Made an offer

Made an offer

So as a few of you know I have been looking for a new house to buy for the family... I have tossed a few different houses around made a few low ball offers but nothing to exciting...

Well over the weekend we found the house that we LOVE!!! It is exactly what we are looking for!

Some details: Tri level brick house 3 bed 2.5 bath 1900sqft living room, family room, wbfp, screened in rear porch 2 car attatched garage.

House is in short sale with approval on offer in 72 hours.

Asking: $120,000
County appr: $132,000
Total view $145,000
Zillow $150,000
Comps $140,000- $145,000

The realtor (which is a good friend of mine) told me he is pretty sure the house could be bought for $115-$110. So I put my first offer at $85 on monday. He just called me today and said he just got another offer on the house today and it is a lot higher then mine. Well knowing he is not legally allowed to tell me what the other offer is he kind of secretly told me it was for 110,000. So if I want to raise my offer to match that now would be the time to do it before he submits this other offer....

The house is in great condition. Has a brand new roof on it. Basically doesn't need anything. Only thing it is missing is a fenced in yard and detached garage like we wanted... It has a big enough yard to do that though...

Does anyone think that at $110 that is still a good deal as long as an appraisal can come back and match those...

Sorry for the long post!!



I might put my foot in my mouth here, but:
Sometimes it is less about investment and more about the dream when it comes to something like this. Smiling
Of course you always want to get the best deal, but if you found a home you absolutely love and can afford it and plan to stay, it sounds like a good investment even if it's only say 10%off. Smiling

Now, could you get it for lower by offering cash? Could you make an offer that the bank might take over his because of the terms? Maybe. (ask your agent) Would you rather wait and find more house for the money?
Take all into consideration and then do what your heart tells you. After all, it is your home. Smiling JUST my opinion (take it with a grain of salt. Smiling ).

All that being said, more than likely the bank will come back and ask for highest and best, so the first round offering lower doesn't necessarily eliminate you.

Good luck!! And congratulations, Shaun, on the exciting prospect of a new home!



"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)

"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

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Rina thanks so much for your opinion. I look up to you and have always looked up to you since day 1 that I have been visiting You totally answered my question and I know exactly what I am going to do now!!


I Agree with Rina

Shaun, If it is what you and the family want and the payments are going to be what you can afford, than go for it. It is not always about finding the killer deal, it is what you want to do. Sure big discounts help, but that is on the investment side of our business where we all work very hard to make some $$$.
good luck and I hope this one is a keeper....Jan

I also agree with Rina and Jan

I also agree with Rina and Jan. Sometimes you do not want to kick yourself in the butt, saying you coulder, shoulder. Do what you think is right for you and the family. Cash if possible is an excellent way to go. Hope everything works out the way you want. Thanks for sharing. God Bless.



"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.

I agree with Rina also, its

I agree with Rina also, its really not about a killer deal since you plan on keeping it and making it your home. If its in an area you like and the price makes sense,go for it. As far as equity goes, in a few yrs it will be worth alot more as the home prices go back up after this mess gets straightened out.

good luck


I had a deal in north carolina similar to yours, Was trying to get a house for my nephew while he was going to school. they kept telling me they had better offers, Long story short, I ending up with the house $10.000 less 6 months later.



Go For It!!!!

Like Rina said, go for the dream! If this is a house that is for you and your family, and you really want it then I would say you better go for it. Make the offer!



This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams

Bruce Springsteen

Offer Made

Offer was submitted today. Couldn't go all cash but went conventional with 20% down with the loan coming from a family member at 0% interest and the plan to refinance down the road sometime!!!

So we will see what happens. Realtor said we might hear sometime tomorrow but will most likely be Monday or Tuesday!

Bank will most likely come back with a counter or ask for best and final from both of us...

I will keep everyone posted!!


I'm glad you made the offer!

I'm glad you made the offer! I was going to tell you also to go for it, but you already have! Best of luck and let us know how it goes!






Glad to read through this and see it ends with you making an offer! I'll look forward to your updates....I agree with the advice of everyone above too. I just had one question - if your loan is from a family member at 0% - doesnt that equal an all cash deal? That would make your offer really strong. Sorry if I misunderstood what you were saying. Good luck!


Saw your requests for help to Rina at the end of this thread. You are asking the right woman, for sure Smiling but it would be much better to go to Rinas journal or profile and contact her that way. Things tend to get lost when posted in someone elses topic. Good luck to you!


If you love the home go for it. I agree with the DG Family on this one. Congrats



May each day get better

go with your gut

Short sales are alittle tricky they have to be accepted by the banks and everything everybody else has has said to you about it is true just go with your gut. And if you get it great and enjoy evry minute of what im sure will be a great deal with your family

agree with everyone...

