First Time Buyer – Appreciate Feedback

[Coronita]

[quote=SurfAndTurf]interesting – didn’t think about ending lease early. Just reviewed the terms and it does mention that i’d be liable only up to the point where it’s re-rented.

We’ve only been here for a year, but have had to put up with a lot so would expect theres some goodwill with the landlord.[/quote]

I seriously doubt a landlord would object to you moving out earlier. He probably will get higher rent than he is getting from you right now.

and frankly, it might take some time for you to find a house. I’d say if you can find out and close escrow by March that is already pretty good imho.

[SurfAndTurf]

Hey guys, wanted to check in.

First offer, first failure 🙂

Went in 2% over asking on a house in La Mesa. Was turnkey and well done. The comps came back and we settled at an offer that felt competitive, but on the higher end. Competing offers came in another 3% above ours. And that was before any counters.

With the price trajectory there seems to be quite a bit of risk with appraisal contingencies. The competing offers waived them and I couldn’t stomach it. I couldn’t bridge the gap on $40k of additional downpayment if the appraisal came in quite a bit lower than the settled price.

We’re disappointed. Especially with the state of inventory. But we have another 4ish months to find something.

Also, that $850k clairemont house that was used as an example on one of the first replies sold above $1M, btw.

[sdrealtor]

I feel for you, it’s brutal out there. Right now it seems as if a house is priced fairly one should expect it will go roughly 10% above asking price depending upon lot , location and condition it could be plus minus but that’s my rule of thumb at the moment

[SurfAndTurf]

Hey All –

Just informed by our realtor that our offer was accepted. A townhouse a couple blocks off Adams Ave in Normal Heights. We’re over the moon.

[gzz]

Congratulations, that’s a great area.

By the way, when you’re settled down look into father’s “bonding” time leave from the state. I should be getting $1100/week for 8 weeks, and mom will get a smaller amount.

https://edd.ca.gov/Disability/PFL_Forms_and_Publications.htm

Unlike other state gov programs, the more you make, the more you get back.

[sdrealtor]

[quote=SurfAndTurf]Hey All –

Just informed by our realtor that our offer was accepted. A townhouse a couple blocks off Adams Ave in Normal Heights. We’re over the moon.[/quote]

Congrats! Something must be in the air as I just got my first time buyer clients in escrow today also. There were 20 offers and listing agent said he heard countless sob stories of buyers trying up to a year. I know they are paying a premium but they are buying at least 200k below what they qualified for and are near family who watch kids for them. It’s brutal out there and there are 19+ who will now face this new comp.

[sdrealtor]

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