Made an offer on a house today - The Planted Tank Forum
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post #1 of 27 (permalink) Old 06-30-2020, 06:52 PM Thread Starter
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Made an offer on a house today

There is one house in my neighborhood I've always had a "crush" on. It's a big flat ranch style house with tons of windows and a sun room. It'd be just about perfect for my hobbies. Taking our nightly walk, we saw a "Coming Soon" real estate sign in the yard and called. I had every expectation that I would tour the house and think it needed too much work and get it out of my system. The opposite happened, I think it's perfect! Not 8 hours later I had made an offer.





Imagine this room after I get my tanks in there!


There's a lot of interest and we may be outbid, but please cross some fingers for me so I can have a fish room again. At very least I will 100% be moving at least 1 of my 125's to this house as well as my RO/storage tank system and so many other things that I keep at my shop because they won't fit where we currently live. Not to mention every houseplant won't be shoved in 2 windows! The yard is full of huge old oak trees and gardening won't be as easy as where I am, but that's about the only thing on the cons list besides moving. Anyway, I'm very excited about it so thought I would share.
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post #2 of 27 (permalink) Old 06-30-2020, 07:15 PM
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What a gorgeous house! I love a nice ranch style home. especially nice when you get older- no stairs.
I will cross both my fingers and toes in hoping no one outbids you!
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post #3 of 27 (permalink) Old 06-30-2020, 07:19 PM
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Very nice! I hope you get it.

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post #4 of 27 (permalink) Old 06-30-2020, 07:28 PM
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Hoping you get it, looks fantastic for both people and aquariums!
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post #5 of 27 (permalink) Old 06-30-2020, 07:41 PM Thread Starter
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Thanks, everyone! The realtor just called and said the homeowners want everyone's "best and highest" offers so that they can make a decision. Ours is about 30k under the asking price, but they're asking 100k more than they paid for it in 2017! The whole thing is kind of stressful, I don't want to offer more than I have to -yet I don't want to miss out on it by the value of my 15 year old Camry or anything.
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What a gorgeous house! I love a nice ranch style home. especially nice when you get older- no stairs.
I will cross both my fingers and toes in hoping no one outbids you!
So true, between my beat up body from childhood of football and boxing followed by 20 years of construction work, me and my bulldog Eleanor could both use an easy walk! I'm guessing since they have requested final offers that we will be hearing something soon. Trying not to get my hopes too high.
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post #6 of 27 (permalink) Old 06-30-2020, 09:13 PM
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100K more than they paid in 2017 , I sure hope they did some quality updates on that home!

Maybe send a nice letter in with your best and final bid saying how much you love the home, how you'd love to stay in the neighborhood and it would be a perfect fit for your family. Couldn't hurt!

If you can quickly check your local home values, especially that home and see what similar homes have sold for in the last few months. Your realtor if you have one should be able to provide that info rather quick.

