F. checks on the Richmond Annex house, discovers that they want offers by noon on Wednesday. What is it with the crazy deadlines??? We meet her after work, and all traipse to the house. Even with a pest report of $30K, she is impressed, the Husband is impressed. The rooms are big and bright. We don't love that there is a tenant in the garage apartment, especially since there are no permits, but we can live with this for a bit. But $448K is over our pre-approval. I will call our loan officer tomorrow to see if we can go higher. If so, we are throwing our hat into the ring for this one.
Our friendly loan officer takes us up to $450K, tells me with our credit history we can go even higher. But she also issues a word of caution - wants us to think about what we can really afford on a monthly basis. She gives me a formula to calculate our monthly payment, including taxes, household insurance, mortgage insurance. Yikes! I think $450K is our upper limit.
F. gets our packet in before the deadline; we offer our top price of $450K. The other agent tells her that she has received eight other offers at that time. This is not good for us.
The answer comes within 24 hours. Another no. Someone offered much more, and could put 20% down. We do not have $90K for a down payment. We are disappointed, but beginning to see how this whole wacky system works.
Isn't it supposed to be a buyer's market??
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