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!
Permission to Fail
12 hours ago