We finally found a house we like at the price we like, close-ish to campus and that is not a short sale. The house listed on Friday and we were the first ones in on Saturday to see it. We put together an offer as fast as we could and had it in before Saturday night. By Sunday there were two other offers in and the house shows three more times today before the seller is going to be presented with all offers. We now apparently go into sudden death overtime, called "highest and best". I had never heard of this until recently, but I guess we throw our best offer in the ring tonight and see what the sellers pick.
We are in good shape for all the intangibles. We have nothing to sell, so our offer is not contingent on us selling our house. The price is well below our uncomfortably high approval amount and we will have a letter waiving the mortgage contingency. On top of that, after cyber-stalking the owners (a couple around our age) for a while, we've written them a letter about why we want their house in the form of a top 11 list. There's a reason for the 11, but I won't get into it. We're hoping that'll put a "face" to the offer, but it could also blow up in our face if they think it's not funny. Whatever, I think it's worth a try. We should know in the next two days if our house search is finally over or if we're back to square one.
1 day ago
Good luck on the house purchase. You should turn the top 11 list into a T shirt and give it to the owner if they pick your offer.
ReplyDeleteWill you post your top-11 list when it's all said and done?
ReplyDeletePS - My brother just finally closed on his house too, so here's hoping that good luck extends to you.
Have been in this situation as well...our realtor said "You know what works? Offering more money than they're asking" and we did. Of course our parents, of the generation when there was lots of time to negotiate money, were horrified. But we got the house from the four offers submitted and lived there for a very happy decade...
ReplyDeleteHere's hoping you get good news soon. If I were choosing, I'd definitely go for the cool people who did a top 11 list. And I hope you post your list here, too! :D
A decade in one place seems almost impossible to imagine. I haven't lived in the same residence for longer than 3 years in the last 17 years. And even then, there are only two places I have lived in for longer than a year. Let's just say I've done my share of packing.
ReplyDeleteAs far as the list goes, I'm not sure how much sense it would make without knowing the house. We'll see if it does us any good first, then go from there.
We wouldn't have moved at all if I didn't have to pay off my student loans (and the place had doubled in value during that time so it seemed prudent). Really liked the location. (Now, however, I am ready to move again but DH isn't convinced.)
ReplyDeleteCrossing my fingers that you'll get this one. Sounds great!
Good luck -- you're strategy sounds great. If you want to see highest and best situations from the Toronto, Canada market, I recommend reruns of "Property Virgins" on HGTV.
ReplyDelete