Tuesday, February 06, 2007

Update on House Number The Second (Y1/M10/D6)

Does anybody actually think house hunting is fun? Seriously? It is so stressful. There are so many variables and it is so much money. I guess that's the reason why so many people just buy a house they love and don't do the math.

Anyhoodle, let's review the current house situation, shall we? They listed at $40k above what they paid a mere six months ago. Friday, we offered to pay exactly what they paid six months ago. Yesterday, they came down $10k and asked for a 90 day escrow (waiting for a loan penalty to expire). Today, we countered at $10k above our original offer but agreed to the 90 day escrow. So, currently, we are $20k apart. Allegedly, we are in a multiple offer situation, but I'm not going to overpay just because somebody else might. Their response, if any, is due tomorrow at close of business.

I have to say, though, I don't think I will pay more. If they come back with another figure, I think I will just stay firm on price and offer a right of first refusal (which basically means they have ten days to get a better offer, but I have the option of matching it if I choose). Because their house is priced high for the area, this isn't a very risky proposition for us. Also, it lowers the pressure for them; they have an offer in hand but don't have to pass up a better one that might come along any day.

I have to say that there isn't much on the market right now that is desirable. But I'm in no hurry.

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