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Is it a crazy Seattle only thing to wave inspection contingencies on an offer? Our agent said we pretty much have to pay for an inspection pre-offer and then offer with no inspection contingency to have a shot. This sounded like insanity to me and yet we lost an offer on a house a couple weeks ago because the other offer had waved absolutely all contingencies. That house had been on market less than a week and that was the competition. This makes my head spin.
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Feb 3, 2018 02:17
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| # ¿ May 14, 2024 23:09 |
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I'd be surprised if mortgage interest rates affect Seattle much since an astonishing number of purchases are made in cash. We're thinking of making an offer on a house (which literally hit market 2 days ago and we'd need to get in by Tuesday offer date because Seattle) and our agent checked on the houses nearby which are closing to give an idea of what kind of offer we should make. One list at 619k and was bid up to 689k and the other started at 650k and had multiple bidders with one willing to go to 800k but they ultimately went with a 750k cash offer. This isn't even Seattle proper. From poking around online in some neighborhoods up to 40% of the final closing offers were in cash. I can't imagine this is a bubble that bursts regardless of nationwide trends any time soon.
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Feb 3, 2018 23:23
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I feel you. Our no contingencies offer got accepted and now I'm nervous we won out because the house sucks in some way our inspectors didn't notice. No contingencies so this is it.
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Feb 7, 2018 22:19
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We already had the house and sewer inspected. In Seattle you have to do that for any contested house as they always go for the no contingencies offer. Any house that doesn't have some weird drawback or require a lot of work in this price range are gone in less than a week on market anymore. This particular one was up on Thursday and reviewing multiple offers on Tuesday. We got the inspectors in on Monday morning. I think at least one other offer had an inspection but I'm not sure how many there were in total. Last house they pushed back the review date a day to give another party time to do an inspection and I know they already had multiple inspections. Its why our offer with contingencies wasn't in the running. The house was built in 82 and according to the inspectors has no problems but who knows what could be hiding. The day before a somewhat comparable house sold nearby for 20k less but had no yard (we called it the pavement house because the owner had paved the small backyard for extra parking) and 400 sq less so in theory our house is a decent deal.
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Feb 8, 2018 00:02
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Yeah it brakes my head a house purchase of all things has to be at this breakneck speed but that's the area for you. When I looked at houses with a friend in the Mid-West the one he went for he was able to think about it a while, look at it over weeks, and then negotiated a bunch of poo poo for the price and only had it inspected after the offer. Here it's just glance at it and then make a blank offer. So many houses are sold for cash with no contingencies you don't have much leverage as a buyer. Sellers want to go for the more absurdly surefire offer because of this stupid pace. A house that goes into negotiations but then doesn't work out and has to go back on market is regarded with a little suspicion. Oh man that house has been on market a whole 3 weeks what kinda shithole are they hiding! So your best price is from that initial offer blitz.
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Feb 8, 2018 00:21
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lampey posted:What is the normal earnest deposit on a no contingencies offer in Seattle area? 15-20k even if that's more than the usual 1 or 2%. This is on houses where there are multiple offers and you are trying to come out on top. A friend had just a couple thousand earnest money (don't recall how much, < 10k) and all contingencies on his offer nearby but it was because the house needed a lot of work so no other offers. Our agent said if we really wanted to duck out we could probably keep our money (he said he had never seen someone lose earnest money) but it wouldn't be as simple without an inspection contingency. I dunno if that's true, we put in the offer assuming we wouldn't get it back and it was final.
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Feb 10, 2018 09:24
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| # ¿ May 14, 2024 23:09 |
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Even with our minimal buyer leverage we got credit for some of the things that had problems.
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Feb 12, 2018 01:55
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