Surviving the ONE-week wait...houses!

[Aloros]

I''ve posted a couple times about FI and my search for a house. We''ve finally settled on a neighborhood that we are both very happy with, the prices are very reasonable, the location is perfect, and the houses are beautiful.

...but we keep getting outbid. We''ve been offering ~20-30k over asking price, only to be turned away in favor of someone who put in an even HIGHER bid!

It typically runs like this:
1. see house/houses on weekend
2. pick one we really like
3. put an offer on it, effective monday
4. hear back tuesday or wednesday that there are multiple offers, and we are asked for our highest/best
5. put in our highest/best offer
6. typically hear back on friday - that we DIDN''T get the house.

Yes, we are actually waiting to hear back today on a lovely house that fortunately has only 3-4 other offers on it, as opposed to 21 offers on it, like the last house we tried to buy. Who knows? Maybe this will be it?

But if not...any suggestions on how to survive the agonizing wait? For the week, we''re locked in to that house. We spend the week asking "Do you think we put in a high enough offer?" and the other responds, "Of course, honey! I think our offer was strong. We''ll get this house, you''ll see." Friday is spent commiserating over beer and pizza. And we have SO many things we are waiting on doing/buying until after we get our house. It''s driving me nuts!

I''d rather go back to being a LIW!

Thanks ladies...I feel better having just written that all out.

 

[lyra]

I don''t think I''d handle that kind of ongoing stress very well. Where I live, the market moves much faster. You see a house you like, you make an offer immediately, you usually know the same day or the next day latest if the offer was accepted, you were outbid, or whatever. Sometimes the sellers get to be even pickier and you might have to forgo a home inspection in order to submit a clean offer with no subjects. That is really scary. I hate it. Part of the reason I don''t want to sell our house--no guarantee whatsoever of finding or getting the house we''d want to replace it with.

I guess real estate laws are different everywhere too. Maybe you need to offer sooner, give them less time to accept/reject? I''m not sure what your local rules are. I hope you find something suitable soon.

 

[crown1]

wow, where i live the offers made are under asking price not over. you must have a very strong real estate market in your area if bidding wars are taking place. good luck this weekend!

 

[Aloros]

Well, we just heard from our realtor. He talked to the realtor on the house, and although the bank hasn''t made a decision yet, he''s fairly confident that ours is the offer that will be accepted!

Don''t want to celebrate yet...but...EEEP!

It''s a beautiful, fairly new 4bd/2.5ba right across a gorgeous park, down the street from the elementary school, and close enough to work where I can bicycle in. Aaaand, the former owners left their jacuzzi! Score!

Thanks for the good luck! I''m crossing my fingers so hard right now

 

[iheartscience]

Fingers crossed and I''m sending PS dust your way! Keep us posted!

 

[lyra]

Excellent! Good luck! I think things work out for a reason, and if this is the right house for you, you will definitely get it.

 

[fisherofmengirly]

Wow, I hope it goes well. I can''t imagine that much stress, that many times! Aye!

Good luck this go round!!

 

[LegacyGirl]

That is not how it is here... we usually offer under asking... a lot under because sellers are still insane with their prices here. Be wary of mutiple offers, at least in this market where I am the REA''s are getting busted for making up ghost offers to get the buyers to bid more. Good luck!!

 

[pjean]

Oh, fingers crossed for you!

 

[miraclesrule]

Oh gawd, I know exactly what your are going through!! Big Hugs!!

I waited by the phone for a week and I swear it was a.g.o.n.y!! I didn''t eat, sleep or shower, unless I was forced to do so. It was essential that I get the house or I would have been on the street, or my Mom''s sofa, and frankly, I think I would have opted for the street.

I hope you hear soon and I hope you get good news!! If not, then it probably means you will stumble across an even better deal. In hindsight...I could have done SO MUCH better than this house.

Good Luck!

 

[Aloros]

THE DUST WORKED!

We got the house! It''s perfect! Can''t wait to close and to move in

Plus, this also means, according to prior agreement between my fiance and I, that we are going to adopt a dog. So excited!

 

[lyra]

Whee!!! Great news! I''m so happy for you.

 

[miraclesrule]

Yayayaya, so happy for you!! Time to start the Lowe''s addiction.