Our First Bid

We are putting our first bid on a house today.. I am so excited

It was like we hit lotto when we went to see this house because it has an apartment with a tenant paying 800.00 a month... We now know we can afford the house!

We got a pre-approved for the mortgage yesterday and we just put our co-op on the market. We are asking about 20,000 less than the asking price on the house and I am she will counter with something reasonable. This house is price to sell so she might stick to her guns.. which at that point we don't know what we would do (because we love the house so much). Any advice is welcome

Wish us luck.

Re: Our First Bid

You might be ok if the house has been on the market for a long time. Through talking with two of my friends that are RE agents they are telling me that there are two kinds of sellers out there right now.

The first, are baby boomers that don't "have" to move and are trying to get as much as they can for their house to finance their retirement. Many of them are still living in 2003/4 at the peak of the prices and think if they wait long enough they will get their high price. Much of the reason for the increase in inventory out there is due to this type of seller.

The second type are people who have to move... job transfer, can't afford it anymore, worried about having the kids start the school year in Sept. or any combo of those factors. Unfortunately, these are the sellers who are getting hurt the most by the first group. Many of them have lowered their prices but they just can't compete with the high inventory and the rising interest rates. All of these factors are making the sell of their house more difficult.

I think a lot depends upon your seller's situation. Do they already have another place to live? Are they carrying to mortgages? Are they moving out of state? If it's yes to any of those questions you are in a better position.

Good luck.

Re: Our First Bid

Posted by Tah-wee-ZAH

You might be ok if the house has been on the market for a long time. Through talking with two of my friends that are RE agents they are telling me that there are two kinds of sellers out there right now.

The first, are baby boomers that don't "have" to move and are trying to get as much as they can for their house to finance their retirement. Many of them are still living in 2003/4 at the peak of the prices and think if they wait long enough they will get their high price. Much of the reason for the increase in inventory out there is due to this type of seller.

The second type are people who have to move... job transfer, can't afford it anymore, worried about having the kids start the school year in Sept. or any combo of those factors. Unfortunately, these are the sellers who are getting hurt the most by the first group. Many of them have lowered their prices but they just can't compete with the high inventory and the rising interest rates. All of these factors are making the sell of their house more difficult.

I think a lot depends upon your seller's situation. Do they already have another place to live? Are they carrying to mortgages? Are they moving out of state? If it's yes to any of those questions you are in a better position.

Good luck.

Message edited 7/11/2006 10:46:37 AM.

Re: Our First Bid

I think alot depends on if they found another house in a warm state yet

I know my Dad is selling his house and at first was deaparte to sell quick
b/c he found another place in Florida- he closes today

but then when the stock market took alittle dip is liquidated some stocks and just used that as the down payment on the new place

so now he is just lettting the house sit on the market up here

he actually has it priced really well for the area- but it's not moving

Re: Our First Bid

Good luck!