Ohio FTHB Jitters

Or maybe full on panic? Is this normal?

FTHB, moved to the area two years ago for a job, figured I’d rent for a year then buy a house. Spent the past year trying to find what I liked or getting outbid on the ones I did. I also now have a baby on the way that’s due in March. Wife is anxious to get a house and get out of our apartment.

I’ve always wanted a big kitchen and a garage I can park my vehicles in (Ohio winter suck). Also have motorcycles I work on frequently, so garage space is important to me. Ideally a 3 car garage and room to build a shop. Also have a small toy hauler I want to keep at the house so HOAs are out.

Been a really slow couple of weeks then saw a house pop up that seemed to check most of our boxes. House went on the market Thursday afternoon; sellers would review the offers on Saturday at 1pm. Looked at it on Friday afternoon. Everything seemed okay with it. Not really what I wanted as far as layout goes, small kitchen, small two car garage, original builder grade, needs carpet and some updating, but it’s mostly move in ready. Nice neighborhood and a 3 min drive from work. On a whim, I called my realtor and told him we would be good with putting an offer on it (one of his other agents was showing it to us). Realtor said the price (320k) was good, maybe slightly underpriced. I said I’d be okay with going 5k over on it. He made some calls, said there were multiple offers on it and suggested offering an additional 5k if they took my offer that night instead of waiting till Sat. Also offered a short close (~3 weeks). No time to research it, so I agree to it.

To my surprise, he notifies me later that night that they accepted. Really was not expecting that. I’m cool with it at first, not super excited about since I wasn’t in love with the house, but now doubts are really creeping in. Started taking a closer look at comps in the area and other bigger, nicer, houses just sold a month or two earlier for 20-30k less. I would definitely be paying more than any house had sold for in the neighborhood.

Bank is saying they do not need to appraise it either, they are comfortable loaning on it with my 20% down. This seems kind of crazy to me?

Now I just have this deep sense of dread about the situation… really considering eating the earnest/inspection money and backing out… I figured I would be excited when I finally got a house… Is this something every FTHB goes through?

submitted by /u/Sobas711
[link] [comments]

Or maybe full on panic? Is this normal? FTHB, moved to the area two years ago for a job, figured I’d rent for a year then buy a house. Spent the past year trying to find what I liked or getting outbid on the ones I did. I also now have a baby on the way that’s due in March. Wife is anxious to get a house and get out of our apartment. I’ve always wanted a big kitchen and a garage I can park my vehicles in (Ohio winter suck). Also have motorcycles I work on frequently, so garage space is important to me. Ideally a 3 car garage and room to build a shop. Also have a small toy hauler I want to keep at the house so HOAs are out. Been a really slow couple of weeks then saw a house pop up that seemed to check most of our boxes. House went on the market Thursday afternoon; sellers would review the offers on Saturday at 1pm. Looked at it on Friday afternoon. Everything seemed okay with it. Not really what I wanted as far as layout goes, small kitchen, small two car garage, original builder grade, needs carpet and some updating, but it’s mostly move in ready. Nice neighborhood and a 3 min drive from work. On a whim, I called my realtor and told him we would be good with putting an offer on it (one of his other agents was showing it to us). Realtor said the price (320k) was good, maybe slightly underpriced. I said I’d be okay with going 5k over on it. He made some calls, said there were multiple offers on it and suggested offering an additional 5k if they took my offer that night instead of waiting till Sat. Also offered a short close (~3 weeks). No time to research it, so I agree to it. To my surprise, he notifies me later that night that they accepted. Really was not expecting that. I’m cool with it at first, not super excited about since I wasn’t in love with the house, but now doubts are really creeping in. Started taking a closer look at comps in the area and other bigger, nicer, houses just sold a month or two earlier for 20-30k less. I would definitely be paying more than any house had sold for in the neighborhood. Bank is saying they do not need to appraise it either, they are comfortable loaning on it with my 20% down. This seems kind of crazy to me? Now I just have this deep sense of dread about the situation… really considering eating the earnest/inspection money and backing out… I figured I would be excited when I finally got a house… Is this something every FTHB goes through? submitted by /u/Sobas711 [link] [comments]

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