sr4dt

Good Luck guys!!! I am hoping to buy something in 09. Hopefully my finances will be shorted out by then.

thunder04

iTrader: (1)

Welp...I didn't get the house that sparked this thread. Oh well

I put an offer in on a second house and somebody with CASH swooped it out from under me. I don't know many people who have $300k plus burning a hole in their pocket. lol

So, I just put an offer in on a house last night. Hopefully this is more promising. The listing agent said that 5 offers were put in on the house and they were ALL denied by the bank because they were way under asking price. Apparently the last offer for the house was at $50k under asking. Soo, we're trying at $25k under asking in hopes that the bank counters. The house needs some work, with the most important item being a furnace. But, if I can get the house for cheap, I don't mind the work (or the cost of the work).

We'll see!

thunder04

iTrader: (1)

I know I'm late, but thanks!

It was busy the first week or so, but since then it has died down a LOT. I'm surprised myself. It's cool because now I have time to tinker and tweak with things like our e-mail server and our content filtering server. I'm a perfectionist and want things to be perfect and as efficient as possible, lol.

SupaRookie

I know this may sound counter intuitive, but offering lower than the listing price isnt a good idea unless you want to make wait 6+ months trying to get a house. Unless the house smell like shit and make you want to throw up when you enter, there's no way in hell the bank will accept an offer 50K less than listing...You should visit www.zillow.com to see what they estimate the house is worth; it's a good starting point. Good luck.

thunder04

iTrader: (1)

I don't feel that Zillow gives good estimates with today's market. I used to live on Zillow until watching homes sell for MUCH less than they estimated.

I'm not offering $50k under. That's what the previous offer on the house was for. As much as I'd love to own a home tomorrow, I'm also in this to buy as cheaply as I can. So, if the bank rejects my offer then I move on. It's simple.

As my realtor put it, "We just want to see if they're willing to play with us." If they counter, I'll definitely raise my offer no doubt.

But since the house isn't liveable (needs new flooring, a furnace, and a kitchen), I'm not willing to pay asking. We'll see what happens. No rush on my end and the worst that can happen is the bank says no.

thunder04

iTrader: (1)

Woot! The bank counter offered! I originally offered $300k plus closing, and they countered with $314k and $9k towards closing. My realtor is going to talk with my lender and see if the $9k is enough for closing (FHA loans are expensive). If not, I'll probably counter again at $315k plus whatever needed for closing (which shouldn't be more than $11k).

It's something!

thunder04

iTrader: (1)

Woot! Bank accepted our counter offer! The contingency period starts today. An inspection is scheduled for Tuesday. *excited*

Will Y.

Congrats!
Ask the inspector about anything you see that seems odd, and make sure to have the inspector explain anything you don't understand.

thunder04

iTrader: (1)

^ will do. I'm going to have my dad come to the inspection with me since he's been in residential construction for 22+ years. Between the inspector and my dad, I should be pretty well informed.

thunder04

iTrader: (1)

I should've had my dad look at the house first (free input). Instead, I think I just burned $425 by paying an inspector to tell me what my dad could've told me. Don't get me wrong, the inspector was a really nice guy, but I have a feeling I spent $425 towards a house I may not buy. It needs a lot of work...more than I think I can handle.

Just to list some of the more immediate work it needs...

1) It needs a furnace and furnace ducting
2) It needs a water heater
3) Both water and sewage plumbing need to be tidied up.
4) Garage needs to be gutted.
5) The attic needs to be insulated.
6) It needs an electrical service upgrade (from the pole to the main circuit breaker...house wiring is all new)
7) It needs new flooring, and if we're going to replace the flooring we might as well replace the subflooring...

Most of this I already anticipated (like furnace, water heater, new floors, gutting garage, insulation) , but some I did not.

I think I'm very overwhelmed and nervous about getting into something that I may not be able to handle. My dad and I are going to talk about the house this afternoon (we're meeting for dinner) so hopefully I can decide if I really want to continue or not. If I'm NOT committed, I don't want to put a cent more towards the house.