The phone call came at about 6pm yesterday. Our offer was accepted. Girl Ninja immediately started crying. I know what you’re thinking, she was crying tears of joy.
She was crying tears of “Oh my goodness, what did we get ourselves in to.” I think she set the world record for quickest buyers remorse at a whopping 0.5 seconds. Haha, gotta love that girl. She definitely likes to keep things interesting.
After the initial shock of making the biggest purchase of our life wore off, after a phone call with her mom to reassure her that feeling scared is normal, and after talking with our agent, the tears eventually turned to smiles. We went out to a nice dinner to celebrate.
If our offer was accepted at an escalated price (which it was), we required the sellers to provide us a copy of the competing offer. If you remember from yesterday’s post, Girl Ninja and I offered $340,000 for the property, but were willing to escalate up to $357,000.
The competing offer started at $350,000 and they were willing to go up to $378,350. Or in other words, they were willing to pay $21,350 more for the house than we were.
Definitely makes us feel a little better about the whole thing.
Why didn’t the seller accept the other offer? A few reasons…
- They were only putting 3% down. (we will put down 20%).
- They only offered $7,500 for earnest money (we offered $10,000).
- They had a financing contingency. (we waived this since we shouldn’t have an issue).
- Their offer escalated in $3,100 increments.
So while the other people were willing to pay $378,350 for the house if necessary, they only wanted to escalate other offers by $3,100. In essence, if the sellers picked their offer instead of ours, the sale price would have been $360,100 (exactly $3,100 more than our highest offer).
Our offer is less risky, and so the sellers were willing to forfeit three grand in profit to make sure the deal closes.
Assuming the appraisal doesn’t come in stupid low, the house should be ours. We are supposed to get keys on July 24th, exactly six hours before we leave the country for three weeks, so we’ll definitely need some help movingwhen we get back.
Here’s to hoping we make a million happy memories in our first place.
….Oh, and here’s to hoping real estate appreciates 150% in the next six months 😉