So, it’s been a few days since my partner and I made an offer on this house we’re head over heels for in the mid-Atlantic region. The place has been up for sale for 42 days, and based on comparable properties, it seems like it might be a tad overpriced by around $5K to $10K. Our offer was full price at $405K, and we even sweetened the deal by offering a cash payment of $15K as a deposit. We also made it clear that we wouldn’t be asking for any repairs or credits unless they exceeded $5K, which we don’t anticipate happening.
Now, here’s the tricky part – we have a settlement contingency on our current home, which is set to close on June 12th. However, my mom is also in the process of selling her house (it’s listed already), so we included a sale contingency with a deadline of June 30th for her home to be sold; otherwise, the contract is off. To give the seller some peace of mind, we included a kick-out clause, allowing them to keep marketing the house and considering other offers.
Initially, I was feeling pretty optimistic because the seller didn’t flat out reject our offer. But as the days pass without any update, I can feel the worry creeping in. It totally makes sense that the seller might be hesitant to accept our offer given the uncertainties with both our current and my mom’s home sales. I mean, it’s only fair for them to want to ensure a smooth transaction.
I mean, we did receive a bit of feedback from the seller’s agent, mentioning that they needed to discuss the offer with the seller’s daughter and were waiting on the outcome of another showing. So, I get it, there could be other factors at play here. It might just be a waiting game at this point.
I guess we’ll have to wait and see how things unfold. If the house is still available after we close on our current home, maybe we’ll have another shot. Hopefully, by then, my mom will have a solid offer on her house too. It’s all a part of the rollercoaster ride of buying a home, right? Thanks for bringing me back to reality.
Update: Guess what? We just got the news that the seller accepted our offer! The only catch is that they want to extend the settlement to August 14th so they can pack up at their own pace