Scholarship table
My girlfriend and her parents are down in Columbia, MO house hunting for her new job that she will start in August. We just offered $40K over asking price on a house plus agreed to let the owners stay in the house 2 months beyond the closing date and they went with a different offer. We have 3 other houses in mind and plan to make an even more aggressive offer on one tomorrow, but our agent thinks the owners are just trying to set up a bidding war on it (Zestimate is $633K, in a desirable neighborhood, they’re asking $460K so doesn’t make much sense).We’ll both be first time home owners. Any tips for offers in today’s housing market? Besides putting in a cash offer, as that isn’t an option for us right now (we can put 20% down and are pre approved for more than what we thought we’d need). Our agent definitely thought we made a good offer on the one we didn’t get today.
We closed on a house last month. Made an offer nearly identical to yours. 40K over asking and 2 months post occupancy. They countered our offer and two others. We threw in an escalation clause up to 10K higher and ended up getting it for 42.5 over asking.Turns out the family who sold the house is still looking for an upgrade. They haven't found a house yet so they are going to rent it back from us for a few months for our mortgage cost + more while we stay in our condo.
Risky move.
The escalation? Or the rent back?
The rent back can be. Unless you get a good possession agreement with a bunch of cash held to (a) pay for damages caused during seller’s possession, and (2) be forfeited of sellers don’t vacate timely. There has to be an incentive for them to get out when they say they will. Of course, there also has to be enough rent held or paid in advance to pay for the occupancy.
https://www.redfin.com/WA/Bellevue/6102-115th-Pl-SE-98006/home/414079
Ended up landing the house I reference at the end of the first paragraph here. Very excited about it. We knew we’d get something nice, but it’s nice to know we for sure will have a nice house.
TAMUI do know, Newsie is right on you knowing ball.
Congrats Wades!
Nice! I think many here can easily relate to the feeling of buying your first house. It's slightly like your first love. If it's too much like your first love, ummm....Congrats on your new home. I'm happy for the two of you.
Congrats! Definitely not an easy accomplishment in this day and age. Good luck with the closing process.
That's fantastic, wades. Very happy for you.
Congrats!
Calling the exterior of this house ugly would be a compliment. It's 60% garage door.
Congratulations!You’ll never forget your first house. Hope you both fill it with happiness and fond memories.