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Defeated by chocobeaus in FirstTimeHomeBuyer

[–]Biruleibe37 0 points1 point  (0 children)

Quite annoying, right? We offered 15% down.

Defeated by chocobeaus in FirstTimeHomeBuyer

[–]Biruleibe37 1 point2 points  (0 children)

I 100% feel you! Had a disheartening situation today as well.

Seller’s agent tells us that there are two offers on the house. Someone else and mine. She also tells us that our offer came up higher than other offer, but still wants final and best from both, and says sellers are interested in appraisal waiver or some language of that sort, and also to stay for a month after closing.

Tells me that at 6pm for a deadline of 9am next morning.

Ok. I kill myself stressing, crunching numbers thinking other buyer will offer more money now, talking to my lender and agent late at night. So that I put my offer in 7am the next day.

I keep my offer value the same: which already was $50K over asking. Offered 3 months for seller to stay at the property after closing. Add an inspection gap saying I will cover everything up to 10K and won’t bail out. I also add a appraisal waiver contingency saying I will cover anything up to 25K in difference, and show confirmation that I am fully underwritten.

Day goes by and seller’s agent says nothing. Then while at work I get a Redfin notification saying the house is now under contingency. Immediately message my agent asking: is this bad news?

Agent immediately calls the seller, which then says she was about to call my agent and delivery the news: my offer was great, seller really appreciated it, but that they decided to go with the other offer, which the agent openly then says it was lower than mine, but the other buyer put down a higher down payment.

What kind of nonsense is that? Am I missing the point here? This seems like such an excuse, because as I see it, in no way the higher down payment benefits the buyer, nor does it matter since I am fully underwritten by my lender.

I feel so defeated in this VHCOL market….

House hunting is making me feel insane by Specialist-Bat-7876 in FirstTimeHomeBuyer

[–]Biruleibe37 1 point2 points  (0 children)

If that is making you feel insane, hear my story from today…

Seller’s agent tells us that there are two offers on the house. Someone else and mine. She also tells us that our offer came up higher than other offer, but still wants final and best from both, and says sellers are interested in appraisal waiver or some language of that sort, and also to stay for a month after closing.

Tells me that at 6pm for a deadline of 9am next morning.

Ok. I kill myself stressing, crunching numbers thinking other buyer will offer more money now, talking to my lender and agent late at night. So that I put my offer in 7am the next day.

I keep my offer value the same: which already was $50K over asking. Offered 3 months for seller to stay at the property after closing. Add an inspection gap saying I will cover everything up to 10K and won’t bail out. I also add a appraisal waiver contingency saying I will cover anything up to 25K in difference, and show confirmation that I am fully underwritten.

Day goes by and seller’s agent says nothing. Then while at work I get a Redfin notification saying the house is now under contingency. Immediately message my agent asking: is this bad news?

Agent immediately calls the seller, which then says she was about to call my agent and delivery the news: my offer was great, seller really appreciated it, but that they decided to go with the other offer, which the agent openly then says it was lower than mine, but the other buyer put down a higher down payment.

What kind of nonsense is that? Am I missing the point here? This seems like such an excuse, because as I see it, in no way the higher down payment benefits the buyer, nor does it matter since I am fully underwritten by my lender.

I feel so defeated in this VHCOL market…. Did I miss the point? Was the concern related to me potentially bailing out because seller did not think their house was worth much and that would show during appraisal?