I might be broke tomorrow UPDATE

iVillage Member
Registered: 11-22-2006
I might be broke tomorrow UPDATE
83
Sun, 07-13-2008 - 8:01pm
OK girls I did it! I put in the offer. It is a lot of money and the difficulty is that as it stands I would have some savings left but only about 4 months salary and then IRAS and that is with my Dad's help which I am going to take him up on. I feel slightly vulnerable taking help from him. It has been literally 15 years since I asked him for money for anything so it feels weird but he is being very insistent and wants me to have a safety net.
I guess I will have a response to the offer tomorrow at some point although I dont know - sometimes it takes longer? I know she was calling the realtor as I left the house to let him know I had submitted the offer but I dont know that he was around to receive it. Anyhow, if he wants to go up any more I will be dipping into those savings. Not sure how I feel about that but I know it makes me feel shaky.
Luckliy the mortgage is only 500 more than rent and that is actually just fine with us. We have been renting for 3 years in this 2 bedroom in a very expensive part of town so thats why there isnt much difference. It isnt like we are going twice as much which is what I did when I bought my first house after renting a one bedroom for a few years. So we will still be able to save a few thousand at least every month to replenish savings or to help fix up each month. I have thought about that and think we will be fine as long as we are careful. Also I cranked the numbers and I could actually buy and afford the house on my own even if something happened to SYB and I. and I dont even like writing it so you can imagine how it felt to think it through.
The two other houses I saw were nothing to sniff at compared to this one but mostly that is about style. They all need some work I guess and it is clear I am going to paying about the price I am offering to get the space I need in the neighborhood I like along with getting it livable and planning reno down the road. I just loved the period built ins etc in the one I made the offer for. It just made me feel good and I honestly think it reminds me of Paris or Europe and I did live there five years so that makes sense. I also thought today long and hard about the fact that when I bought my second home years ago after the separation/divorce I bought in a lesser neighborhood to save money and it was a new townhome in a community, very plain and simple. The house was safe and solid but it did nothing for me spiritually. And since I work at home I think that is an issue for me. I moved to the city partially because I need more action around me and stimulation. It helps me work and feel good. So I think the house has to have these things about it too and the one I bid on tonight does so that is great.
And I figure if this one doesnt work out, at least I am getting more and more a sense of what I want and need!
So - sorry to drag this on but throw more good wishes my way. I need every single one of them and I have a feeling tomorrow might be a big day over here!
Lilypie - Personal picture

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iVillage Member
Registered: 05-13-2005
Tue, 07-15-2008 - 9:59am

City, now we are all wanting to hear what is going on with the offer? Any news yet?

Maybe they thought they had another one coming in, or maybe his lawyer or kids have to review it?

It must seem excruciating to have to wait so long in limbo - good luck and keep us posted! I would do exactly the same thing as you!!

iVillage Member
Registered: 09-11-2007
Tue, 07-15-2008 - 2:11pm

Hey, City.

iVillage Member
Registered: 11-22-2006
Tue, 07-15-2008 - 4:11pm

OK I am updating but I have nothing to update except that I am tryingto hold on to my sense of self and humor here. There is a pre contract inspection due here at THIS APARTMENT that I just heard about scheduled for MOnday so that means this place might truly be selling. Uhoh. So the real estate agent for my landlord just informed me of this and I wrote her back and confirmed the time as being ok for the pre contract inspection and asked her if she could be honest with me about whether this contract was for a buyer who would serve as a landlord or whether they were considering occupying my apartment. I think that info would be useful to me right now and I figure the worst that she can say is that she isnt at liberty to tell me that as it stands.
I called my agent at a bit after noon this afternoon knowing that she probably didnt have any updates since she hadnt called after all but I just couldnt help myself. She confirmed with me that she knew nothing yet and when I asked her how long he could take she said that in DC it is 14 days. Um....So I told her that I wanted her to communicate to the other agent that time was of the essence with us right now and that if I didnt hear :

1. we are putting together a counter offer for you to review
2. we are not interested in dealing with your client period
3. We are accepting your offer as is

within the next 24 hours I was going to assume the 2. and look for another property. I am going to buy a property in the next 6 weeks before school starts again and whether or not it is HIS property is up to him. He knows that there are other houses in his area that are going for the right price and if he wants to sell his property he will start negotiations or accept the offer as is.

I dont think he is being unreasonable taking a day to think it over of course and who knows maybe this is a good sign but she hasnt hear BOO from the other agent which I find odd and a bit disconcerting. I have to hope that he isnt just ignoring the offer and putting me on hold mode. Either way I am going house hunting tomorrow but now I wonder whether I can make another offer on a different house if he gets 14 days to respond! Perhaps this was my oversight. The contract is over 26 pages long and I thought I read it. Anyhow, I need to ask her if I find another home to bid on and do so whether I am forfeiting my 5000 deposit with this guy since he could still say yes in that 14 day time period. It feel s a bit scary like a catch 22 here. Anyhow, I think it would be decent of the agent to at least tell my agent that he gave the offer to him ( she hasnt even heard that yet as far as I know and she said she dropped him an email as well as a voice message this morning looking for an update) and maybe what his reaction was to give us an idea as to where we stand. I thought agents talked to one another about these things since dont they both want the house to sell?
I am frustrated but not too much to work and play with DS over here. I realize there is nothing I can do but could use some words of support right now!!! I havent even heard from SYB today and I could really use an adult ear!

Lilypie - Personal picture
iVillage Member
Registered: 11-03-2003
Tue, 07-15-2008 - 4:14pm

My bad - I misread it.


~s~




Edited 7/15/2008 5:19 pm ET by soonee
iVillage Member
Registered: 11-22-2006
Tue, 07-15-2008 - 4:29pm
yes, I know....that was what I meant by the catch 22. But what I am asking for is common courtesy. I can look for another property just fine if he says he wants to pass on my offer for any reason. I just cant bid on another house until he says NO and I get out of the contract offer. I obviously need to talk to our agent to be sure. It is his choice if he wants to stand in our way for 14 days but it would be courteous if he didnt especially if he has no intention of haggling with us. I am not saying he has to accept our offer as is. He can counter, right?
Lilypie - Personal picture
iVillage Member
Registered: 09-11-2007
Tue, 07-15-2008 - 4:43pm

Good luck, City.

iVillage Member
Registered: 05-13-2005
Tue, 07-15-2008 - 5:18pm
A watched pot never boils - you have to wait - what seems like an eternity to you is nothing to them. Just hang in there - take Monty and DS to the park!!
iVillage Member
Registered: 11-22-2006
Tue, 07-15-2008 - 6:18pm
I know....I just have a bad feeling at this point because the last time I spoke to my agent she hadnt even been able to get a return call from the other realtor and that seems negative to me at this point. It seems to me like they should have touched base today if not just to say that the owner needed some thinking time. I have sold three properties in my life and we always responded right away so maybe this is also why it strikes me as a bad omen.
I will know something by tomorrow I bet just because I really am serious about continuing my search. I have to since the property I am living in looks as if it is selling now!
Lilypie - Personal picture
iVillage Member
Registered: 10-07-2005
Tue, 07-15-2008 - 6:50pm
Didn't you say that the owner was in the hospital for something?

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iVillage Member
Registered: 08-08-2007
Tue, 07-15-2008 - 7:40pm

~Pacific~

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