On Monday, I wrote about how I am a defensive pessimist. On Wednesday, I wrote over on Frugal Rules about how my defensive pessimism is holding me back from making a decision about a home. For those that didn’t read either of those posts, let me give you a simple run down. I am a defensive pessimist, which means that I have to analyze every situation and come up with a solution before I can make a decision. This makes it very hard for me to make decisions, but when I do , I feel pretty confident in them. I am a plan for the worst, yet hope for the best type of person. If I can deal with the worst possible scenario, then I am good. If you also didn’t know, my wife and I are selling our home and looking for another one. It has been a crazy ride so far, but we don’t have many days left before we will have our home sold. We are in need of a new home and soon.
We have been looking for about a month and a half now, but nothing really has stood out for us. That was until last Friday when we saw a home that we both loved in a neighborhood we have been trying to get into. The problem is that everyone else is trying to get into this particular neighborhood and this was the only house on the market. The homes in this area are only staying on the market for a few days at most. They are also not falling too far below asking price. It is a seller’s market indeed!
Though we loved the home, I still couldn’t pull the damn trigger. I had to go through all of my decision making steps before I could move forward. This process is hard on my wife because she can just say “yes” and be done with it. It is not that easy for me. As I said, I go through every scenario over and over again until I have a solution to each bad situation my mind can muster. It is a rough time for everyone involved. We saw the house on Friday and went back on Monday afternoon for a second showing. Since it was Easter weekend, we couldn’t see the home on Sunday. After about an hour at the house, I finally made a decision.
We Put in an Offer!
Yes, my wife and I put in a offer on a home that we wanted to raise our family in. It had everything that we could have asked for and it wasn’t going to take any work to fix it up before move in. It had everything on our want and need list. The only issue was the price was at the top of our price range. Being someone that writes about personal finance all of the time, this fact was eating away at me. I was able to get over it when I ran the numbers (about 10 times) to make sure we could really afford it. This was a big step for me.
We put the offer in and then started getting excited. That was short lived when we found out that many other buyers were putting in offers. Damn bidding wars! Bidding wars are not the situation we want to be in, but that is how the market is playing out these days. We thought we put in a strong offer, but then learned that our offer was not even entertained!
With so many offers, the sellers had a great mix of people to choose from. Unfortunately for us, we were the only buyers to have a contingency on our offer. See, we can’t afford two mortgages, so our offers have to be contingent on the sale of our home before we can purchase the next home. It sucks, but that is how it has to be. For this reason, we were automatically excluded from the bidding war. We didn’t even get a chance in the fight. For that reason, I am a little pissed.
It took me a long time to make up that decision and I can’t help to wonder if we would have put an offer in on Friday if they would have entertained it. My Realtor says that they only got multiple offers on Monday, so who knows. I am kicking myself a little for waiting, but at least now I know exactly what I am looking for in a home. I also know what I will compromise on. I think being a defensive pessimist held us back in this house, but hopefully I can get it under control for the next one. Wish me luck as we go back to the drawing board!