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Made first Bid on a House

January 21st, 2011 at 05:59 am

They didn't accept the bid, but it was a good learning process.

The asking price was $65,000. The place needed a new roof, a slight upgrade in the electric, and a lot of cosmetic work. However, the structure was solid, we liked where it was, and we liked the house.

We offered $46,000, which is probably what it's actually worth. I proceeded to panic for two days because things like that stress me out.

We're pre-approved up to $65,000 on a 15-year fixed with 20% down, which means we can get something up to $80k give or take. We could definitely borrow more, but I have an obsessive fear of debt.

They countered at $60,900, which I took to mean that they weren't going to play ball, so we're letting it sit.

Buying a house is a bizarre process.

5 Responses to “Made first Bid on a House”

  1. Savings Queen Says:

    Congrats on getting your feet wet! We are in the midst of purchasing a repo for a rental. The inspection turned up a foundation problem with an estimate of $6350 to get it fixed. Initially the bank said they wouldn't pay the bill to have it fixed so we walked away. An hour later the realtor called and said the bank would reduce our offer by that amount to pay for the repair! Sometimes it pays to walk away. Good luck in your hunt!

  2. patientsaver Says:

    Your bid was more than 29% less than their asking price. Seems like a lot to ask, but i guess it depends on the market.

  3. LuckyRobin Says:

    Actually, they came down a good bit and have shown they are willing to bargain. I'd counter offer back to them. We got our house for $65,000 and they originally wanted $85,000. Our first offer was $45,000 and after a lot of back and forth, we met at $65,000, which was what we'd actually wanted to pay in the first place. So if you want it, make another offer, say $50,000 or thereabouts and see if they come down more. All they can say is no, and if they come back with a new price, all the better.

  4. Jerry Says:

    You are right, it sounds to me like they weren't playing ball... but it isn't going to hurt to make a counter offer if you are really interested in the place. After all, you would still have the insurance of some money to lead to the repairs that you want to make. If they don't make any movement after that, then you aren't out anything.

  5. http://custom-essay.ws/blog/thesis-statement-writing-tips Says:

    Buying a home is a very important process that requires working with specialists in order to take into account all aspects of this transaction.

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