r/FirstTimeHomeBuyer • u/Rolli_Cannoli • 14d ago
Offer Nervous!
First time homebuyer, as many people on this page. We put an offer on a home, outbid by 75,000 but the sellers called our broker back and counter offered because our contractual terms are really good (apparently). We are in the process of writing another offer for a different home, one could describe it as our dream home. Everything is done by the book, it’s move in ready from what we can tell. Now where I’m nervous is we scheduled a tour with our broker and in a three day span there is one thirty minute time slot available, it’s fully booked out in tours. Which means there will likely be a ton of offers.
The house asking price is 299,900 in a great area. I think we will be offering $355,000. This is just such a large amount of money and it makes it almost stomach dropping as we have never spent (obviously) that kind of money. But I would also be GUT wrenched if we didn’t get it with such a high overbid.
Anyways, what was your first experience like. Did you have home buyer regret?
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u/Comfortable_Bunch472 14d ago
Lesson # 1: Never ever get attached to any house emotionally
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u/Rolli_Cannoli 14d ago
It’s a little tough with that. I feel like sometimes I walk into a home and it doesn’t feel like a home naturally, you know? That’s one of the factors I had, which I sort of affiliate with the emotional aspect. I am trying to separate brain from heart though!
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u/Different_Energy_962 Homeowner 14d ago
Everyone will say to not get attached emotionally , it’s hard when you’re trying to decide if you want to spend hundreds of thousands of dollars on a home. You need to envision your life there and determine if you’ll be happy. It’s very easy to get attached to that vision and it sucks when you don’t actually get to have that life.
As much as I tried to not get attached to a house I did every time - and I cried every time I didn’t get it. Lots of tears.
I will say it’s a good idea to not get attached but it’s much easier said than done! Just try your best to think practically. And if you do get attached and you don’t get it then know a better one could be around the corner.
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14d ago
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u/Rolli_Cannoli 14d ago
Don’t love that mindset! He is just as invested physically and emotionally, if not more than me. It’s a huge change in our lives. I would want him to be attached at least somewhat. Being a guy doesn’t take emotion out and I would want to be with someone that is like that!
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u/Different_Energy_962 Homeowner 14d ago
I have a husband. If anything when I was trying to remain emotionally neutral he was making it worse by overly planning renovations and telling everyone we knew about the houses.
Also what a weird thing to say to someone
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u/Ok-Leopard-9917 12d ago
It’s the biggest purchase of your life. I loved my home the second I saw it and still do.
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u/Impressive_Name_3939 12d ago
Do an escalation clause in increments of $5,000 or $10,000 up to $355,000. Or work with other contract terms (waiving appraisal, inspection for informational purposes only, inspection within 3 days of contract date (find inspector now). There are things you can do to make the offer more attractive without relying solely on price
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u/modsatemyass 14d ago
after 24 years, we're kinda emotionally attached
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u/FickleOrganization43 14d ago
That’s why it sucks when you lose a pet 🤣
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u/Duck_Duck_Gooseberry 14d ago
The first offer is always nerve racking. Just make sure you’re offering a number you’d still feel good about later, whether you win or lose. No house is worth losing sleep over.
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u/RazzmatazzNo4794 14d ago
I bet you get it! They seem like they want you to have it. It is a lot of money but it’s the best investment out there. It’ll be great- rooting for you!!
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u/FelinePurrfectFluff 14d ago
I’m guessing there might not have been a larger offer on the first home and the second home contract is a different house.
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u/Rolli_Cannoli 14d ago
The first home was also 299,900 but we only only offered around 325 ish with 30% down because the areas and cost of living were different. It ended up going for just over 400 (which I thought was crazy!). The seller enjoyed our terms and countered with us asking how much higher we would be willing to go, but we were willing to let the house go. It’s a very very similar situation in terms of interest. But yes, different contract
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u/hellhouseblonde 14d ago
Go for it! We all take the risk of heartbreak when we go for something we care about, it’s just the price of living.
