It's been a crazy couple days. Due to circumstances beyond our control, our offer for the house we want did not get submitted until today. Fannie Mae has a new electronic system for accepting offers. The listing agent doesn't even know how many offers have been made. We had to sign the first offer but the printer didn't work, then the faxing took several minutes per page and it still didn't go through clearly, then I scanned the document with the signatures and the images came in as 27 individual jpeg images... and they were upside down! Can it get any more complicated? And then, we find out we're in a multiple offer situation and they want our BEST offer by tonight. On top of that, if we are the best offer, the bank can still come back and counter to us for a better offer. And if we refuse, they can go to the next best offer and counter with them. It's crazy and this is really a messed up world of home buying.
To top it all off... a new house came on the market for the cheapest I've seen for a great house like that, in the area that it is. It has beautiful views of the ocean and water... It would be incredible to have that house. It's a tudor style house built in the 1920s. Mike drove by it today and said that a couple other groups of people were already at the house looking at it. So, even if we did want to offer on that house, it sounds like we'd have to bid above what they are asking.
I called my mom to discuss whether we should up our offer and she said, "I don't know, I'm glad it's not up to me." What we have to decide is our comfort level on losing the house. If the house goes for more than what we're offering, will we be okay with that?
Mike called me in between therapy sessions and we upp'd our offer a bit and added 008 at the end of it. Maybe it will bring us luck. If not, well, we did the best we could to go for that house. We really can't go higher than that. We'll already have to borrow more than we planned and we still don't know how much it will cost to make the house in a live-able situation.
If every room has a 10x8 square cut out of it with wires hanging out, don't you think the previous disgruntled owners stole the copper wiring and possibly plumbing? I'm thinking $20,000 to fix the house to live-in standards but I don't know if that is a naive number. And if it is $20,000 - it will be really tight for us to come up with that money right away. We might not live there for a bit or have to camp out until we can save money as we go to fix it. Are we strapping ourselves with a bigger project than we can afford? I don't think so. Ultimately, this would be a great house for us to have. I can see us living there for 10 years+. We don't have to but it would be a possibility...
To top it all off... a new house came on the market for the cheapest I've seen for a great house like that, in the area that it is. It has beautiful views of the ocean and water... It would be incredible to have that house. It's a tudor style house built in the 1920s. Mike drove by it today and said that a couple other groups of people were already at the house looking at it. So, even if we did want to offer on that house, it sounds like we'd have to bid above what they are asking.
I called my mom to discuss whether we should up our offer and she said, "I don't know, I'm glad it's not up to me." What we have to decide is our comfort level on losing the house. If the house goes for more than what we're offering, will we be okay with that?
Mike called me in between therapy sessions and we upp'd our offer a bit and added 008 at the end of it. Maybe it will bring us luck. If not, well, we did the best we could to go for that house. We really can't go higher than that. We'll already have to borrow more than we planned and we still don't know how much it will cost to make the house in a live-able situation.
If every room has a 10x8 square cut out of it with wires hanging out, don't you think the previous disgruntled owners stole the copper wiring and possibly plumbing? I'm thinking $20,000 to fix the house to live-in standards but I don't know if that is a naive number. And if it is $20,000 - it will be really tight for us to come up with that money right away. We might not live there for a bit or have to camp out until we can save money as we go to fix it. Are we strapping ourselves with a bigger project than we can afford? I don't think so. Ultimately, this would be a great house for us to have. I can see us living there for 10 years+. We don't have to but it would be a possibility...
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