House offer

[Throwawayuser]

Good evening

Long time lurker here. 5+ years. Own a few watches.

Coming in asking for a bit of advice. I enjoy the diverse opinions here.

My wife and I have been looking at a home purchase for some time now. A nice house popped up in our price range, and we took a 10 minute stroll through it with a realtor friend. We discussed it briefly, then went about our weekend.

On Tuesday, while I was at work, my wife texted me that she spoke to the realtor, and on her advice, made a full price offer.

I’m quite unhappy with this. I was fine with making an offer, but not full price.

Thoughts on how to handle this moving forward? Should I hire an independent inspector and hope he finds enough to lower the offer?

I would actually like to end up with the house. Just not at the price offered.

Thanks for your help

[Fencer]

Did your wife sign a contract and leave a deposit?

[Throwawayuser]

Originally Posted by Fencer

Did your wife sign a contract and leave a deposit?

Yes. The deposit is not substantial.

[1st amg]

With the contract and money down, the only way to try and get a haircut on the full price offer is hope to get a surprise on the inspection and chissle away. But, at this point, if you lose the deal because you dont want to pay full pop which seems risky as there may be others in line, you not only lose the house, not only are you disappointed, but your wife whom you gave full authorization to go ahead will be really pissed. You better think this through and see if it is worth it.

[Throwawayuser]

1st AMG, thank you.

[Brian Page]

Originally Posted by Throwawayuser

Good evening



Long time lurker here. 5+ years. Own a few watches.



Coming in asking for a bit of advice. I enjoy the diverse opinions here.



My wife and I have been looking at a home purchase for some time now. A nice house popped up in our price range, and we took a 10 minute stroll through it with a realtor friend. We discussed it briefly, then went about our weekend.



On Tuesday, while I was at work, my wife texted me that she spoke to the realtor, and on her advice, made a full price offer.



I’m quite unhappy with this. I was fine with making an offer, but not full price.



Thoughts on how to handle this moving forward? Should I hire an independent inspector and hope he finds enough to lower the offer?



I would actually like to end up with the house. Just not at the price offered.



Thanks for your help

I own a real estate firm pm me if you would like to chat

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[bdex75]

Not sure if this would be possible or help but have seen several deals around here fall thru when the appraisal doesn’t come back or your financing falls thru. If you are getting a mortgage maybe your mortgage guy can help if you really want out, but since you still want the house I say that may not be a valid option. Can your wife purchase said house on her own credit/income??? If she needs your credit or income to purchase then there is always that out.


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[swils8610]

I’ve bought and sold several homes over the years. It was always typical to make an offer 10k or more under asking price and then negotiate from there. I was always a good buyer. I did my own home inspection, was at least 20% down with a mortgage and no contingency’s. In todays housing market where I reside you’d better offer full list or more. It’s often a bidding war and the buyer can take the best deal they can. Things have changed in the last 10 years with the housing market here.


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[ltmgeller]

I'm on my 4th home and have seen the market change in the last 20 years. I used to start my bid 50% of the list price. It worked in the past but now not so much. In your case, the inspection might be your best course of action.

[donas]

Just sold my house last week; I received a full price offer within 15 hours of listing with three back-up full price offers in five days! My in-laws also sold their house the same week within twelve hours of listing. We have had a heck of a time buying a house because everything we are interested in sells immediately. It is definitely a seller's market right now.

It never hurts to offer less, but if it's a reasonably nice house, they have no reason to accept a low offer.

[s14roller]

It's less concerning making an offer at asking if it's a hot home and you needed to act fast. It's more concerning your financial half did this without having your input.

[SamP]

For my 2 cents.
If you see properties all the time, that you would like to purchase, seek a reduction however you can. If you then loose the property, hey no problem.
If, however, it’s been ages since you’ve seen a property you would like to purchase, renegotiate at your peril.
If you continue with the purchase, but overpay by say $20,000, assuming you live there for 20 years - that’s a $1,000 per year happiness tax. Most would be happy to live with that.

[walds11]

Originally Posted by s14roller

It's less concerning making an offer at asking if it's a hot home and you needed to act fast. It's more concerning your financial half did this without having your input.

