Friday, February 22, 2008

house update

We registered our offer on Wednesday, hoping that would scare people off. We have spent the week preparing to drop conditions if we find ourselves in a multiple-offer situation. Financing condition, mostly taken care of. Home insurance, no problem. Condition of sale of our house? Well, that one's scary but we could get some bridge financing if we have to (please no!) and we love the house that much that we're willing to try. We weren't sure what to do about a home inspection, whether to pay for one and risk losing the money for nothing, or potentially drop the condition without one.

When we found out this morning that someone else had a home inspection done yesterday, presumably to gear up for a bidding war, we scheduled one at the last minute for this afternoon. It just so happened that our chosen home inspector just *happened* to have had a cancellation so he checked out the house and everything is better than normal -- except for the furnace, which basically needs to be replaced. To put it in perspective, however, the inspector said that the kitchen window cost more than a new furnace will. The shingles are high-end shingles, the basement has no moisture despite the thaw and heavy rains last weekend and melting today, the electrical work is great -- everything checks out.

Now our agent has also been informed that at least three other offers are coming. So now we have to spend the weekend figuring out our highest price. I never realized that bidding wars don't really happen. We get one shot to make our very best offer, then they pick the best one and that's it. No negotiations, no back-and-forth, no let's-see-if-this-is-enough. And it's likely to go well over asking. What a mind-fuck! I can't believe we love this house and its neighbourhood so much we're putting ourselves through this.

Oh! And just in case you were wondering, they're reviewing offers after 7 pm on Monday. Ugh!

20 comments:

Naomi (Urban Mummy) said...

we were there. We put in an offer above asking. Waived all other conditions.

House went for 150K over our offer. No joke.

It was a great house.

Good luck!

Alpha DogMa said...

I think it was smart to have an inspection done.

How's the general market in your area? Is your house likely to sell fast?

I'm rooting for you!

cinnamon gurl said...

AD, the market's pretty good... it's reasonably likely to sell fast.

Naomi, ugh... I wouldn't be surprised if something like that happened in this case. Oh well... just have to give it our best shot.

Lisa b said...

I'll be thinking of you monday. This market is just crazy. I remember buying our house almost five years ago and by luck had only one other couple bidding against us which was unusual even then. One house we bid on had ten offers and was maybe the same one Naomi bid on!

I was thinking about one of your other posts about your school telling your neighbour her child cannot attend. Julia's early interventionist was mentioning how she is always dealing with schools saying that kids cannot come and that is illegal.

Mimi said...

Gah. All the houses in my hood are overpriced and speculating and it's terrifying. I know exactly how you feel. Fingers crossed.

Janet said...

Yeep! Pins and needles kind of weekend.

I hope you get it.

Bea said...

Oh, this is awful. The suspense is killing me so I can't imagine what it's doing to you. Keeping my fingers crossed.

crazymumma said...

oh man....I just read your past few posts. You are busy, frantic!
We made a fortune on our first house. Real Estate is crazy. Good luck, its a bumpy ride but you will get thru it.

His speech is going to be FINE! Really.

Suz said...

Wow. I keep hearing about how things in the market are going down and our area, in the Southern US, has really dried up.

I wish you the best of luck. I hope that you get it.

flutter said...

ooooooooooh Good luck!!

zoom said...

I got into my first (and second and third) bidding wars in 2006, and I was surprised too that it's not really a bidding war - you just put in your best offer and hope for the best. (I lost all three of mine, by the way. But I ended up with a house that I like AND I can afford.)

My only advice? Keep your wits about you, decide with your head, not your heart, and if you don't get this one, trust the universe to bring you something even better. (I think you were smart to get the inspection done, by the way.)

Good luck!

metro mama said...

I know it's easier said than done, but try not to get too emotionally involved. Don't max yourself out too much! It's nice to have some breathing space.

slouching mom said...

oh, goodness. this is so exciting! i'll be keeping my fingers crossed.

nomotherearth said...

good luck!!

Janna said...

BEST OF LUCK!!!!
I will keep my fingers crossed for you...
I know I am so fatalistic sometimes, but I am sure if it's meant to be, it will be...

Carmi said...

I'm keeping my fingers crossed for you. I remember these scenarios well: I think every homebuyer has to go through it at some point. Maybe it's a rite of passage or something.

I'm so glad you're sharing your experience here. Very helpful for others who go through it, too.

Also wanted to apologize for being such a stranger lately. We've been serially sick - sharing the same cold for the better part of a month - and dealing with older parents who've been in and out of hospital. Challenging times around here, and that leaves me with precious little time to blog. I hope to get clear of that soon so I can catch up with my faves.

ewe are here said...

Glad you did the inspection... you wouldn't want an ugly surprise if you'd 'won' without it...

Wishing you luck!

b*babbler said...

I am so glad the inspection went well!

Good luck with the offer... scary stuff, and I'll be crossing my fingers for you!

Beck said...

AAAAND?

Jennifer (ponderosa) said...

Things seem to work differently in Canada than in the US generally, never mind that it's difficult to imagine more than 1 offer made on a house! In 2008 anyway.

In January we bought a house for a lot below asking price & did a 90 day close to give us a chance to get our current house sold. Last week we got an offer on this place ($10K below list price) and accepted it & tomorrow they're sending an inspector over. It is a HEARTRENDING process. I have been having tiny heart attacks for weeks!

I haven't blogged it because I live in a small town, but you can email me if you want to commisserate!