SWING and a miss…

by brandt

The pitch was high and tight, and we swung low.  Looks like we’re on the hunt again.

House #7 – Rochester appears to be off the table.  We got a response back from Fannie Mae saying they rejected our offer.  While that’s a sharp jab to the chin, it’s not a devastating knockout.  Our agent then said that it was a long shot to get Fannie to accept on the first offer, especially since we were offering way under the listing price.

What really stung was the listing agent telling my agent there were “Other interested parties,” which means we’re looking at the 4 worst words in a situation like this: Highest-and-Best Offer.  Since we basically offered the maximum, and we are asking for closing costs along with our offer, we really can’t go any higher.  Since Fannie rejected, and we’re at the edge, it looks like we’re out of this house.

There is a silver lining, though.  We have no clue what can happen when it comes to these situations.  Fannie might reject all of them, and a week later drop the price within our range.  They might come back to us willing to accept our offer in a week or so.  But as of right now, for all intents and purposes, we’re starting over.  No houses in the hopper, in the dead of winter, and the pre-approval is running up to the deadline.

Tomorrow always brings new listings.  And we just might find the dream house then.

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3 Comments to “SWING and a miss…”

  1. We had a similar thing happen. We were pre-approved for an amount that I wasn’t comfortable with (you want to lend us how much money? what are you, crazy?). We put in an offer on our house at $20,000 below asking price, and someone else bid the exact same day at full offer (i hate those people!) but asked for closing costs. I was ready to pull out of the whole deal when our agent and lender sat us both down and had “the talk.” The “you-can-afford-the-full-price-of-this-house” talk. And they were right, of course, but I was freaked. Anyway, we ended up putting in an offer for full price, plus we paid our closing costs, and that got us the house. And no buyers remorse to date – that was six months ago.

    • Our agent showed us how much is “Maxing out,” and we’re just about there…including down payment plus closing costs. Apparently Michigan is a great market for these houses…but the problem is we’re going against people who have some more cash on hand then we do. And have been working longer (I’ve only been in a “competitively paying” job for about 5 months).

      I actually don’t feel bad for us, but for my agent. She’s been working for the last 4 months with us, and we’ve just been a bad-luck charm to her…we’ve encountered every dopey listing agent there is out there, so here’s hoping that the holidays turn our luck around!

  2. Awwww man :o/

    I’m with you on keeping a tight lid on the “maxing out”, no matter what lender and agent try to tell you. Stick to the monthly mortgage payment -you- are comfortable with since you’ll be stuck with it for a while.

    I’m sure your house is out there patiently waiting for you to find it.

    Always rootin’ for you!
    -M

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