I’m Under Contract!

A few days ago I posted that my house was on the market and wow, has it been a whirlwind.

As I posted before, Tuesday afternoon was packed full of scheduled showings. Wednesday was even worse, I didn’t get home until almost 9. But Wednesday evening I got my first offer and it was for more than asking! Later that night I got another, and a third came Thursday morning.

The first offer was good and would net me $1,000 more than asking after I gave the buyers help with closing costs. They were late getting my agent the lender’s info and the contract was full of errors, not good signs.

The second offer was for less but asked for less help with closing costs and netted the same as the first. My agent spoke with the lender to make sure the buyer was already approved.

The third offered the same as the second but wanted more at closing, netting $3,000 less. The report from the lender was good, and it was the only offer for a conventional loan.

There were at least two other people interested in making offers, I’m not sure if they changed their mind or decided not to compete with the other three.

I went with the second offer with a counter only to clear up a couple of details and change the closing date. Not only would it get me the most money but the buyer had the best story (a disabled kid meant she needed a ranch and she’d already lost the bidding on several homes) and she lives with her parents now making her very flexible with closing. Which I need because now I need to find a house to buy!

Last week was a total whirlwind. Except for Friday, when I sat at my desk constantly checking my phone for an update from my agent, a call to set up a showing, something. But my phone was silent because 3 days is all it took. Which is further evidence that the real estate market is seriously messed up.

I don’t live in a destination neighborhood. People don’t come to the city and say, “Oh, I want to live there.” The thing that draws most people is a) they already have family living here and b) the prices are lower than average and but it isn’t a rough area. If “affordable” housing is getting this expensive – my house increased from $88,000 to $168,000 in 5 years – then what’s happening to the rest of the city? Fortunately I’m looking outside of civilization where the market isn’t nearly as hot.

I went out with my agent on Sunday and found a few houses that I could make work but just aren’t right for one reason or another. I expanded my search to another county which is further out but still commutable (and some of the properties closer to the highway have shorter drives), has lower property taxes and better bang for the buck. I’m much more hopeful about this next batch. I’m willing to make some compromises, but there’s a limit. Carpet and paint? No problem. Two blocks from the highway so I can’t help but hear road noise on an otherwise ideal lot? Eh… It could become white noise I stop hearing but I’d like to see if I can find another great lot that isn’t as loud. Another house I’m considering has no such noise and truly, truly awesome views but has a long, long, winding drive followed by sharp curves going up an almost washed out dirt road to the top of the mountain. Great house that could be worth the effort, but let’s see what else is out there. I’m still sticking to my original budget and commute time.

Part of me wants to start packing already, except there’ll be at least a few more weeks before closing and I’m going to need my dishes before then. I also need to put my energy more towards the buying first, because without a buy there won’t be a close. Unless I decided to rent an apartment for a bit but I hope it won’t come to that, I only want to move once.

And regarding my last post, my selling nerves are pretty much gone, of course :) My buying nerves are starting to calm a bit as well, although the “gotta make the right decision” anxiety is starting to poke it’s head up. But I know I’m making the right decision, just gotta keep thinking with the right part of my head!

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