also good to put things into writing about your offer. In our case, if the house didn’t appraise within X% of our offer price, we could walk away or the sellers could re-negotiate with us.

It was a very stressful couple weeks there, and I know I lost days of sleep. But it’s so worth it in the end! Good luck!

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