BARGAIN HOUSE IS UNDER CONTRACT!
Of course there's more to the story. I've been holding out on you, waiting to see how things progress. Papers have been signed. The closing is scheduled for the first week of April. An inspector will tour Bargain House next week. Then we will be informed of any items that might need to be addressed. This is the buyer's inspector, for his loan. Bargain House has already passed the city inspection for occupancy.
Bargain House was officially put on the market by Realtor Guy on Thursday, February 19. By the weekend, it was being shown a couple times a day. When I dropped off The Pony after our Errand Day on Thursday, February 26, The Pony said, "I have a feeling we're going to get an offer on Bargain House this weekend."
Realtor Guy was communicating with Hick all along. Hick asked if there was anything the viewers mentioned. Anything we might be able to change. Realtor Guy said the only thing he heard was that some didn't like the location, which obviously can't be changed. Hick thought it might be because the city "bus barn" is across the side street, where they park all the city vehicles. Or maybe a house across the back alley with a yard that's a bit junky.
Anyhoo... Sunday night, March 1, Hick got a text from Realtor Guy with an offer for Bargain House. It was $17,400 under the listing price. We talked it over with The Pony, and Hick countered with a price that was $10.000 under the listing price. Essentially, we came down $10,000, and the prospective buyer would need to come up $7,400 from his offer. Which is more than fair to him. Better than if Hick played his "split the difference" game.
We didn't hear anything for a couple days. On Tuesday, March 3, Hick called Realtor Guy. Who said the prospective buyer had decided he wasn't interested. No skin off our collective noses. We're not giving it away!
The house showed through the week, days and evenings, with multiple weekend showings. Realtor Guy gave his viewers a short survey. Some said they wanted to look at other properties. One guy rated it a 4 out of 5, the only complaint being that he thought it was a bit overpriced. Well, that's on Realtor Guy, who told Hick his original price was too low! Anyhow, that's how houses are sold. You make an offer for what you're willing to pay. It apparently wasn't priced too high for that guy to ask for a viewing.
Saturday night, March 7, Hick went to bed at his normal time, around 8:30. On Sunday morning, checking his phone, he saw a text from Realtor Guy at 9:20 p.m.
"We have an offer on the house. That first guy will accept our counter-offer from before."
Hick signed the paperwork on his phone. The reason we are not over-the-moon excited is because of how the prospective buyer wants to do the deal. There's a name for it. According to Hick's explanation, the paperwork will somehow show that we're financing part of the buyer's down payment. I understand that although we will get our full amount from the counter-offer at closing, paperwork might show that the price is what that buyer first offered. Hick likened it to buying a car and getting trade-in value of a certain amount. Anyhoo... it will all be sorted out by the title company at closing, and we'll have our 1099-S form to show how to report it for tax purposes.
This buyer is getting a government loan, which I think is USDA, and Realtor Guy says they might require a vapor barrier under the crawl space. Hick knows a local guy who does that, but is not sure of the cost. He's thinking around $2500-3000, and says we'll do it if needed.
Anyhoo... BARGAIN HOUSE IS UNDER CONTRACT! After 16 days on the market, and for a price that is $10,000 higher than our pre-agreed-upon bottom line. We haven't popped any champagne corks just yet...
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