Looking for a bit of reassurance and a place to vent. First time home buyers in LA.
We offered $30k over asking price after a round of counter offers, and (at our agents recommendation) signed an addendum to say we’d come out of pocket $15k if the appraisal came in low. There were 2 other offers at around the same price, including a cash offer that came in right after the owners accepted ours, and another that was waiving various contingencies. Apparently they ‘liked us’ though (we wrote a letter and all that).
Inspections went ok – they didn’t find anything that needed to be done really short-term, but a few things that we can expect to fork out for in the next couple years that will run in the $1,000s (chimney repair, backfilling some foundation under the house, cleaning sewer line out from roots). Our agent initially talked down what the general inspection found and the inspectors recommendation to get estimates done, but we insisted on getting the specialist inspections to really understand the issues and costs (which is what unveiled the sewer and chimney stuff). We tried to get a credit for some of it, but the seller was having none of it apparently. I wonder how hard our agent actually worked for us because she seemed more interested in convincing us to remove our contingency and not negotiating anymore.
Now the appraisal came in $15k under contract price, so sounds like we’ll be forking out the cash. We have it, but means we’ll have less for renos. This is on a house that’s $900k, so not a big impact on the budget, but it’s annoying.
Kind of feeling frustrated and demoralised by the whole process at this point, and like maybe we should’ve shopped around more or got a better agent. Maybe this is just how it is if you want to get a home in a good area in a competitive market like LA right now, and taking on a stack of debt.
I dunno – we can afford it fine, and we’ll be super happy once we’re in there I’m sure, but just feeling kind of deflated when I hoped we’d be feeling happy at this point. Has anyone had a similar experience? Seems kind of messed up how one sided this market is in favor of sellers right now. Hearing about my parents experience of house buying from years gone by is unbelievably different.
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