We made an offer and it was rejected. We made a counteroffer. I want this place, but I am afraid that the seller won’t settle for less than list and I don’t think it is worth list on the market, as backed up by it being on the market for quite a while. I don’t want to be underwater on this.
On top of that my mother already is talking about what will happen when I default on the loan. Nevermind that I am well able to afford this place now, and there is nothing forseeable that would cause me not to be able to pay for it and it will cost not that much more than renting. I swear that woman is a joy vampire.
I almost hate to say it but you shouldn’t get too attached to any one house. If the owner is being unreasonable then you should walk. There are other houses out on the market and not being in a rush in this market is an advantage.
Congratulations! You’ve cleared several major hurdles. Finding a lender, getting pre-approval, finding a buyer’s agent, finding a house, writing an offer/counteroffer, and now having one accepted. That’s a lot since this thread started less than a week ago! I think we house-hunted for about three weeks.
I would still caution you, however, to not think of the house as yours yet. You still need to pass inspections, deal with title research, etc. Don’t be afraid to walk away if the inspector turns up major problems. You found this place in about a week of looking, you can find something else if this one doesn’t work out. What you don’t want to do is be underwater, as everyone is when they first buy, and then get hit with a major repair bill from something which the inspector said was on its last legs when you had it inspected.
If you haven’t already asked, see if a home warranty would be a good deal for you. Typically they are cheap if you get the seller to buy it(may be worth increasing the funds you pay at closing to cover it for him/her) and they cover major issues(plumbing leaks, AC/furnace breakdown, dishwasher, oven, etc.) which arise during the first year. Since cash on hand is generally low after closing on a house that’s a big bit of stress relief if you can get one.
Still, you’ve come a long way and it sounds like you’ve found a place which will work well for your family, so congratulations are what I want to start and end this post with.
We have found both inspectors and appraisers on our own independently of the bank or realtors. I need to fax the contract to my attorney for review, but the offer was quite legible and contained the contingencies that we were looking for. I have an appointment for the inspector on Wednesday when I already am taking a day off; I look forward to finding out more about the house.
The appraiser we will call this morning. I wanted an independent valuation of the house. After interviewing this guy, I am confident he will do a good job of telling us what the house is really worth.
We are getting a warranty for $500. There is a $100 deductible and it covers heat and AC and the major appliances and usual things. We have already talked to our current insurance company about home owners insurance and will give them the address today so we can get a quote and get that started.
They are taking the good stove and refrigerator so we need to buy those new. This suits me fine as the existing ones were very much not what we would want. We are keeping the older stove and refrigerators.
We have two houses that we saw that would potentially work for us as well. This one was by far the best one for us. Not only does it have more room and land, it has the least obvious issues. I wanted to go larger because I really don’t want to be moving again any time soon both for personal and market reasons. This house also has more of the things on buyers’ checklists. It has two full bathrooms. It has a fireplace. It has an attached, heated two car garage, it looks great from the street.
I am very excited. I wish my mother was not so negative. It really has cast a pall on what was a very happy time for me.
Congrats on the new digs! Will you have to rip out the carpeting or fix other unsightly (hideous) things? Sorry to hear your mom took a dump in your Cheerios. Proving her wrong will be the best revenge.
Out of interest, how did Mr Lee take to the house ?
My buyer came round on Saturday, he had just got the surveyor’s valuation report, and looked very happy. I was touched that he asked me to leave my very old pine kitchen table, which I really wanted to keep.
Between home owners, there is, I think an element of ‘handing over’
exploit it as much as you can
Today I made a point of sorting things out with my window cleaner, and decided to leave the buyer my contacts archive.
He liked the house a lot, which is why we moved on it so fast. He liked the kitchen better than I expected he would and was pleased at having a proper nursery. He also likes the relative abundance of closets and the second kitchen.
Congrats.
I am glad to hear things have worked out so well so far.
Any chance you could link to a pic so we can all ooh and aah? Perhaps on Realtor.com?
Also, just curious - what % much under list was your initial offer, and your second offer.
IMO it really sucks when sellers simply reject an initial offer without countering.
The fixing we need to do is that a bathroom and the nursery need to be repainted. The carpet may also be ugly in the nursery, but that is a 10 x 10 room and I don’t anticipate it being that difficult to fix up that room. It also has a fake fireplace that I am eager to shed, but I don’t know how easy that will be.
Most of the floors are freshly redone wood or new beige carpet. Eventually, we will most likely yank out all of the carpet. There is nothing appearancewise that made me say “Dear God!” out side of the bright melon colored walls in the nursery next to the red faux brick fireplace.
We got is for only 3% off list, but at that price, it seems to be a good value for the area. I have a hard time imagining that nearly a half acre in Cook county will lose that much value. We were lucky and a few planes came by while we were in the yard, so we have some idea of the airport noise. It is about what I am used to. Pics will come soon.
It started life as a Cape cod, and from the front, that is what it looks like. It has white siding and maroon shutters. The additions seem to have been made somewhat competently, including putting a sloping rather than flat roof on them. It looks like neither the nicest or worst house on the block.
Way cool.
Like you, I appreciate a bit of elbow room. Right now we are closer to my neighbors than I would prefer. Amazing how much of a difference every couple of feet makes.
What are the dimensions of the lot? Is it deep and narrow? Squarish? I’m guessing 1/2 acre would be - what - 80’X200’? That IS a nice sized lot for the Chicago area! You can do a lot of planting, including trees and such to screen any undesireable views/create privacy/etc. My recommendation - first thing is consider where you would like to put trees/shrubs. They take so much longer than other perennials. If you wait too long, you’ll feel like you were planting them for the NEXT owners.
Re: the planes. Glad it is tolerable. Like I said, the flight paths seem to go either to the W of the tri-state, or to the N of you. In that area a matter of a mile or so one directionor the other can make all the difference.
I’m happy for you!
Now you are going to need a lawnmower, rake, shovel, etc. ad infinitum!
The next door neighbors on one side are on a big lot like ours and their house is on the far side from our house. There is a side yard on our property of at least 15 feet between our house and the other neighbors. The lot size is 90’ x 184’. Plenty of room so we don’t step on each other.
There are trees on the lot, but I don’t have a feel for their type or health. The front has a South facing view, and I do want a rose or two out in the front yard, maybe a Queen Elizabeth and a Peace or Chicago Peace. Daffodils will go everywhere especially along the front walk. I will be pulling some evergreens, as I hate the evergreen hedge that plagues so many suburban homes. I want to put some lilacs in the back and side if there are not any yet. We have hostas to move to the shady areas. I also have a bleeding heart and columbine to move.
We have a lawn mover and gardening equipment. We will be hiring someone to mow, but we do most of our own gardening. We have been renting house for years and years so that is no big change. I am looking forward to designing the raised beds and building the stone walls for them. We did that sort of thing here. I am also looking forward to putting in some boulders. I love boulders.
