I'm on edge!

Drickasmokey03 · April 2012

Hi all! First let me introduce myself. My name is Dricka and I live in Michigan. I've been married almost 2 years. My husband and I put an offer in on our first home yesterday evening. I am CONSTANTLY checking the listing to see if it is pulled down. I want to call the realtor, listing agent and the bank to constantly check the status. LOL! So I decided to post on the Nest to calm my urges to bug everyone. This process isn't for me! Someone help me!

SuwaneeGirl · April 2012

Congrats on your offer... This will probably drive you nuts, but in my market it's very common to keep the marketing on the property active until the property has closed. So, you may not see it pulled down.

Juris11 · April 2012

It took over two weeks for our home to be taken off/listed as contingent on the websites. As long as you have a contract in place with the sellers, you will be fine.

brianabrad · April 2012

Congrats on making your first offer! Like PP said, the listing probably won't be pulled down until well after you have heard that the offer was accepted. Also, unless you went in at list and didn't ask for any closing or any other time of negotiation, there will likely be a counter offer.

Did you put a deadline on your offer? When we made our first offer we gave the sellers 24 hours to reply, they wait till pretty much hour 22 to call us with any news. Try not to focus on it and don't do what I have a tendency to do . . don't start decorating in your head. The house isn't yours yet (sadly I know). Big Smile

mekiakoo · April 2012

Our house was removed from the listing once the contract was signed but we were still able to find our house on other listings such as Zillow. Never saw anything like "sale pending" or "closed".

Juris11 · April 2012

Ahhh I didn't see that you have only made an offer, not entered into a contract. PPs are right then: the sellers will likely counteroffer and you will go back and forth until you can agree. The listing will not be taken down until there is a valid contract and you have signed on the dotted line, and sometimes not even then.

Drickasmokey03 · April 2012

I tried not to get too excited but I can't help it. We looked at a lot of houses and this is the first one I LOVED and even wanted to put an offer in on. I can't take two days of this, I hope they call and say something today. I have a lot of stuff to get done for school and church but I can't focus! I am claiming that it is ours and I have faith it will all go through, but I can't stop thinking about it.

Drickasmokey03 · April 2012

Man! I hoped they put pending or removed it or something so I know the process is moving. I have all the faith that everything will work out, but this waiting is too much for me. We put a deadline of Thursday by 5 p.m. In hindsight I wish be put 18 hours (I know it is unrealistic) but at least it would be over. I have a lot to do for school and church and I can't focus on anything else. And of course I have started decorating. I even took a picture of the kitchen and photoshopped it to consider different paint colors. SMH!

brianabrad · April 2012

Drickasmokey03:
Man! I hoped they put pending or removed it or something so I know the process is moving. I have all the faith that everything will work out, but this waiting is too much for me. We put a deadline of Thursday by 5 p.m. In hindsight I wish be put 18 hours (I know it is unrealistic) but at least it would be over. I have a lot to do for school and church and I can't focus on anything else. And of course I have started decorating. I even took a picture of the kitchen and photoshopped it to consider different paint colors. SMH!

Sadly no. Tongue Tied

I understand how you feel. Dh and I looked at what felt like a ton of houses and the first house we loved we made an offer on but the seller was unwilling to budge on his price and we were unwilling to go over our set limit for the house.

Are you willing to pay listing? What if the seller counters back with full list price? The seller of the first house we loved was an older couple who had built and lived in the home for 16 years. They believed the house was perfect!

Do you know anything about the seller? How motivated are they? The sellers we had to deal with had paid off the mortgage and even though they had moved out of state, didn't have to rush to sell the house. Knowing anything about the seller is helpful and will give you an idea of what kind of counter offer you might expect.

What kind of offer did you make? Did you lowball it? Ask for lots of closing cost?

kristinanddan · April 2012

Even if they accept your initial offer (they may, but be prepared for a counter), the house probably will not come off the websites. It may not until after you've closed. Even after you agree on price, you still have to go through with inspections and financing.

