02-21-2012 09:04 PM - edited 02-21-2012 09:08 PM
Ok so we haven't heard from the realtor. ...
We are in the process of applying for a usda direct loan. We were told we were selected for processing, and submitted everything that was asked of us. We were in touch with the LO and have gotten positive feedback so far. He is putting everything together to go to his boss. We have been working on this since early January.
We found a home that we fell in love with, and put an offer on it contingent upon financing for the lowest amount we were told we would qualify for, which is $25,000 less than the asking price.
The realtor called and said the seller would like a pre approval letter because there are other offers on the table, and the seller would like to know they aren't wasting their time negotiating with us. I called and asked for one, without saying we submitted the offer. The LO told me he didn't have a number for me yet, and was still working on it. I didn't want to upset him so I left it alone, said thank you and hung up.
I really want to go a little higher with the offer, as the seller asked us for $15, 000 more than what we submitted. I told the realtor who by the way is a dual agent for the property, and us that I wanted to give her another offer, but because of not knowing what our max was I couldn't move for another few days, and hoped that the seller would understand our position. The realtor said, well it is an estate property between family and they really want to just sell it, but would at the same time like to see a family get it. I maintained my position. The other offers and ours is due for an answer tomorrow at the close of business.
If the seller chooses us, is there still room for negotiation, or do they have to take the original offer?
I don't know what any of this means, with all the offers and whatever, but I would like to re counter their offer to be more fair to them, the house is perfect!
Should I call the LO tomorrow and just say look we found the house, we submitted an offer and see where it goes from there?
Would this maybe ruin our chances, like did we do something wrong by making an offer?
I am so confused!! I am not trying to deceive anyone, I thought I was doing the right thing, now I just feel like I did something wrong, and will be punished by having the whole thing taken away.
I really thought most people find a house, submit an offer, and then do all the financing?
Please someone tell me what we should do? Please! This is an emergency. Thank you!
02-22-2012 04:57 AM
If they accept your offer are you saying want to counter and offer more money? Why would you do that? If they accept the offer you gave them, then that is what the price will be, if they counter offer at a higher price, you can either accept or walk away.
02-22-2012 05:12 AM
They did counter the offer. Let me make this a little clearer. We found the house listed at 179,900, we offered 150,000 because I was told that we would qualify for 20,000 to 30,000 less than the max for our county which is 189,900. So 149,900 is the lowest I am sure that we will have available. The seller came back with an offer of 165,000 and here we sit, unable to accept or counter again because of not knowing what our highest and best offer can be. OHHHHHHHH wait my math is off....I still have another 10,000 to go back with, thank you for making me spell that out to myself! ...but should I go higher, or did I really make a mistake cause you arent allowed to make offers before you have the certificate? That's the question I need answered. Thanks!
02-22-2012 05:25 AM
I see, so they countered with 165, you could accept 165 and then its a done deal as far as I know, you could go in at like 155...160...etc.
I think people who are confident that they will get financed do not need to wait for preapproval at all. But if the seller is iffy about selling to you without the preapproval they might accept another offer in the mean time.
If you KNOW there will be no issues getting financed I'd either counter below 165 or accept the 165.
02-23-2012 12:07 AM
02-23-2012 08:09 AM
I got the call yesterday. Someone went in with a cash offer, so the house is gone.
The LO is working on getting us a certificate, promise to lend.
The house is gone now, so I don't have the anxiety anymore. It was the strangest thing, as soon as the agent said I am sorry your offer is off the table, I felt like a weight was lifted, but it was replaced by so much sadness I felt like my heart was breaking. I sent a text out to some family and friends, and they were all very supportive, and made it hurt a little less. I started looking for a new house, but can't find a comparable. My dad was right I have a huge hole in my foot, and it won't heal for a while
but Thanks everyone here for talking me through this stuff. I am sure I will be back, when I find another "the one"
02-23-2012 08:16 AM
02-23-2012 08:25 AM - edited 02-23-2012 08:26 AM
Thanks MKM! You are a nice person to take time to say something nice to someone in distress. I have heard that a thousand times in the past 24 hours, and you are right I'm positive. Still hurts though. I kept daydreaming about the kids playing in the yard, and running through the house, and how happy evryone would be. I truely can't find a house with 4 to 5 bedrooms to make everyone happy in a price range that we can afford now. I just want to cry. I want to call the seller and cry to them, I want to call the person buying and cry to them....but it won't change anything, and it will make me look foolish so I would never, but I really want to let everyone in the process know how hurtful these situations can be. I want to make a law, where the seller has to do counter offers in writting, and have that be considered binding, so we had the time to some back with something before these other people just walked all over me with cash. It just isn't right or fair, and it sucks!
I hope people start listing their houses now for the spring so we can be as happy as I pictured somewhere, and not just anywhere.
02-23-2012 08:28 AM
Aw I'm so sorry. I'm sure when you do find "the one" you'll be thankful this one didn't go through. Thank God for unanswered prayers. Thinking of you today..
02-23-2012 09:32 AM
This is a buyer's market. Im pretty sure you will find what you're looking for in this market.