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Star Member MineralMan (137,893 posts)https://www.democraticunderground.com/100215452973My Wife and I Made an Offer on a Home Yesterday AfternoonThere are more showings of it today, but a decision will be made by the seller sometime today. There are multiple offers on the table already. Ours is, I think, a very attractive offer, well above the asking price, and we won't need a mortgage to pay for it. So we have those two advantages, as long as someone else doesn't offer more and also have cash to buy. Yikes!It has been a long time (17 years) since I had an offer out there on a house. Both of us are nervous and edgy today, waiting to find out if our offer will be accepted. We both like the house, even though it is not perfect. It has everything we need, and is in the location we're looking for. We've looked at about a dozen, and this is the first one we both agreed would suit us without any compromises, so we hope it works.Right now, just about everywhere in the country, the pre-owned home inventory is low, while demand is high. Prices are going up and above-list offers are the norm. That puts a lot of pressure on would-be buyers, and makes it difficult to take time to consider carefully before making an offer. In every major market, right now, if you wait, you aren't going to be a homebuyer. Worse, you have no idea what other potential buyers are offering.It's partly the COVID-19 pandemic, but it's also partly a recovering economy and low mortgage interest rates that are driving prices up, along with high demand by buyers. But, that's the situation. Everywhere, it's not optimal for buyers, but great for sellers.If you're thinking about house-hunting, be prepared for a panicky rush to look at houses and a necessity to act immediately when you find one that will work for you. The real estate market is just plain nutsy!On pins and needles. That's where we are.
Star Member Hoyt (48,814 posts) 2. Good luck. Downsized 3 years ago. Sold previous house in 4 days then panicked looking for a new one.
Star Member MineralMan (137,893 posts) 8. We're skipping that. We don't have to sell our current hometo buy the new one, so we're not. After we move, we'll bring in people to do some needed work on it, including a complete interior paint job. Then, we'll put it on the market. I imagine it will sell the first day, too.We're lucky to be able to do it that way, though.
Star Member jcgoldie (7,758 posts) 3. Demand may be high but...I doubt a large percentage of those are cash buyers like yourself, many of them have not only to secure a mortgage but often to sell a contingency, so I would guess the odds are in your favor.
Star Member MineralMan (137,893 posts) 10. That's what we're hoping, and our offer was very generous.No contingencies. I'm also an experienced home repair guy, so I did the inspection myself. While the realtor and my wife were looking, I was inspecting. So, we are waiving the inspection, too. We could close in two weeks, so, if the seller is in between selling and buying, that will also give us an edge.I have some real estate knowledge, and we're working closely with our realtor, who will also get the listing for our current house, so she's motivated. She sold us our current house as the listing and selling agent, and will probably manage to do that again with the same house. Bonus for her, and it keeps her on her toes.We discussed the amount of the offer with her, in depth, so we relied in part on her experience to figure out what's going to work best to provide a can't miss offer. Still...who knows? It's crazy out there.
Sounds like mineral moron just wants to brag he has cash to buy a house well above asking price.
