Bidding War

You think it's stressful now? Just wait till you have a contract on the place and you shadow the guy doing the inspection. You picture damn near everything going wrong. Usually, it doesn't. But still. That's a nerve-racking 90 minutes or so.

Good luck.

 

Just remember: Your agent only wants one thing - his commission. He is not on your side.

 

I really appreciate the comments. They're spot on, of course. And this process is something you really have to learn by doing (which is something else I've learned!)

We put our official offer on the house this evening. She was optimistic we might hear something tonight, but who knows.

I was really nervous putting the offer in, just because it's a crazy amount of money for me. But I really, truly feel that this is a awesome deal (meaning, the house), and a solid offer. I will, of course, keep you posted.

 

And the thing with the inspector is, if he's a good one, he'll point out EVERY single thing that could be a problem.

When my wife and I bought our house, the inspector pointed out little things such as a one-inch crack in the driveway. Silly stuff, in addition to the big stuff, which we of course appreciated. At the end, we were thinking, "what were we getting ourselves into?" But then the inspector assured us that, while there was so many minor things, the house was actually in very good shape for its age, and those minor things should be expected.

 

You can get that done before you lay down the contract. And yeah, it's scary as hell.

We bought a foreclosure -- back when the housing market wasn't dung -- and fixed it up. My father and I did the work (he is a part-time carpenter, and I worked summers building houses... well carrying heavy crap), so it was second nature to us. My wife, however, we knew things were wrong, some that would take $15 to fix, but she was freaking out at every single little item. We finally made her go home.

And even then, the inspector isn't fullproof. Nor should you need to do everything he suggests (especially if he has a brother in law that, um, let's say blows in insulation.) But they are very, very helpful.

Even if you're knowledgeable, you might find things, but this man has a three-page checklist. Ours even had his own website - took pictures, uploaded them along with briefs on his findings, suggestions, etc. Once you get to the point you think you know, bring the man in before you make your offer. His findings could impact that offer. His findings could change your mind, and even though you've spent a couple hundred, save you a ton.

 

No one sells a house to someone because the brokers like each other, or because they 'want to work with us,' and no one seriously considers 'verbal offers.' Your broker is either a nitwit or a hack. Don't let yourself get caught up in the rhetoric and bs...the owner has already moved out and has to sell. As others have said, you're the buyer in a bad market, if the property was so amazingly unique it would have sold already. You have the power here, use it to your advantage.

 

Exactly - you need to get some leverage back. I would call your broker today and rescind you offer. Tell her you got cold feet. If the guy wants to sell the house you will get a counter offer. If not go find another house. What your realtor told you is a classic ploy to soften your resolve.

 

Ps, real estate negotiations are like a game of Chicken, if you flinch first you lose. Don't flinch. Brokers can smell weakness and know how to exploit it. Consult with someone you trust, who has no interest in the sale (ie, not your broker).

 

I'm going to look at open houses today. Plan to buy my first house in the next 6 months. Have no idea what I'm doing.

 

Get a buyer's agent. I know that much.