Accepted an Offer for $30K Over Asking Price

Life is a Roller Coaster Ride I can’t help but think that I should start this post with something along the lines of welcome to the roller coaster ride that’s been my life for the past month!  :)

As my previous posts have alluded, it’s been one of the scariest and most stressful times in my life. Luckily, I’ve somehow managed to keep a smile on my face for most of it, even if it has been slightly crooked and paired with tears.

I firmly believe that staying true to my positive self has helped the universe throw me a pretty huge bone–yesterday, I accepted an offer on my condo that was $30K OVER asking price!!! Needless to say, it was nice to regain some of my footing as I realized that this time of trials and tribulations is slowly but surely working itself out.

Good-bye, Condo

There’s not much I can say to describe the Boston housing market other than it’s absolute crazy town right now. From renting to buying, prices are climbing quickly and inventory is scarce. Most people I’ve talked to are struggling to figure out how to find places they can afford and act fast enough to actually snag them (leases are being signed and offers written on the spot while at first showings–if you like it, you get it then or it will be gone).

Of course, this is great news for sellers like me and yesterday was the proof I needed to believe my realtor’s claims of “You’ll be fiiiiiine!”

For a quick recap, I listed my place last Friday. There were two open houses over the weekend; one hour each on Saturday and Sunday that brought over 60 people/couples to the property. On Monday, my realtor had 9 showings for people to see the place again. Yesterday, Tuesday–four days later, was our offer deadline (seriously, we got to set a deadline for offers!). When I met my realtor later in the afternoon, he was all smiles as I walked in the door.

Offers Galore

When he sat me down in the conference room with a stack of papers, my heart began to flutter with excitement (we did have to take breaks so I didn’t throw my monitor out of whack for next week’s follow-up visit with my doctor…haha). I’d received seven offers. Two of them were immediately thrown out because they were below asking price, which meant there were FIVE that met asking or went above.

Eventually, we settled on three finalists who were all above asking price. There was one very strong offer, so my realtor suggested going back to all three to get their best and final offer. I thought this was fine, but I didn’t really expect him to come back with the news he did: The best offer increased their bid by another $10K, bringing their total to $30K above asking! Not only that, but their financing and terms were in tact so it was a no-brainer for me to accept.

The Race to Closing

Now begins the fun adventure of getting to closing. Considering this epic news in the middle of my personal shit storm, I’m holding onto my hope that things continue to work out. This means getting through the appraisal, the inspection, and the mortgage requirements. Fingers, toes, legs, and arms are once again crossed that it all goes off without a hitch.

We have great comps to present in our package for the appraisal and my realtor is confident that we shouldn’t have too many issues provided the buyers’ financing works out. It’s always a gamble at this stage, but the ace in my pocket is that I might still have two more over asking offers to go back to if things fall apart with this one. While I don’t want to have to go that route, I do want to be realistic and understand that until closing day, nothing is set in stone.

Hello, Profit!

The icing on this pretty little real estate cake is that the current offer is just about $90K higher than what I paid for the place in 2010. If everything stays as it is, I will have a check (or direct deposit–not sure how it works) coming to me that will be over six figures thanks in part to my hard work to pay off as much of my mortgage as possible.

When I factor in the original closing costs I paid, the renovations I did on the property and even my closing costs for refinancing even though they’ve already been recouped through the lower monthly payments I’ve been making for the past year, I stand to clear no less than $65K when all is said and done. Considering the less than desirable neighbors and all the heartache and mess that exists in the place I’ve loved for the past three years, I couldn’t be happier to be moving on in such a great way both emotionally and financially.

Score 10 for making a wise investment!  :)

New Apartment, New Chapter of Life

Oh, and I’m not going to be homeless for those of you who have asked me–I’ve already found a fabulous apartment in the city. It has a driveway for my car, is in a great location and the landlord has already approved my request to do a cosmetic overhaul once I move in (of course I negotiated money off the rent for materials and labor!).

Speaking of rent, it’s less than half of what I was paying for my mortgage. :)   I’ll do some more posts to explain the details but my plan is to squirrel away as much money as possible over the next year so I can begin making some much larger life decisions.

Phew….happy to be getting back to my happy self and so thankful to be able to share some GOOD news with all of you.  :)

 

 

Related Posts Plugin for WordPress, Blogger...

Jen

Freelancer; reformed spendaholic; risk taker; adventure seeker; world traveler; rose smeller; debt destroyer. My mission is to inspire others to live a healthy, balanced life one cent at a time.

Comments

Accepted an Offer for $30K Over Asking Price61 Commentshttp%3A%2F%2Fwww.thehappyhomeowner.net%2F2013%2F06%2Faccepted-an-offer-for-30k-over-asking-price.htmlAccepted+an+Offer+for+%2430K+Over+Asking+Price2013-06-19+16%3A15%3A47Jenhttp%3A%2F%2Fwww.thehappyhomeowner.net%2F%3Fp%3D2886

  1. I'm a new reader, but I am happy to see things have worked out for you! That's amazing you got $30k more than the asking price. I hope everything goes smoothly!

  2. Yay this is just awesome news. Your positivity has certainly paid off. I'd love more details on the selling process there – it sounds a little different to Australia. Basically, before I could (confidently) offer (which is all via phone calls), I needed a mortgage pre approval from the bank. This meant I knew what they'd loan me, subject to them agreeing to the house's price. Thankfully, it turned out the last time, but the time prior, the bank's valuation came back and rejected my mortgage application (when I say 'valuation' I think they look at risks beyond the true value, like any disputes with developers etc, but I can't be sure what turned them off). It was certainly a roller coaster to end up buying, but I learnt HEAPS!
    My recent post Why I’m not plastic free

    • Thanks, Sarah! I'm definitely going to follow up with more posts about what's happening and how it works. A pre-approval isn't technically necessary here, but it definitely helps and there is sort of an unwritten rule that you won't get very far without out.

  3. Congratulations, Jen! I am beyond thrilled for you – $30K over asking price, multiple offers – wowsers!! You go girl! I am sure everything will work out fine and soon you'll be depositing quite a little nest egg for yourself. I can't wait to see what's next for you and all the decorating you will do to your new digs! :)
    My recent post Don’t Let Fear Prevent You From Talking about Debt

    • Thanks, Kyle! I have a lot of ideas, but I don't want to set plans until that money becomes a reality—there's always all kinds of random hurdles with the bank's side of things…fingers and toes are crossed though!

  4. That makes your day better, doesn't it? It's amazing-scary how hot markets are getting again. Didn't anybody learn their lesson in 2008?

  5. That's such incredible news! I hope everything goes smoothly and this will start a new, great chapter in your life. And I'm still keeping my fingers crossed you will work things out with the bf if that's what you want!
    My recent post Link Love/Week in Review 6/21/13

    • Thanks, Tonya. Yes, I absolutely 100% want a second chance with him. I need him to get past the pride stuff so he can realize the great changes I'm making. Things were so good before, it just doesn't make sense to throw it away. He even admitted that he was happy prior to the fight since we've been talking over the past couple of weeks :(

  6. That is super-exciting news for you, Jen! I'm happy to hear that some positive things have come out of everything that's happened AND that you found an apartment that meets all your needs and is WAY cheaper than your mortgage. Good news all around! Let's keep the awesomeness rolling!

  7. Thats great! People are being so luck down here. You are luck if you get 10-20k below asking price. Then again maybe we are just that overpriced in my neck of the woods. I agree go with the people who offer more and financing is in tack. No headaches or a little as possible.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

CommentLuv badge