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post #7 of 27 (permalink) Old 06-30-2020, 10:12 PM
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I am a Realtor and I'm outta Chattanooga TN. I've seen multiple houses that sold for 299k in 2017 and sold this spring for 399k. Markets dictate the price. IF you made an offer through the listing agent, you might have an edge since they'll want to double dip on their commissions. Getting the listing and buying side. Usually I advise against this, but if you are offering less money, this really helps. Next I would ask the agent to put in an escalation clause. Say you'll keep bidding up your purchase price until a certain dollar amount. Good luck, my girlfriend lives in asheville and I'm in town about once a month! Loves the mountains, but I love Chattanooga more ha.
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post #8 of 27 (permalink) Old 06-30-2020, 11:10 PM
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Good luck , hope you get it!
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post #9 of 27 (permalink) Old 07-01-2020, 01:17 AM
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Thi9s bidding idea seems to indicate an erosion of the ethics that realtors used to been sworn to uphold. At one point the real estate groups had a code that required each bid to be presented to the sellers as they were received and it did away with lots of the silliness I now see in real estate.
One of the "tricks" we developed when doing real estate was tyo put a reasonable offer in and state that it was only good for "X" amount of time as that was one way to cut down on the "bid shopping" when the market got tight. We made reasonable offers and left it to them to take it or miss it! Only rarely were we turned down.
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post #10 of 27 (permalink) Old 07-01-2020, 03:20 AM
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Where I live (not a large city at all), you have no chance of getting your offer accepted if you offer anything less than asking price. Even then, you still probably won't get it, because there are people coming in from out of state buying properties with cash. Real estate market has been crazy the past couple of years.
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post #11 of 27 (permalink) Old 07-01-2020, 04:20 AM
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Good Luck
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post #12 of 27 (permalink) Old 07-01-2020, 01:20 PM
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That sun room is amazing! Good luck getting the house.
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post #13 of 27 (permalink) Old 07-01-2020, 02:26 PM Thread Starter
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Quote:
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100K more than they paid in 2017 , I sure hope they did some quality updates on that home!
Actually, looking at it last night, it's 150k higher! They did some renovations, put in new appliances and such, but they are making a mint in 3 years of owning a home. If they get asking price, that house profit would be more than I've made working full time for the last 3 years.
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Originally Posted by Vadim Shevchuk View Post
I am a Realtor and I'm outta Chattanooga TN. I've seen multiple houses that sold for 299k in 2017 and sold this spring for 399k. Markets dictate the price. IF you made an offer through the listing agent, you might have an edge since they'll want to double dip on their commissions.
We aren't using the listing agent. My wife called a friend who has just sold a house and her realtor swooped right in before I even knew we were serious. The whole thing happened before I realized we were going to be in the mix. I have a couple of realtor customers I would have preferred using but here we are.
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Thi9s bidding idea seems to indicate an erosion of the ethics that realtors used to been sworn to uphold. At one point the real estate groups had a code that required each bid to be presented to the sellers as they were received and it did away with lots of the silliness I now see in real estate.
No doubt, I don't understand the point of bidding if there's no counter or negotiation. I guess the homeowners want to make a decision right away? Very different experience from buying my first house.
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Originally Posted by fermentedfunk View Post
Where I live (not a large city at all), you have no chance of getting your offer accepted if you offer anything less than asking price. Even then, you still probably won't get it, because there are people coming in from out of state buying properties with cash. Real estate market has been crazy the past couple of years.
Certainly possible this will happen here. Saw a very fancy SUV with NY plates in the driveway yesterday. We live in such a tourist area that the local AAA baseball team's mascot is -and I'm not joking -the Asheville Tourists. Property value is skyrocketing in part because so many people from out of state are buying up homes for summer residencies. One of the nicest houses on my street has people living in it maybe 3 weeks out of the year, and some years they haven't come at all. They keep a lawn service, have had the house painted, all the things you do when you own a home but only rarely vacation there. But that kind of buyer has a big impact on home prices.

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post #14 of 27 (permalink) Old 07-01-2020, 04:35 PM
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We are no longer interested in real estate as it has gotten too labor intensive for us. But when I watch the listings, I do see a certain change going on and it relates to the overall business situation. Looking at the country as a whole there is far more rich/poor split than ever in my lifetime and that drives the folks with unlimited money to look for the best place to put money they don't need. One is the stock market and it is known to be way overpriced for logic so the real estate market is next in line currently as the government pouring money in has led to record low interest rates. One can't put money in the bank as the interest is so low it is actually losing money when looking at inflation.
So if you have a pile of cash coming in, with no way to use it but to invest, it makes more sense to have it in real estate by using other peoples money you can get for near nothing than to use your money in a stock market that is certain to crash as soon as federal money stops flowing to the excess we see now.
So if one is pushed down into the the "working class" or lower, it usually means there is not a great deal of room for risk in either area.
That leaves bidding on houses to be a great deal for those who really don't need money to live and can gamble as much as needed. As long as we have government policies which are made by and for rich people, it won't get better.
People who buy houses and sell again in three years are not buying homes, they are investing loose cash.
Great looking house and would make a nice home but definitely a question if any actual home buyer will be in the running to get it.
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post #15 of 27 (permalink) Old 07-01-2020, 07:59 PM
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Beautiful home. I wish you luck!
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