Drickasmokey03 · April 2012

I am not sure we are willing to pay the entire listing, Although our offer was only $6,000 off the listing. It is a possibility. This is a bank owned property, so I am not sure how motivated they are to get rid of it or try to get as much as possible. We didn't lowball it at all. It's a beautiful house, no reason to insult the bank. We only asked for 50% of the closing cost.

brianabrad · April 2012

Drickasmokey03:
I am not sure we are willing to pay the entire listing, Although our offer was only $6,000 off the listing. It is a possibility. This is a bank owned property, so I am not sure how motivated they are to get rid of it or try to get as much as possible. We didn't lowball it at all. It's a beautiful house, no reason to insult the bank. We only asked for 50% of the closing cost.

Ohhh . . so is it a short sale or foreclosure? Either way, you are in for a long process! If its a short sale, the seller will need to accept your offer first which will probably come in a few days but then you will have to wait to hear from the bank. If its a foreclosure, you will only hear from the bank but this can take months.

We have family friends who have been waiting close to 4 months to hear from the bank on a short sale. They final heard from the first bank only to find out a second bank owned part of the mortgage and they also had to agree. When you get into having more than one bank owning a home, it gets even more complicated!

Drickasmokey03 · April 2012

It is a foreclosure that is now owned by the bank. We also put in the contract to close by the 15th so hopefully we don't have that long wait. We agreed that we would have the inspection done within 3 days and already have someone lined up. Soon as we get the ok we are ready to ROLL! There was an offer and acceptance before and it didn't go through because of financing, but the house was back on the market within six weeks. So hopefully that isn't the case.

MaineWifey · April 2012

It's up to the seller to decide if they want to stop showing their home after a contract has been entered into, they may want to have back up offers in place.

I'm sure you'll hear really soon though.

Good luck!

brianabrad · April 2012

Drickasmokey03:
It is a foreclosure that is now owned by the bank. We also put in the contract to close by the 15th so hopefully we don't have that long wait. We agreed that we would have the inspection done within 3 days and already have someone lined up. Soon as we get the ok we are ready to ROLL! There was an offer and acceptance before and it didn't go through because of financing, but the house was back on the market within six weeks. So hopefully that isn't the case.

The 15th of April? Or May? I'm sure you already have your ducks in a row but the ability to close to in less than 15 days might be difficult for your lender. We wanted a 20 day close for our last offer and our lender advised against it unless it was absolutely needed.

Drickasmokey03 · April 2012

We're doing a cash sale. Our realtor seemed like it was possible. I have no idea, my husband and the realtor were ready to move fast and seemed like it was a viable option.

kaylie622 · April 2012

If you're doing a cash sale you should have a great chance of them accepting. Banks don't want to hold on to houses so I think they would be thrilled with a cash offer.

brianabrad · April 2012

kaylie622:
If you're doing a cash sale you should have a great chance of them accepting. Banks don't want to hold on to houses so I think they would be thrilled with a cash offer.

Yes, very much agree. A cash sale will be big brownie points with the bank.

Aerowife2010 · April 2012

Drickasmokey03:
Man! I hoped they put pending or removed it or something so I know the process is moving.

Yea, you're going to have a long road ahead of you if you are so worked up over this. They still had our house listed for sale (no pending, not removed, or anything) until AFTER we closed on our house.

Just try to relax. I know it is easier said than done but there are so many factors that could prevent a closing from happening (not to be a downer) that it is good to be excited but just try to relax and not decorate the entire house already.

MNVegas · April 2012

Drickasmokey03:
We're doing a cash sale. Our realtor seemed like it was possible. I have no idea, my husband and the realtor were ready to move fast and seemed like it was a viable option.

Most of the properties DH buys are cash deals. As long as there is no issue getting the deed, he has closed in as little as 10 days.

Drickasmokey03 · April 2012

I hope this is the same for us. I am so anxious I jump when the phone rings and when I see a new email come through.

lurkergal1 · April 2012

It's normal and ok to be excited, just don't make yourself crazy!

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