And now, the house story
Girl and I as you guys know have been losing to cash for about 6 weeks. Three 2nd place finishes and a 3rd place. We've been looking in the $300k range and watching those houses go for $320-340k cash offers extended by empty nesting, downsizing boomers who have that saved up and/or just sold their house. Around here this translates to 1970s era, recently and nicely updated with new bathrooms and kitchens, usually with a nice lower level with a wood burning stove.
So we decided to bump up our price range to the $350k range. These houses are not split level and instead are moderately sized 2 story houses constructed in this century (typically). We figured since the houses we were seeing went for almost this amount anyway, why not. But most importantly, we could dodge the boomer cash demographic.
We found a listing at $350k and loved it. Offered $370k for it (2 houses in the neighborhood have gone for $360k and $380k this summer so we split the difference). We saw the house on Friday evening, and on Saturday evening found out there was still no offers on the house. We extended our offer Sunday AM after our mortgage guy got us the paperwork, and then a few hours later heard from our realtor that they were presenting offers that night.
That evening, our realtor said they were interested in negotiating.
Our offer: $370k, closing in 45 days, and offered them 2 additional months to stay in the house after closing, with them paying us back our mortgage.
Their counter: $370k, with a 30 day contingency period. If after 30 days they think they can or have found a house, we close 45 days after that. If not, then they can say jk lol we're not selling. Essentially, they're trying to strong arm what is likely a) their only offer and b) definitely their strongest since they're negotiating with us only a few hours after it came in. And they countered with what is a 30 day hostage period for us.
Our response: We're giving you $20k over listing. Go f*** yourself. Take it or leave it
10 minutes before they announced they would decide, the listing agent told our realtor they're taking the house off the market. So they wasted their realtor's time, and he was pissed. He also was probably saying they were crazy for not taking our offer, which also probably pissed him off. Our realtor tells us and is also pissed, "these people are outrageous"
I'm glad we stood our ground because it's obvious they were going to flake on the sale 30 days from now if we took their counter and cost us 30 house hunting days. Our intuition with the whole thing was right on point, from identifying the sheisty counter offer to correctly evaluating the next price bracket up would get us away from the cash boomer demographic. Girl is a savage: "I can't wait for those idiots to list their house again so we can offer $10k under listing" lol
This adventure is like a long flight to a tropical vacation. It's exciting and fun going to the airport and starting the journey and getting on the plane....but after 6 hours of sitting on the plane on your 9 hour flight, you're kind of sick of it and just want to get there. Excited, but want to just get there