kyounge1956
Thinks s/he gets paid by the post
- Joined
- Sep 11, 2008
- Messages
- 2,171
The last few months, since I put my house on the market, I have been actively shopping for a post-retirement residence. I've had to give up my long-time goal of building it myself for health reasons. In July, I found a house that I wanted to make an offer on, but my house hadn't yet sold, and another buyer beat me to it. I found another one earlier this month in Lacey WA. I hope this link will take you to a picture of it. It's a very small house that needs an extensive renovation, but very inexpensive (bank repo) and the location can't be beat. It's across the street from a grocery store and within a flat short bike ride of many other necessaries like church and bank. There is a bus line at the end of the block which goes to or connects to other locations like the doctor's office and library. Lacey (which is just down the road from the state capitol in Olympia) doesn't have quite the "never gets hot" climate that made me want to relocate to the coast counties, but Grays Harbor County transit has a bus line from Olympia to Aberdeen and connects from there to the coast. I figure if it gets hot in the Olympia area I can drive or take the bus out to the coast for the day and cool myself off.
I've been going back and forth with the bank all week, through the same real-estate agent who is selling my house for me (the sale is scheduled to close by the end of this coming week or maybe a week from tomorrow). I made an offer below the asking price, and was notified that there was another bid, so I raised my offer slightly. It turned out the other bidder withdrew. Then the bank counter-offered at full price. I responded with the same figure I had offered previously, and the bank came down a few thousand dollars. All of this was contingent on an inspection in 7 days. I counter-offered the maximum amount I think I can pay for the house and have enough money left to do the repairs, but requesting longer for inspection so I can get an accurate idea how much repair the house really needs, how much the repairs will actually cost, and whether this is a realistic possibility for me. My agent called later this evening saying he didn't think the bank would go for the longer inspection period, but I just don't think I can make up my mind what I want to do in a week, plus get accurate figures on whether it is feasible, and I just can't take a chance on making a mistake here and ending up with a house I can't afford to make liveable and maybe wouldn't get my money back from if I had to sell it un-renovated.
It's a Fannie Mae house, so for the first fifteen days, which end tomorrow, they only take offers from owner-occupiers. So tomorrow, an investor who wants to rent out the house or tear it down and build something bigger could offer full price and that would be the end of it. I finally told my agent, please present it with the longer inspection period, and if they reject it they reject it. If I am going to lose out on the house I'd rather have it happen now because the bank rejects my best offer, than get my hopes all up and really see how the house could be made cute and comfortable, but then have to withdraw because the repairs are more than I can afford after paying full price. But now I am so nervous! (Why isn't there a "chewing fingernails right down to the quick" smiley?) I wonder if I have shot myself in the foot asking for that extra time for inspection. But what's done is done and when it comes down to it if I've found two houses that I like well enough to offer on in four months, there are more where they came from.
I've been going back and forth with the bank all week, through the same real-estate agent who is selling my house for me (the sale is scheduled to close by the end of this coming week or maybe a week from tomorrow). I made an offer below the asking price, and was notified that there was another bid, so I raised my offer slightly. It turned out the other bidder withdrew. Then the bank counter-offered at full price. I responded with the same figure I had offered previously, and the bank came down a few thousand dollars. All of this was contingent on an inspection in 7 days. I counter-offered the maximum amount I think I can pay for the house and have enough money left to do the repairs, but requesting longer for inspection so I can get an accurate idea how much repair the house really needs, how much the repairs will actually cost, and whether this is a realistic possibility for me. My agent called later this evening saying he didn't think the bank would go for the longer inspection period, but I just don't think I can make up my mind what I want to do in a week, plus get accurate figures on whether it is feasible, and I just can't take a chance on making a mistake here and ending up with a house I can't afford to make liveable and maybe wouldn't get my money back from if I had to sell it un-renovated.
It's a Fannie Mae house, so for the first fifteen days, which end tomorrow, they only take offers from owner-occupiers. So tomorrow, an investor who wants to rent out the house or tear it down and build something bigger could offer full price and that would be the end of it. I finally told my agent, please present it with the longer inspection period, and if they reject it they reject it. If I am going to lose out on the house I'd rather have it happen now because the bank rejects my best offer, than get my hopes all up and really see how the house could be made cute and comfortable, but then have to withdraw because the repairs are more than I can afford after paying full price. But now I am so nervous! (Why isn't there a "chewing fingernails right down to the quick" smiley?) I wonder if I have shot myself in the foot asking for that extra time for inspection. But what's done is done and when it comes down to it if I've found two houses that I like well enough to offer on in four months, there are more where they came from.
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