Agreed. Even if I was at work, my wife would of found a way to get a hold of me (text, call...) before making any decisions.

At this point, hope for the best, but expect the worst.

[Throwawayuser]

Thank you all for the advice.

My wife acted quickly based on the advice of the realtor. She was told if she wanted the house, a full price offerr would be required immediately. When I am at work, I am quite unreachable.

I feel like based on the advice here, this is not an uncommon offer, and I have overreacted. Thanks again for your perspective.

[crew]

Originally Posted by Throwawayuser

Thank you all for the advice.

My wife acted quickly based on the advice of the realtor. She was told if she wanted the house, a full price offerr would be required immediately. When I am at work, I am quite unreachable.

I feel like based on the advice here, this is not an uncommon offer, and I have overreacted. Thanks again for your perspective.

Good decision on your part!
I live in Florida and in western NY. The market in both areas is way over-heated and offers over asking are the norm, not the exception.
If you like the house, and it sounds like you do, I think you probably did very well on the price.

[brandrea]

Originally Posted by Throwawayuser

Thank you all for the advice.

My wife acted quickly based on the advice of the realtor. She was told if she wanted the house, a full price offerr would be required immediately. When I am at work, I am quite unreachable.

I feel like based on the advice here, this is not an uncommon offer, and I have overreacted. Thanks again for your perspective.

Welcome to the forum and good luck with the offer

[1William]

If the market supports the offer and price, then you are good. Get over the, " wife did not negotiate", and focus on the house and making sure everything is right with it. Too much on the table here with your relationship with your wife to quibble over a few dollars. Good luck with your new home I am sure you will enjoy it.

[Dr.Brian]

It certainly depends on the market and the asking price. It’s a sellers market here and I would be aggressive. Even during the housing crash this area was stable. You can always hire a home inspector and have him document every little detail and then nickel and dime them on every scratch in the wood floors.
It might be your way out or to a lower price.

[Etschell]

My wife thought we were overpaying by 10k for our house in 2011.....

[GB-man]

Originally Posted by Etschell

My wife thought we were overpaying by 10k for our house in 2011.....

Same here 2012. I am about to sell it for 60% more than I paid. Fingers crossed.

It depends on the house and your market but asking price is not always a bad price. Most desirable homes in my market are priced 5% under market price to drum up a bidding war.

You can almost always walk from a deal. Talk to your lawyer.

[Etschell]

Originally Posted by GB-man

Same here 2012. I am about to sell it for 60% more than I paid. Fingers crossed.

It depends on the house and your market but asking price is not always a bad price. Most desirable homes in my market are priced 5% under market price to drum up a bidding war.

You can almost always walk from a deal. Talk to your lawyer.

If it is subject to appraisal or inspection yes easily.

I for one cannot stand under listed houses. I think that is a discreditable act on the part of the listing agent and they should be sanctioned for grossly below market pricing.

[JasoninDenver]

I remember being pissed as I felt I was overpaying for our current house by about $20k. Now I cannot even remember what the purchase price was.

You have come to the right conclusion and it sounds like your wife made a smart decision under her circumstances.

At least in Denver it is a hot seller’s market. The most two recent sales in our neighborhood went under contract in only six and fifteen hours from the listing going live. One was a full price cash offer. The other was $20k over list with financing.

You will be happy because your wife is happy.

[Fencer]

Originally Posted by walds11

Agreed. Even if I was at work, my wife would of found a way to get a hold of me (text, call...) before making any decisions.
\
.

Strange thing here is - if she signed the contract all by herself, that means the house will be just in her name, paid for with just her money... as far as I recall.

[Fat_ninja]

Whatever ends up happening don’t be upset with the wife...

[Etschell]

Originally Posted by Fencer

Strange thing here is - if she signed the contract all by herself, that means the house will be just in her name, paid for with just her money... as far as I recall.

You can gift your spouse any amount of money tax free in the us during lifetime. So it doesnt matter if it is only in her name.

[Sprta]

Depends on your state but Most states have the 48 hour blackout clause for purchases.

[mjr24]

Depends on market.....where I'm at, full asking price would likely get you laughed at (seriously). Houses are going for over asking price most times or you better be coming to the table with at least full asking price in cash.