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Home > We made another offer! I'm very nervous.

We made another offer! I'm very nervous.

October 7th, 2009 at 04:27 am

For far more money. Pretty much at the limit of what we can afford: 500K with $1,200 monthly maintenance.
It is a real 1 bedroom though, not Junior.

Can it all work out? I have spend so much time, energy and nerves looking for a place.

I fear that our offer won't be accepted (even though it is above the asking price).

Plus, we will need help with the down payment, which is tricky and not guaranteed.

There are so many hurdles.

We are responsible people with no consumer debt, stable professional jobs and great credit.
Yet it is so difficult!

10 Responses to “We made another offer! I'm very nervous. ”

  1. Analise Says:
    1254888236

    Good luck... hope it all goes your way.

  2. whitestripe Says:
    1254888376

    i am so glad we got in before it all became so difficult. and it was hard for me to ask for advice because the common view is 'you must have 20%' and a lot of people (here and elsewhere) seem to be very unaccepting of anything other than that! (not to mention the whole married thing as well!)

    i felt the same way when we were buying. once we had finally decided to really go through with it, we put looking for rental properties on hold, which really stressed me out.
    don't let it get to you. if you have a solid stable place to live at the moment, no matter how pushy an agent is or how much you think you'll never find a place, it will all be ok. you have said before that prices haven't dropped a lot where you are, and people are ALWAYS buying and selling, so there will always be places to look at, no matter how you currently feel.

    best wishes!

  3. baselle Says:
    1254894135

    Good luck - I'd be a nervous wreck at 500K. I guess all you can do is solve each problem as it comes.

  4. HouseHopeful Says:
    1254917459

    Good luck! I hope you hear quickly so the wait is less painful Smile

  5. homebody Says:
    1254919237

    I stayed up all night the first night in our home reworking the budget AND I was 2 weeks from my due date of our third daughter! I think stress and anxiety is normal. Hang in there, it will be worth it.

  6. Nika Says:
    1254923864

    I just hear back Frown((((((
    They had accepted another offer last night. We were few hours too late Frown(((((((((((((((

    It was the nicest apartment I've seen in all my search. I feel like giving up. I am trying not to cry. If we only submitted it few hours earlier... If my husband saw the email I sent him yesterday morning and we sent it in the afternoon instead evening... Maybe it could have been different.

    If our offer was rejected because we did not have enough instead of because of being few hours late...

  7. creditcardfree Says:
    1254924077

    Sorry it didn't work out. The right one will come at the right time. And you can always fix up an apartment to make nice. Often those are the best deals!

  8. merch Says:
    1254927279

    It sounded like this might have been a real stretch for you? Could you look at this as a blessing? It gives you more time to save up for a stronger financial position.

    I don't think the interest rates are going to rise any time soon, you are about to enter a slow season in real estate, and those option ARMs are readjusting (so there might be more desperate sellers). On the negative, you probably won't be able to take advantage of the $8,000 credit.

    Any case good luck.

  9. baselle Says:
    1254944102

    Nika - The financing of the former offer has to go through, something that with the tight credit environment is NOT a given, even in NYC. Just because the sellers accepted the offer these days doesn't mean anything. But I do have to agree with merch - you might well have dodged a bullet.

  10. Nika Says:
    1254949893

    Baselle, it is very unlikely that the financing won't go through. This is NYC CO-OP world.

    Co-op requirements are much tighter than banks.
    You HAVE TO put 25% down and have 2 years of cash reserves left after your down payment for your offer to even be considered.
    They won't accept the offer from someone who does not meet these requirements - because there would be no point to it - such person would not pass the board.

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