Put in an offer for a house....

[KillaCamNewton]

2 hours ago, thefuzz said:

House is in Texas.

ahhh. preciate it

[Squirrel]

Congrats on the wedding and glad you didn't get stuck with that house. $100 says that house will still be available in 6 months. You made the right decision to walk away from it. 

[hepcat]

10 hours ago, Squirrel said:

Congrats on the wedding and glad you didn't get stuck with that house. $100 says that house will still be available in 6 months. You made the right decision to walk away from it. 

House actually says pending now, I think he went with another offer

Were planning to make an offer on the other house I mentioned on March 1. It seems like exactly what we’re looking for with less of a headache

[Khyber53]

18 hours ago, hepcat said:

House actually says pending now, I think he went with another offer

Were planning to make an offer on the other house I mentioned on March 1. It seems like exactly what we’re looking for with less of a headache

Looks like someone took a bullet for you. Whew!

[hepcat]

16 hours ago, Khyber53 said:

Looks like someone took a bullet for you. Whew!

If he was being honest about having cash offers from developers, that house might have a slap dash renovation and be back on the market at 100k higher than the original asking price in a month 

[Khyber53]

1 hour ago, hepcat said:

If he was being honest about having cash offers from developers, that house might have a slap dash renovation and be back on the market at 100k higher than the original asking price in a month 

Or it might be someone who didn't do as much research as you. So many flippers lose their shirts on their first project. Just like the Olympics, it all looks so darned easy on TV.

PS, always check the sales history of any house you buy. If it has sold within the last year and has new cosmetic stuff in there (generally countertops and hardwood-ish floors) it's probably a flip and the people doing the work probably weren't licensed or even skilled. Check for a permit being pulled for any remods... if there isn't one, then it didn't get inspected. And inspections are there to protect the consumer.

 

[hepcat]

Our realtor got in touch with the owner of the house going on the market March 1, they are allowing us to put in an advance offer before it hits the market. Here we go again....

[thefuzz]

19 minutes ago, hepcat said:

Our realtor got in touch with the owner of the house going on the market March 1, they are allowing us to put in an advance offer before it hits the market. Here we go again....

Don't pull a Marty Hurney and bid against yourself.

 

[LinvilleGorge]

2 hours ago, thefuzz said:

Don't pull a Marty Hurney and bid against yourself.

 

Yeah, not sure of that was a good move or not. Maybe if the seller is really motivated and wanting to move this thing quickly, but you basically just set their floor for them. 

[hepcat]

27 minutes ago, LinvilleGorge said:

Yeah, not sure of that was a good move or not. Maybe if the seller is really motivated and wanting to move this thing quickly, but you basically just set their floor for them. 

Were probably going to wait but this was just brought to our attention. We’re both pretty worn out from the stuff we went through with the last house. This is a nicer house than the last one but the area isn’t quite as desirable. The fact it’s owner listed makes it a bit different. He used to be a realtor apparently and knows our realtor personally which is how we found out about the house before it hit the market, but doesn’t have his license anymore. Whole thing is kind of an odd situation so we’re gonna be patient.

[thefuzz]

14 hours ago, hepcat said:

Were probably going to wait but this was just brought to our attention. We’re both pretty worn out from the stuff we went through with the last house. This is a nicer house than the last one but the area isn’t quite as desirable. The fact it’s owner listed makes it a bit different. He used to be a realtor apparently and knows our realtor personally which is how we found out about the house before it hit the market, but doesn’t have his license anymore. Whole thing is kind of an odd situation so we’re gonna be patient.

Pocket listings aren't odd at all, and it's how a lot of those in the industry get better deals/steals than you can.  Not saying it's always a good deal, but they can be.

My house was a pocket listing, got the house about 60k under value at the time of purchase.  Had to be pretty ballsy though.  Come in over asking, 15 day close, loan commitment letter (not pre approval those are trash), no inspections, no repairs.....

I would NEVER recommend that to someone who isn't in the business....FYI.

[hepcat]

3 hours ago, thefuzz said:

Pocket listings aren't odd at all, and it's how a lot of those in the industry get better deals/steals than you can.  Not saying it's always a good deal, but they can be.

My house was a pocket listing, got the house about 60k under value at the time of purchase.  Had to be pretty ballsy though.  Come in over asking, 15 day close, loan commitment letter (not pre approval those are trash), no inspections, no repairs.....

I would NEVER recommend that to someone who isn't in the business....FYI.

That sounds pretty crazy. I’d be more inclined to make an offer if we got a deal like that but this house is 50k over the last house we were looking at, and that might price us out. It’s bigger and nicer but in a slightly sketchier area and still requires some work. Not as much as the other house but some upgrades will need to be done.

[LinvilleGorge]

4 minutes ago, hepcat said:

That sounds pretty crazy. I’d be more inclined to make an offer if we got a deal like that but this house is 50k over the last house we were looking at, and that might price us out. It’s bigger and nicer but in a slightly sketchier area and still requires some work. Not as much as the other house but some upgrades will need to be done.

It's nice to buy a house that could use some upgrades. That means you can add value. You can also do it to fit your own taste. As long as it's liveable and move in ready it's all good. You can do those upgrades as they're convenient for you, both in time and financial terms.

Just remember, paint is the cheapest change you can make. Flooring is relatively cheap as well. Appliances? Easy peasy. You can do a lot to make a house look a lot better and do it with minimal expenditure if you can do some work.

This was the front entrance to our home when we bought it:

Rebuilding the front porch and steps and adding a pavestone patio with built in fire pit made the entrance look so much better. I think I spent around $5-6k on all of it.

The kitchen was functional, but basic and the appliances were dated. Best Buy open box deals fixed that quickly. Added a backsplash and restaurant style vent hood and it looks like an entirely new kitchen, but I probably spent less than $2500 out of pocket on it.

[thefuzz]

1 hour ago, hepcat said:

That sounds pretty crazy. I’d be more inclined to make an offer if we got a deal like that but this house is 50k over the last house we were looking at, and that might price us out. It’s bigger and nicer but in a slightly sketchier area and still requires some work. Not as much as the other house but some upgrades will need to be done.

It was crazy, but occasionally you gotta takes risks when working with real estate.  Good luck to you either way, and if I can help in any way please reach out.