Friday, November 23, 2012

Going Under Contract

Happy Turkey Day!

We spent our thanksgiving stuffing our faces and relishing in the fact that we had just put in an offer for our first house. We put in our offer early Monday morning and negotiated with the sellers during Tuesday and Wednesday and finally signed our agreed upon contract today.

The negotiating went as follows: Our initial offer was for $30,000 less than listing price or 86%, $1,000 earnest money, no closing cost assistance and a 60 day closing because we were leaving to visit Puerto Rico for a month and wouldn’t have a chance to finish the loan application before we left. Their immediate response was that the offer was really low but that they were still willing to negotiate.

On Tuesday, we got their first counter offer for $10,000 less than listing price or 95% and $4,000 earnest money. We immediately countered back at 20,000 less than listing or 91% with $2,500 in earnest money. Wednesday morning, we got their last and final offer for $15,000 less than listing or 93% with $3,000 earnest money and we ACCEPTED!.... $15,000 less than listing price was EXACTLY what I wanted to pay for the house and it was totally the number we were hoping to reach when we put in our offer for $30,000 under.

The inspection is scheduled to be done next Thursday and hopefully the house is in good shape (Should be since its only 10 years old). We are now gathering all our paperwork to start the fun process of mortgage loan application.

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