Buying A Home
kaylie622
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Multiple Offers =(
The house that we fell in love with currently has two other offers. We originally bid asking with 3% back towards closing. Here is how we're adjusting the offer. Please let me know if you can think of anything else that would help us win!
- We're upping the offer to include the 3%, plus a bit more.
- Giving the sellers their choice of closing date. (we're renters, so no sale or settlement clauses)
- Excluding any repairs under a certain amount from the post-inspection request.
- Shortening the inspection period.
Re: Multiple Offers =(
Im sorry you are in competition. I would be wary of shortening the inspection period unless you had a really long one in your first offer. The inspection is kind of out of your hands meaning you need to find an inspector, make their schedule work for you and the sellers for the inspection time, and wait on a report back from them and include some time for you to read it. If you ask for any repairs or concessions after the inspection you will need to submit part of the report with your repair list so you'll physically need a report in hand.
Good luck!
All of this. Also, this is just a house. If it doesn't work out for you, you will find something else.
DH and I have been there, made our best offer and lost out to the other buyer. In the end, it was for the best. The house we ended up in is much bigger and in a better location. Does it have all the same finishes? No. But those are things we can change.
Good luck! If it is meant to be, it will happen.
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I think that's a good response, except for the short inspection timeline (ditto OPs). I would be willing to pay a little over what I considered FMV for my dream house. But not much over. Keep in mind, you have no idea what the other offerors offered. They could be low-balling, asking for closing costs, 60 day closings, etc.
Good luck!
We've been in this situation 3 times already in the last year. Unfortunately we lost out each time
Hopefully you will be luckier than we have been. Each time we have lost to someone putting more cash or all cash. So for example could you put 30% down instead of 20%. Our area is very competitive and the winning bids have always been much much higher than asking. The strategy of putting more down is attractive to the seller because then even if the house does not appraise for the amount you offered you should still be able to get the loan.
My lesson learned is to offer as much as you want the house. So if you want the house badly, its worth paying more.
ETA: What I mean by my lesson learned is that I have so much regret about missing out on the last house and I feel so sad about it. I would rather be paying a few hundred dollars more a month than always wondering What if?
We were in the same situation this last year. Our house had 3 other offers. We really wanted this house so we put forth the most aggressive offer that we could. This amounted to upping our original, upping the earnest money a few percent, and increasing the down payment to 30%.
But what actually swung the sellers to sell to us was the personal letter that we wrote them. We were impressed with the architecture of the house and praised the old owners for staying true to the original design with their renovations. They really felt they connected to us because of this letter and wanted to sell their house to us.