Ok, we looked at a house last night and put in a bid. I woke up at 1:15 last night having regrets about it and could not sleep. Realtor did send the bid in. She sent me an email at 9:00 last night showing what she did. So, at 3:30 this morning I emailed her telling her I change my mind. I texted her at 8:15 this morning asking if she was awake I needed to talk to her. She said will call you soon. I texted her back and said I change my mind about house. Can I do that? She said she already called the agent in closing she would call me when she got out. We did not put any good faith money down. So, can I get out of this if they accept the offer? I'd be willing to pay her for her few hours of time.
You can send a fax to her office and keep the time confirmation. I would also email her and that gives you a record of what time you withdrew the offer.
It can be withdrawn as long as it has not been accepted yet. Texting or phone calls aren't going to do it becuase there is no confirmation - texting is gray.
I'm very glad you are working with an agent. You can do it on your own just fine in some cases, but in other cases where there are glitches an agent is invaluable and the seller is paying for your agent. I'm glad you have that representation.
Just keep or print out the email you sent with the time on it and after you have sent it, I would fax it and keep the time confirmation from that.
If she has a home fax and an office fax, I would send the withdrawal to both.
If it has already been accepted there is a form called a T&R (Termination and Release) which has to be signed by all parties but since yhour earnest money is not on the line yet you will probably be able to get out of that easily but better to just withdrawal before the offer has been accepted.
Thank you for the info!! I was freaking out! lol She finally called me and said the other realtor had not showed the offer to the sellers yet. So, it was stopped. She was really nice about the whole thing. We should of not even put a bid on it but it had a pool and I got caught up in it. Still looking. UGH We are talking to a builder tomorrow. We may just build a house and put a pool in. I know we will be losing money on the pool but we just can't find a house that we like that has a pool.
Its not just loosing money on what you spend on the pool. In this market, with resales at an all-time low, new housing cannot compete.
We built my sons house - 1,200 sq. feet and just adorable.
Now we are buying a rental 2 blocks away, about 400 square feet bigger, has a pool and a hot tub, beauftifully decorated and in excellent condition for $25,000 less than his house was.
You just get a ton more for your money with a resale in this market. I see houses where people have put in $50,000 in gorgeous upgrades and the houses are less than the stripped down versions with nothing in them.
We own a vacant lot and think about building a house there for rental but it is so expensive to build we are better off just leaving the lot alone and finding another resale house to buy and rent out. We couldn't build anything half as nice on the property (and the property is paid for) as we can find resale for a lot less money than what we could build for on the lot.
Just remember that new stuff comes on the market every day.
I only agree with half of your opinion, Henri. While that may hold true for building a custom home, it may NOT hold true for building in a subdivision.
We shopped short sales forever and ever, and I was about to pull my hair out. We'd probably STILL be shopping them if we would have stuck with it. It takes forever, nothings a guarantee, so soon we got sick of waiting months just to have the bank say no.
We built in a subdivision where we picked from a number of floor plans, chose the look of the outside of the house, chose the color of the outside, and then chose our upgrades. We built for LESS than any short sale on the listings in this area. ANY. We even got a 1/4 acre lot (in CA mind you) for CHEAP.
Ya, we don't have hardwood floors or granite countertops, but we love it because we chose everything about it and everything is exactly US. We put our upgrade money into things we definitely couldn't do ourselves or would be very difficult to do later (or require a contractor), like electrical, banisters, cabinets, changing a storage area into a half bath, a big tub in the master, adding the kitchen island, etc etc etc etc. We'll eventually change the flooring to hardwood or laminate and the countertops to granite (and a few other things that will be easily changable), and we'll STILL come in under any other builders' base prices and MOST short sales in this area.
Just pointing out that the market is different everywhere. Also pointing out that the builders are so desperate to build right now that many are offering huge incentives, and I know that because not only is our community still in the building stages, but so is the entire area. We have builders all around us, and they are all building like crazy, so they are all doing something really enticing.
And our house has already gained value, not officially by county assessor, but our community built new models starting 100,000 more in base price than our house, and the next neighboring community also built new models that start for 120,000-150,000 more than our house.
