The quick brown fox jumped over the good, but lazy Parker family.
it would have been a stretch for us at full price, but it’s been sitting one the market without any offers for more than two weeks now. that means that the market has spoken and deemed the price too high.
so, tonight we’ve put an offer for (effectively) 4% off the list price, with the expectation that will be negotiated back down to between 2% and 3% off list — which is much more in line with what we were thinking for a house budget.
the place *is* beautiful.
it was built in 1915, resides within a formal Historic District, has all its original molding and the original floor plan — things that no other house we’ve looked at has had. the view from the porch and the front bedroom is across rock creek park, and just stunning.
our only real complaint is the lack of a second bathroom upstairs and a kinda small third bedroom, but both of those things can be fixed with a small addition off the back — something that both neighbors have already done so there is every reason to assume it’d be approved by the District.
(also, if we ever get around to having a “thing #2” of our own, the smaller third bedroom has it’s own porch so the demand between the two rooms will eventually balance out.)
our target house also has a rental efficiency in the basement that was (at one point) officially licensed by the city — a bit of a rarity as far as basement apartments go — which we can expect to take about $800 or $900 off our mortgage each month for as long as we care to rent it out.
so, all engines are go — let’s hope this thing works out.
UPDATE (FRIDAY @ 9pm): We’ve heard back from their Realtor that they’ll be responding tomorrow (Saturday) by noon. Responding is good, because it means our offer hasn’t been summarily rejected.
UPDATE (SATURDAY @ 11AM): The response timeline has slipped a little bit — from noon to “some point today.” It came accompanied with the story that the new house they’ve bought in New Jersey flooded this week, which seems to be reason enough to give them a break.
UPDATE (SATURDAY @ 5PM): Now we’re starting to get a little cranky. They reviewed our offer and decided that they wanted some more supporting (eg. financial) documentation. Seems like that was something they could have asked for, oh, say … 24 hours ago.
Brandon (our agent) said it’s because of how we structured the deal — instead of taking 4% off the price, we said we’d pay full price but they’d have to give us 4% of the value of the house at closing.
Apparently asking for the cash back can either be interpreted as (a) smart, because right now borrowing money is so cheap vs. having cash on hand; or (b) reckless, because the seller thinks you don’t actually have the cash to complete the transaction without the “subsidy.”
I don’t have the heart to break it to them that the only reason we asked for such a large number was because we assumed they’d chop the figure in half before the sent it back to us.
UPDATE (SUNDAY @ 11AM): More waiting. They got the financial stuff, and are going to meet (Realtor and sellers) this afternoon to discuss.
UPDATE (SUNDAY @ 1PM): They countered. They “kept” our 4% cash back at closing, but upped the price by three percent to take three-quarters of it back. We’re countering at exactly halfway between our initial offer and their list price (which is conveniently enough where we thought we’d end up anyway). Seems like a fair compromise.
UPDATE (SUNDAY @ 2:30PM): God, this is excruciating.
UPDATE (SUNDAY @ 2:45PM): The sellers are on their way to New Jersey (to their flooded house, presumably) but Brandon made it through to their real estate agent and she “didn’t see any reason why the counter wouldn’t be accepted.” I think that’s about as good a news as we could get without a formal “yes” — but i’m breaking out the hard liquor to numb the pain regardless.
UPDATE (SUNDAY @ 3:15PM): “The waaa-aiting is the hardest paaart.”
UPDATE (SUNDAY @ 6:00PM): they agreed. we just bought a house. in dc. in mount pleasant. what the heck?!? good things really do happen all at once.