(no subject)

[electricland]

Cousin J and I offered on a house last night, but didn't get it. Turns out it went for $20k over what we offered. (Hey, the last one went for $40k over what we offered! We're getting closer!) Darn people with too much money spoiling things for the rest of us.

It was a much lower-stress operation this time -- we sat in the coffee shop while our agent went over to make the offer, and chatted about this and that and how we could modify the house to make it work for us. Not nearly as much of the nailbiting tension that we had the first time around! Partly, this is because we've now got our mortgage preapproved, so we don't have to make our offer conditional on getting financing. Partly, I think, it's because my dad and I looked the place over again on Sunday and he liked it and thought we could do things with it, which I found very reassuring (my parents have bought many houses in their time). And we've actually learned a few things:

1. Location is even more important to us than we thought.
2. We're prepared to do more work than we thought -- in fact we kind of prefer it if the house hasn't been all "done".
3. We've roughly identified our comfort price range.

J's parents said they know people who've made 19 (!!!) offers without success, so really, we're just starting. There will be something else!

So that's that...

To those of you that are sick: get well. To those of you embarking on new and exciting ventures: good luck.

And a Happy International Women's Day, everyone!

Comments

[raithen.livejournal.com]

sorry you didn't get it, but glad you are figuring things out. When it is meant to be, twill be.

[electricland.livejournal.com]

thanks! That's what we think. And it's nice to be in a position where we can take as long as we want over this.

[themusesbitch.livejournal.com]

I'm glad to hear I'm not the only one dealing with a bit of spendy competition and a learning curve in terms of what's negotiable/what isn't in my real estate quest... I kept getting out bid by $10K, which is infuriating when you're at the top of your limit and the place goes for *just* over.

Are you guys preapproved for a mortgage? I found that was the only way I could figure out what my price range was, especially since my broker told me exactly what the monthly carriage would be for each loan amount/interest range combination.

I've made two offers (and was about to make a third on a place that had been on the market for over 100 days, when it got snapped up!), and both times I was outbid. So I both feel your pain, and your cautious optimism that this is all part of the process of getting the *right* place, which apparently takes some time and bumps along the way. My coworker said she and her fiance got the fourth house they put in an offer on, and now she loves it so much, she's glad the previous two offers were rejected. So there's that.

Also, I thank you for your get well wishes, in my own LJ and reiterated here for me and my fellow plague rats.

[electricland.livejournal.com]

We are preapproved (as of yesterday -- hurray! -- apparently telling the bank that we are about to make an offer has a wonderfully galvanizing effect). J has been doing all the work on this -- she is much geekier than me when it comes to financial matters, and she and my uncle set up a spreadsheet that we can use to plug in various numbers and figure out how much we can spend. Anyway, with the mortgage approved we now have a firm spending limit that's about what we thought. We're lucky in that we'll be getting some of the money as a low-interest loan from our grandmother (and some out of RRSPs, as well) so we'll have well over 25% of the purchase price. We're trying to look at things in a price range we can afford even if we don't have a basement tenant for a while, so that the rent money can be a nice little cushion. (It's amazing how quickly I've gone from "Eeee! I don't want to spend THAT MUCH on housing!" to "Hey, no problem, we can do that.)

And I agree -- from all I've heard there is ALWAYS another house or condo out there. You offer what you're willing to pay, and eventually it will work out. Both "our" houses, I do think, went for more than they are worth at the moment -- our agent reckoned they were both listed at about the right price, so the fact that one went for $40k over the asking price and the other for $35k over seems really crazy.

[jenlev.livejournal.com]

i hope that the process goes well for you. i agree, there are other places out there. and yes for location, a huge quality of life and time issue. happy women's day to you as well.

*sending you good house hunting thoughts*

[electricland.livejournal.com]

The one we didn't get last night would have been great -- it's literally 2 blocks from my aunt and uncle's house (my cousin takes her dog over there for doggy daycare on work days) and a block from the beach. sigh. But what are you going to do?

thank you for the good thoughts! We'll get there!

[jenlev.livejournal.com]

oooh, beach. given the weather here tonight that sounds lovely. *sigh*

sideways snowy almost blizzard-ish. ack.

[electricland.livejournal.com]

well... it IS Lake Ontario, so there are icy bits around the edges at the moment. But it's nice in the summer. ;)

[nellisir.livejournal.com]

"2. We're prepared to do more work than we thought -- in fact we kind of prefer it if the house hasn't been all "done"."

I am overflowing with well-meaning carpentry & renovation advice should you ever suffer a lack. That's all I can safely say. ;-)

Nathan
Who did a verra verra small barrel vault ceiling last weekend, and has every intention of posting pictures.

[electricland.livejournal.com]

Oooooh, excellent! *rubs hands*

[jenlev.livejournal.com]

just ignore the icy bits, think of them as the crunchy outside parts that can be discarded. ;)