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The bank owned house we have been talking about for the last week, we got a response back yesterday that we were the only offer in the end and instead of taking our increased offer (in the multiple offer addendum) they took the original lower offer of 216 with closing of 5500 back. So basically we are paying 210 for a rambler that is 2675 sq feet built in 1999. Now we just have to get an inspection done and watch the interest rates to see where they go. Too bad we didn’t buy one week ago or we could have got 5.3% Here are the current rates:

Image via Wikipedia

Friday we put in an offer on a bank owned propery in Orem. The house needs a bit of work but is a good price for the square feet and has a good layout. We honestly like it equal to the house you read about where we offered full asking price with closing costs back. This one however is 40 grand cheaper.

We expect to hear back today from the bank. There was another offer that came in over the weekend so we actually upped our offer 10 grand to be more competitive (i’m sure they did the same). The submission is due today at 10 am so hopefully we hear back soon after.

Image by Casey Serin via Flickr

So yesterday we put in an offer on yet another house. This home was very close to everything that is important to us. The neighborhood is alright, as well as the size of home and quality/style of fixtures. With the location weighing in more and more as we look, we thought this one was right up there with the other we have offered on already. It wasn’t nearly as fancy, just closer.

Before I continue, let me clarify, this was not a distressed property, foreclosure or short-sale. This was a regular house for sale on the MLS. The asking price was 249,900 and we offered 250,000 since it was only 5 days on market (see next sentence) and we included “negotiable” theater equipment. It has really been for sale for about 6 months as a for sale by owner (FSBO). Our offer is set to expire today at 6:30pm (we haven’t received a response or counter-offer as of yet).

Our agent expects a counter offer on this which I think is insane if they do. Basically we are offering $100 over full price and asking for the negotiable theater equipment (which didn’t look like it was more than a couple thousand retail price). We also asked that they include paying our closing costs. Remember in this market every time you make an offer it is customary to ask that the seller pay your closing costs. As our agent reminded us, it is expected when you are selling as well. With that said, what is the issue not to accept our offer? I guess it could be the equipment, but even that didn’t look very special to my eyes (it adds little if any value to the appraisal of the home). It was the fact that they already had the holes drilled and stuff that I cared about for the most part. I honestly can go out and buy my own projector and screen if they are thinking the price of the house should be inflated 10k because of them.

Oh well, this is my rant about how even in a buyers market (as this most definitely is), sellers are thinking they can get a full price or over full price offer. This of course doesn’t include short sales or bank owned properties which are often priced far below what they should sell for.

If we don’t hear back before 6:30pm today, we will keep shopping around. There are plenty of others that actually want to be sold.

I could be wrong about the value of the equipment, if we hear back I’m having Trevor check it out to see what value it would have to me. I’ll keep you posted.