Posts Tagged ‘offer’

Tales of a Home Buyer – part 3

May 20, 2011

Written by Shawn DeVries

Not long after, that call did come.  A friend of a family member was selling her parent’s home and was looking to her contacts first for potential buyers.  Fortunately, besides just looking online and in papers, I had told my family and friends that I was shopping for a house.  I also told them what I was looking for and to keep their eyes open for me.  When those big steps in life come up, it is important to enlist the help of those who know you best.

The sellers were selling the property by themselves without a realtor. (A For Sale By Owner.)  Had I not been employed by a lender I probably would not have considered this prospect.  I wondered how much experience they had in selling a home.  I wondered if they had any help lined up to handle this transaction. Yet, while I had some serious concerns I also figured that at this point I was only looking at the place.  So off I went. 

Remember that houses have personalities all their own?  This one was warm and inviting.  This place had character and charm.  This house could easily become my home.  I let them know I was interested but left myself an out.  With spring break coming I would be out of town.  So we made arrangements to talk again after my vacation and that if any other offers came in they would call me to see if I really wanted the place.

During my vacation I could not get that house out of my mind.  By the time my short hiatus was done, I had the place re-carpeted with new laminate flooring, fresh paint and my furniture all neatly placed inside.  This was all in my head of course, but I was hooked.  Again we set an appointment to meet and I made them an offer.  While they remained cool and asked for time to deliberate I was given a good feeling when I left. 

They called first thing the next morning to ask where to fax the signed agreement.  I was screaming with excitement!  I had found a house.  (I was actually screaming inside since I was at work, but I was still really, really excited.)  Now the real work began.

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Tales of a Home Buyer – part 2

May 17, 2011

Written by Shawn DeVries

From all I have read and been told this was my market.  Houses are in large supply, foreclosures are around every corner, prices have come way down; I would have a huge selection to choose from.  Or so I thought.  While there were plenty of homes on the market, not all of them fit my criteria or needs. 

Now let me stop just a moment and say that there is a significant difference between needs and wants when buying a home.  I may want something from the pages of Better Homes & Gardens, but I need a roof over my head that won’t fall over at the slightest breeze.  I may want a master suite with garden tub and walk-in closet, but what I need are three bedrooms and toilet that won’t leak.  You understand.  Dream about that perfect house and go for it, but make sure your dreams align with reality.

Ok, so off I went to start shopping, real shopping.  Up until now I had been just window shopping – looking on line, driving through neighborhoods, leafing through the newspaper.  Now was my time to go inside the houses and really take a good look.  I was crushed!  I was looking at mostly foreclosure homes and expected some dirt and debris in these vacant places.  What I found was absolute filth, half-completed and poorly constructed projects, and plain shock as I wondered how anyone could live this way.  Didn’t their mother ever show them a broom?!  What were these banks thinking in even listing a house in this condition?  These were not just small projects to make a house my home.  I was looking at major repairs perfect for the HGTV shows like “Over Your Head” and “DIY Disasters” where some poor home owner has bitten off way more than they could chew.  Uuugh!

However I was determined.  (Remember I am living with my parents so being a motivated buyer doesn’t even come close to describing my drive to get this accomplished.)  As I looked, I started to expand my criteria; and searching online makes this process very simple to do.   In adding condos to my list of options, I soon found one that seemed to fit.  I made an appointment to see the property and fell in love.  While I would need to make some slight modifications, it would work for me.  Best of all, I could actually picture myself in the place. 

It sounds a little odd to say, but houses (and condos) really do have personalities.  When you walk into a place for the first time there’s a certain feeling that you receive.  Some places feel cold and sterile, others warm and inviting.  There are properties that exude formality and structure, and others that say this place knows how to throw a good party.  This condo seemed to work for me.  So I wrote an offer. 

My offer was admittedly low.  However, being in the industry I knew about some limitations some lenders have on properties being flipped as this one was.  So I made my offer supported with documentation and waited to see what would happen.  The wait, while only a few hours, was excruciating.  What are they thinking?  Do they understand my offer?  Can they see that I am a good buyer?  Why would they not accept my offer?  Are there other offers being considered? 

The answer came back swiftly with a simple, “pass”.  The response felt like a sucker punch to the gut.  But why?!  This makes perfect sense to me.  What’s your problem anyway Bub?!  Regardless of my feelings, this place was not the one I would eventually call home.  So my search continued.

I found another condo in the development that offered a bit more of what I wanted on my wish list, and another offer was made.  This offer felt different.  I was more guarded to the response.  I was hopeful, but prepared for a “no”.  I liked this place too, but was not nearly so in love with it.  Maybe I was preparing myself for rejection yet again.  Maybe I was starting to get desperate.  I hoped not.  The offer came back.  Again it was declined, but at least this rejection offered a rationale.  Another offer had been submitted earlier in the day and the seller had already accepted that offer.

At this point, I was beginning to doubt of whether my dream of home ownership would ever come true.  Where was the place I would call home?  Whoever had it, needed to call me…soon.