More information on the house offer

September 7, 2010 at 10:34 pm | Posted in Uncategorized | Leave a comment
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I’ve had several people ask me about this, so I thought I’d just go ahead and make another post:

Yes, we submitted the offer today. The house is bank owned, and our realtor said that it would be surprising if we got a reply before Thursday. “Do you think there’s a chance they’ll accept our first offer?” I asked him, and he said almost certainly not. Even if we were to offer what they’re asking (instead of something several thousand dollars less), apparently they virtually always come back with a bunch of addenda which all cost extra. Ah, well. If we’re going to do a couple back-and-forth negotiations, I guess we could be looking at at least a week and maybe almost two before we know something solid.

In the meantime, although we have a pre-approval letter, we’re going to compare our options and talk to some different lenders to make sure we’re getting the best interest rate on the home loan.

We’re also really hoping that our offer scares off the other potential buyers. If the house were owned by some random guy and the other potential buyers (PBs) were also interested in making an offer, we would likely get into a bidding war with the PBs. Since the house is bank owned, however, apparently they handle it differently. They don’t want to waste time with a bidding war and instead will tell both PBs (us and them) to declare their “best and final” offer and then they’ll take the highest one. No bidding, no back and forth — just one big number. And since it’s a house we like a lot, that number would require lots of agonizing followed by lots of paying or lots of regret. (Or, if we’re smart, lots of satisfaction in knowing that we bid exactly what the house was worth to us.) I’d just rather have it for less than what it’s worth to us. =) Otherwise I guess it’s more house shopping for me. But so far there’s no sign of other buyers, so hopefully we won’t even have to worry about that.

I’m not really sure why a bank owns the house. I don’t think it was a foreclosure because that’s usually specified in the MLS listing. Also, the house is in great shape and has new carpet, which I guess is uncommon in foreclosures. I’ll ask our realtor if he knows when I get a chance.

That’s all the house news for now. I dropped my laptop off at a licensed Lenovo repair place this afternoon, and they expect to give me a diagnosis and estimate on the de-coffee-ing tomorrow. Hopefully it costs less than a new laptop!

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