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We had another failed offer a few weeks ago.My husband and I started house hunting 2 months ago as we've both decided to stay in the NE US area for his job prospects and I enjoy working at my current practice. We've been going to open houses and stalking MLS and found a really promising one this weekend. The open house just cemented our thoughts and we made a pretty competitive offer (13% above asking price, 20% down). We were hopeful.
Got a call from our agent the next day that there was already an offer that waived the inspection and the current market is getting so competitive that offers with inspection still included have been going immediately in the trash. We were super uncomfortable waiving the inspection, especially as FTHB'ers, so our agent recommend a pre-inspection consult (not a full inspection, but just making sure there were no major structural and mechanical issues). The consult went great and had very minimal issues. We updated our offer without an inspection the morning of the offer deadline.
Our agent let us know last night that our offer was the 2nd best amongst over a dozen offers but we were still beat out by a higher offer with better financing. Both me and my husband are really disappointed. The house was a small ranch in a nice neighborhood but would easily be too small for many people. This is the only home in 2 months we've liked enough to make an offer and it still wasn't enough. I know that we're not at peak inventory for the area yet, but with the competitive buying market right now, we're both feeling disheartened. The inventory is at historic lows due to people not wanting to sell and upgrade to a new home due to current mortgage interest rates. There are no houses on the market today in our price range that we would even consider.
I started daydreaming about living in this house and what we would do with it. How we could walk to nearby shops, finally get a dog, and settle down. It would have been really lovely. I told my agent that this feels like a breakup in a way. Both our agent and our families have said the right one will come around next time and I've heard my peers say that they had to put in multiple offers before they got a house. My husband and I are just feeling really doubtful and cynical right now and mourning what could have been.
Yesterday, on our third try, our offer was accepted! We’re going to have a home!!! And it’s frankly a nicer than either of the two houses we tried to get before.