We struck while the iron was hot. If we would have waited a few more weeks to look out here we would have missed out as the new models are out of our price range.
Make a long story short: Don't rule out building. It's worth looking into how much that will cost vs. a short sale in the same area. Builders are offering lots of incentives, so if you hit the perks just right, you could end up with a gem of a deal!
That being said, make sure you also research how much it will cost to put in the pool. They can get rather pricey. Maybe you could wait on that for a couple years, but make sure you add in everything to weigh against a resale home.
There are new houses on the market here for about what it will cost us to build. We can't find a house that we like. I don't like the garage being the front of the house and that is how most of the house are. UGH I also want my garage to open into the kitchen, and a remote master bedroom. We have found a plan that we really like.
The builders around here are building like crazy! There are two new houses in my small neighborhood. The neighborhood that we want to build in has just developed a bunch of lots. Builder said he has sold 6 of them already. He hasn't gave us any incentives! I wish he would! lol
If the house does cost a little more we or ok with that because we will be the house we want. We also want the house facing East so the back yard is shady in the evening, and we want at least a 1/2 acre lot, and 3 car garage. Its hard finding all that in one house.
Hopefully if we sell our house on our own we will make enough money to put down half of a pool. I REALLY want a pool!!
We got some boxes yesterday and started decluttering. And dh cleaned up the driveway. I am going to get a storage building today to put our stuff in. So much to do!! We need to clean the patio next.
That is very true Angie. I was thinking she was talking about custom which is not competive with new subdivision homes. When she talked about hiring a builder and appointments with the builder - that sets off alarms for me of custom.
New subdivision sales are pretty level priceways almost everywhere with the resale market (not the foreclosure or short sale market). And they do offer incentives and bonuses and help with financing which helps even more.
In subdivision sales, where they get you is for all the addons and upgrades. THose go through the roof very quickly. Very smart to choose the ones that you cannot do easily yourself later.
When I worked in various subdivisions I could sell the basic home at a good price, but the resales in the subdivision were about the same price but had all the pricy upgrades and options.
You did time it very well Angie.
I've worked in subdivisions where we had beautiful homes and the prices were very good - competitive with others and really a good deal. Then someone would buy a lot and bring in their own builder. OMG! It cost a fortune. I seen several couples do that, their house was no nicer than the ones we were building and it cost twice as much.
For one thing, when you build in a subdivision they know how much everything costs right down the last nail for every one of their floorplans. They can account for everything and so they can hit the price exactly. When you build and its not one of the subdivision floorplans or its not one of the subdivision builders, and its a floorplan out of a book of plans or even custom designed, they usually start higher than the market and keep going higher.
I love new homes in subdivision - I've sure sold enough of them and bought two of them myself over the years. One was really a steal because someone else bought it and had it built and bought all the subdivision upgrades - even drapes throughout the house. Well over $30,000 in upgrades.
They paid for all the upgrades up front and it was non-refundable so the upgrades were paid for.
We bought the house and the builder didn't charge us anything for upgrades, they were paid for so we got over $30,000 in custom drapes and other features.
If you are building in a subdivision like Angie said, you should have very good luck.
But to hire a builder - those get pricey really quick. The individual builders like that can't really be competitive. A subdision, especially where they are big and have several subidvisions buy supplies in bulk. Custom builders cannot do that - they just can't price it like the subdivisions can becasue they can't get the prices on materials that the subdivisions get.
If you find a subdivision you love, and it sounds like you have, and a builder you love who builds for the subdivision, that may be the best and the price should be very competitive. And, like Angie said, you get what you want.
The builder does build in the subdivision. He built the house we live in now. We are really happy with the quality of the house. We just want a bigger yard and house. We aren't using one of his plans. We found one online. But, he said it didn't matter if it was his plan or not it cost about the same for the plan.
We have been working our butts off on this house too!
Good - if he is one of the subdivision builders, then the cost will be way less than if he is a custom builder. That almost always holds true. He may work with you better since he built your current house too.