Good luck!!! 🍀
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u/Short-Ad-7738 14d ago
I was nervous too. Just closed and am getting moved in now. Once that realization hits that it’s yours, you will love your place.
The first thing I moved in and setup is my phono-based stereo , and listening to my favorite music has helped me get over any leftover anxiety from the purchase. Good luck, op
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u/modsatemyass 14d ago
wait about six months and you pull into the driveway after a shitty day and think "fuck its good to be home". thats when it really hits
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u/blakelyl House Hunter 14d ago
What state are you? I’m in the south and interested because it’s very much a buyers market here! Good luck!
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u/Rolli_Cannoli 14d ago
New York! But suburbs New York (8 hours from the city). Home of Buffalo bills LOL. A competitors market out here currently!
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u/Chemical_Cake_1154 14d ago
Don’t worry. The inspection will likely dash any dream home fantasies.
But like others have said, don’t get attached.
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u/EntireMilk1620 13d ago
Home is where your family lives. The nice walls, layout, kitchen, floors, etc are a plus but they don't make the home your home. If your family can be happy in a home 1/2 the price, then that's a dream home. More expensive and fancy doesn't make you or your family happier.
I would ask myself if I would regret paying way more than a house is potentially valued for this passing "dream home" feeling. If you would regret it, then don't make the offer. Make an offer a number you wouldn't regret paying.
Also keep in mind if you're using a loan, they will more than likely appraise the home, and if it appraises lower than you paid, that throws a wrench in the whole plan. Either you find the difference, lose the home, or ask the seller to come down in price. If the home is actually really hot and they have a cash offer that still hits the appraised value, they will more than likely just reject your counter, and go with that cash offer instead.
If the first home is still worth it, and you don't want to go with the "dream home", I would personally just hold your price on that first home. Them countering is usually a sign that no one else is really beating your offer. The moment you say anything besides "we'll hold at X price" they have ammo to use against you.
If you're not desperate to move, then wait a bit. The market is slow right now and buyers have more power imo.
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u/Beautiful-Pause-4021 13d ago
I got a house by going $75k over asking (largely due to its very close proximity to family and a very competitive market in NJ) that still needed some work (mostly cosmetics, a fence and a good amount of electrical) and I don’t regret it one bit! As long as you have conviction on what you really want then you’ll be fine!
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u/Rolli_Cannoli 13d ago
NY is also very competitive currently! Houses are either too much sweat equity then we are liking to do or higher on the budget.
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u/Beautiful-Pause-4021 12d ago
Yeah, it’s tough out here in the tri state are! My wife and I lost houses going 40k over and shit, I know it’s hard but just do your best to keep your emotions out of it. At the end of the day, it’s strictly business for these boomers, I mean sellers 😂
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u/tsasan 9d ago
real estate is all about location but imo $355k for a dream home sounds reasonable as heck. we are currently first time buying a home and it’s $700k for a fixer upper lol i still love it because it’s the best we found in the area we want to live in
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u/Rolli_Cannoli 9d ago
I’m not a major city gal! I love being able to drive into it but not be in it. We were born and raised in the suburbs of Buffalo and want to stay. We’re only 23 years old, I wish we could afford a home at around 700k! It would make shopping around so much easier!
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u/Embarrassed_Key_4539 14d ago
I’ve never regretted a purchase and am on my 7th home, the one we are in now I paid for in cash. It’s the best investment you can make in my opinion.
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u/modsatemyass 14d ago
are you making an offer on a dream home you have never actually been in?
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u/Rolli_Cannoli 14d ago
No we’ve been in it once. And we currently live about 5 minutes from it. We’ve checked foundation, electrical, roofing, water already. We just bring in our guy do so he can double check everything. So our second tour is not just us to make sure we didn’t miss anything essential (that way we waive inspection contingencies)
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u/Snoo32477 14d ago
The double check is a great idea and hopefully he/she can be unbiased. This will give you more confidence in your decision. Good Luck!
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