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Highest & Best

April 9th, 2014 at 05:42 am

We put in an offer on the victorian house Monday. We knew there was already another offer at full price or maybe above. We thought more offers would come in as well. On Tuesday the bank came back and asked for highest & best.

Our first offer was almost 10% above asking.

Yesterday we went 25% above asking.

Before you freak- this house is listed for less than $40k so 25% is not as dramatic as it would seem.

Hoping for an answer today.

I was feeling confident last night. Then when we were reviewing sold comps...the market has been so strong lately I can see someone just putting in an offer to blow everyone else out of the water. Today I'm wishing we had increased our security deposit or shortened our due diligence period to look more attractive.

The contractor came over last night and I feel we had a good conversation.

He still feels we can get the house done for $25k including labor.

He has a plumber & electrician working in his crew that will accept payment when the house sells.

He does not think he can handle central air installation and we'll need to pay retail for that.

He thinks he can sand & save the hardwood upstairs. He thinks the vinyl glued to the hardwood downstairs is too expensive to try and save. He wants to just re-hardwood the downstairs. My husband wants to try a few methods to remove the glued down vinyl first.

Contractor said it will be 2-3 months till the house is done, rather than the 2 months we were hoping.

Contractor plans to work his other jobs while working on this one. So he wont be at the house 40 hrs a week, but he can send a crew member over every day as long as husband stops in regularly to supervise.

The roof is the big unknown right now. It LOOKS good from the ground. So we'll see.

Contractor has given us a few scavenger items to find like window sashes and antique columns we'll need for the project.

Contractor wants a contract in writing outlining the partnership. Since our (mine & husbands) names will be on title, he's at a disadvantage. I'm working on that today.

So overall, progress. Hoping for a positive phone call today. I'll discuss numbers if we get the house. Fingers crossed! In the meantime it is BEAUTIFUL outside and I cant wait to take the dog for a walk. I hope your days are beautiful too!

5 Responses to “Highest & Best”

  1. Rachael777 Says:

    excited! can not wait for news. Smile.

  2. CB in the City Says:

    Sounds exciting!

  3. snafu Says:

    Before you freak- ...please don't let our comments intimidate you, we mean the best and while it might not be worded diplomatically, we point out possible pitfalls. Age tells, some of us are like your parent's age...grandparent age and therefore much more conservative.

  4. TashaC. Says:

    I'm glad for the advice! I often come here looking for advice!

  5. Looking Forward Says:

    I'm so EXCITED to hear!

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