If its a DREAM and you can fulfill it then thats one dream fulfilled. Then move on to your next dream. Hope you get it.

Laura- I think when he said the loan at 0% from family I think he was referring to the 20% down, at first I was thinkin the same Shaun correct me if im wrong but thats what I got from it.


Yes you guys are correct.

Yes you guys are correct. They are loaning me the 20% down payment for 0% interest!!

Thanks for all the comments!!

Good Luck with your dream home.

Good luck and hope all goes well with your dream home.


Love and Laughter make the world a better place.

Family Deal

I am happy to hear that you put in an offer. I agree with the DG family that you do not necessarily have to have a killer deal on a home for yourself as long as it is what you and your family want. The best part of this deal is it is what you want. I hope you get it and your family can enjoy many memories.

So just to keep everyone

So just to keep everyone updated the bank that had the mortgage on this property just sold all of their assets to Bank of America. So basically we are starting over on this short sale...

Realtor said he does have a new contact at Bank of America for this property and that they have received the file... So hopefully we can get something done sooner then later...



Hang in there buddy. It well pick up speed soon. Glad it is working out for you...Jan


How about an update on your deal.

Wish I could give an update!

Wish I could give an update! Still waiting to here from the new bank. We have a contact over there and have talked to them every week and supposedly they have there BPO in on the house. They are just waiting to receive the short sale package I guess. Long, Long, Long, Long process... We are in no hurry though and this IS the house we want... So we will wait and hopefully we can agree on a price...

We will just have to WAIT and see... WAIT= story of my life!!!!

Thanks Jan

Well here is a little bit of

Well here is a little bit of an update! So the house that we liked and made an offer on is taking forever... So we have put it on the back burner and just waiting to see what happens with it.

So in the mean time I have been looking around to see what is out there... Spread the word that I am looking and word of mouth found me a 3/1 on 1.25 acres out in the country. 1700sqft not including the full unfinished basement... Called and talked with the lady. She is 84 and is ready to move to assisted living. After talking with her for awhile found out that she is wanting to get $120 for the place. I said ok let me do some research and I'll get back with you.

Looked the house up.
County appraisal= $129
Total view= 151
zillow= 144
cyber= 155
ehomes= 172

I thought ok this could possibly be a good deal. So I went and looked at the property. Very nice house. She is the 2nd owner and has owned it since 1975. It needs updated badly. Has great hardwood floors underneath the carpet. Needs a bathroom and kitchen update. Also needs an electrical panel update. Furnace is new, all new windows, and new roof.

The bad!! As I was doing my walk thru noticed that the basement has a bad foundation problem on one of the exterior walls. I asked her about this and she said it has been there since the day we moved in and has never gotten any worse.

Now as far as I have been told a house with a foundation problem will not pass inspection for a bank loan... I am assuming this is true. So the only way I could possibly do this is cash.

She showed me an estimate that she had done and it was for 6,000. So I am figuring 20,000!!

Her absolute bottom dollar is 90,000 she says but I doubt that. So I am giving her a few days and see if we can't work anything out.

I have my grandma that said we can do cash on a deal but she only wants to go to about 70,000. If I can get the foundation fixed this could be a really good house. This property is in the country and qualifies for USDA which I think funds 100% of the value not the sale price. (Jan correct me and please chime in b/c I know you bought your property on USDA)

So if anyone has any thoughts or ideas please let me know!!!

Like always THANKS,


Yep, you are right, 100% financing as long as it is in a USDA approved area. Check with your mortgage broker. They will fund up to 103%, which means any of your out of pocket will come back to you at closing, even your pre pays like house ins. It is a great program. Our took a little longer because they were swamped with deals. Took about 45 days to close. Good luck on both deals Shaun...Jan

Jan they will fund 103% of

Jan they will fund 103% of the value or sale price??


Up to 103%. It use to be 106% but that faded away. This could have changed in the last 3 to 4 months, but that is my understanding of it.

So had a foundation guy come

So had a foundation guy come out and look at the problem on this house... He gave me a quote of $8,000 to fix it which I was thinking $10,000. He noticed that they other wall has a few cracks in it also...

So what I am going to do is have the house inspected and see what all I need to get fixed then go ahead and fix it then have it re-inspected by the same company so they can approve it for the loan...

Does anyone know if i need to use the inspector that my mortgage broker is going to use or if I get it inspected can I just give them that report??

The owner and I have agreed on a price but waiting to see how much money I am going to have to put into the property before I can get a loan on it... I am going to give her the full asking price minus the repairs that I have to do...

If the foundation is not going to be to much more then what I was quoted I am going to go through with the deal... I am going to sit down with my lawyer and draw up a contract giving me permission to fix all the problems before I buy or something like that!!

Hopefully I can get this thing rolling next week...

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