Put a Offer in on a House Yesterday --- Competing against 5 Other Offers

[PigsDad]

Thanks for that info, @PigsDad.
I have never heard of this before - I guess it is not a universal requirement or it is handled differently in our area. I'll have to look that up.

Edit: I found this reference:

Do You Need a Certificate of Occupancy for Your Property?

A certificate of occupancy is often required when you purchase a property. Learn the basics of a CO, including when, how, and where to get one.

www.thebalancesmb.com

Since we are the first owners of the house we currently occupy, I guess a C/O may have been one of those endless papers we signed a quarter - century ago!
I'm going to see if I can find the folder for the sale (our purchase) of this house.

Personally, I've only heard of a CO required when one is building a house, as it is an assurance that the local building authority has signed off on the building permit being completed and it was built to code. I don't think a CO is required when just transferring a title to a new owner here in Colorado, but I could be wrong.

Kurt

 

[bluehende]

Personally, I've only heard of a CO required when one is building a house, as it is an assurance that the local building authority has signed off on the building permit being completed and it was built to code. I don't think a CO is required when just transferring a title to a new owner here in Colorado, but I could be wrong.

Kurt

I know in PA there is an inspection and CO needed to transfer a property. My son bought a place in Ambler,PA and 2 weeks before settlement they could not get a CO because of sidewalk issues. If I remember correctly it was the township. So something as little as a sidewalk problem that my son had not considered a problem at all could have killed the deal. His real estate agent, who is also his father in law, insisted the seller had to provide a CO.

 

[wackymother]

We need a CO to sell a house or a condo here in NJ. We sold a condo a few years ago and the inspector needed to see smoke alarms, of course, and carbon monoxide alarms. It's a huge building that is all electric--there's no gas at all in the building, so really no need for a carbon monoxide alarm.

Our realtor brought one with her when she went over to let the building inspector in, plugged it in when she got there, and then took it home after the inspector signed off on the certificate of occupancy. The realtor said that most inspectors would not demand a carbon monoxide detector in the building (which is so big that all the inspectors have been there many times), but you never knew when one of them was going to be a stickler.

 

[Sugarcubesea]

Sounds like you have a great plan. I really hope you get it!

Sorry to hear about your pension, was any part of it guaranteed by the government? Can’t remember what it’s called but usually companies pay an insurance premium to the government so if the pension is insolvent the pensioners at least get something.

The company I worked for the bulk of my career, had severely underfunded the company's pension prior to the bankruptcy. During the bankruptcy our pension was turned over to the PBGC. The PBGC pensions are protected up to a guaranteed maximum that is much less than you would hav received with a pension still held by a company vs the PBGC. The problem has become that so many companies have gone bankrupt with severely underfunded pension funds and I have received notice that the PBGC multiemployer program (that my pension is located in) is projected to become insolvent in fiscal year 2025. I do not turn 65 till 2026, and that is the first year I can claim funds under my pension plan. I have received notice that in 2026 when I do become eligible, I would only be eligible for about 10% of what I supposed to receive in retirement. Thus the reason I need to work to age 65 or 66.

 

[Passepartout]

The company I worked for the bulk of my career, had severely underfunded the company's pension prior to the bankruptcy. During the bankruptcy our pension was turned over to the PBGC. The PBGC pensions are protected up to a guaranteed maximum that is much less than you would hav received with a pension still held by a company vs the PBGC. The problem has become that so many companies have gone bankrupt with severely underfunded pension funds and I have received notice that the PBGC multiemployer program (that my pension is located in) is projected to become insolvent in fiscal year 2025. I do not turn 65 till 2026, and that is the first year I can claim funds under my pension plan. I have received notice that in 2026 when I do become eligible, I would only be eligible for about 10% of what I supposed to receive in retirement. Thus the reason I need to work to age 65 or 66.

Boy, THAT SUXXX! I have kind of envied those with company funded retirement plans, but if those entrusted with ensuring that it is funded allow the bean-counters to rob the fund, I guess the self-funded IRA or 401-(k) is better. 'Course some folks don't fund their own retirement, or borrow against it and never pay back the loan they make to themselves. Dummies!

 

[Sugarcubesea]

Ugh! I feel for you, Sugarcubesea! Competing against multiple offers on a house is such an emotional rollercoaster. You never know what sways a seller over to a particular buyer (it's not always the highest sales price), so hang in there and don't be too disappointed if it doesn't go through. There's ALWAYS another house. (Speaking as someone who's been a seller, Realtor, and buyer in crazy markets.) I hope you get the lake house, though. That waterfront view is SWEET!!!!

It sounds like you have a solid plan for a smooth transition into retirement. You were screwed by your old company, but your resilience and determination is pretty damn admirable. I love your plan to downsize with style and double up on pre-retirement savings. Kudos to you!

PamMo,

Thank you so much, I feel like I have been thru hell and back. I worked at my old company from graduation till 2011. For 28 years they had me with the golden handcuffs of a retirement - pension plan. My old company went bankrupt in 2008, for the years 2008 to 2011 I had to take 6 pay cuts just to keep my job. The economy in MI was so bad during those years, that companies could and did replace employees with the millions that were out of work. I feel like I clawed my way out of that time period. I found a new job in 2011 and then another 2013 and then landed at my current company in 2015.

I hope that I can keep working till at least 2026, so that this plan will work.

You have always held a special place in my heart, when you gave my family and I those boogie boards in Maui back in 2016, my family still talks about your kindness all these years later...

 

[Sugarcubesea]

That sounds extremely familiar. I think today marks the 15th pickup load I've hauled to the dump in the last month. LOL! We're moving in 12 days, like it or not.

Dave

The county dump and I have become best friends LOL. We even rented a u-haul truck and filled it to the ceilings and took 4 loads over to the dump.

 

[turkel]

The company I worked for the bulk of my career, had severely underfunded the company's pension prior to the bankruptcy. During the bankruptcy our pension was turned over to the PBGC. The PBGC pensions are protected up to a guaranteed maximum that is much less than you would hav received with a pension still held by a company vs the PBGC. The problem has become that so many companies have gone bankrupt with severely underfunded pension funds and I have received notice that the PBGC multiemployer program (that my pension is located in) is projected to become insolvent in fiscal year 2025. I do not turn 65 till 2026, and that is the first year I can claim funds under my pension plan. I have received notice that in 2026 when I do become eligible, I would only be eligible for about 10% of what I supposed to receive in retirement. Thus the reason I need to work to age 65 or 66.

I am so sorry, that seems criminal in my book. Thank goodness you have some time to recover. Must be a bitter pill to swallow.

I am rooting for your success! And that awesome view!

Most of my retirement savings has come in the last ten years post divorce, just paid off my house. I have had many co workers laugh outright at my frugalness and lofty retirement goals. I have always encouraged others to save. I know it can be done.
Best wishes for a bright funded retirement!

 

[DaveNV]

The county dump and I have become best friends LOL. We even rented a u-haul truck and filled it to the ceilings and took 4 loads over to the dump.

That may have me beat. I just know that I'm paying my county a LOT of money in dump fees this month.

Dave

 

[b2bailey]

The company I worked for the bulk of my career, had severely underfunded the company's pension prior to the bankruptcy. During the bankruptcy our pension was turned over to the PBGC. The PBGC pensions are protected up to a guaranteed maximum that is much less than you would hav received with a pension still held by a company vs the PBGC. The problem has become that so many companies have gone bankrupt with severely underfunded pension funds and I have received notice that the PBGC multiemployer program (that my pension is located in) is projected to become insolvent in fiscal year 2025. I do not turn 65 till 2026, and that is the first year I can claim funds under my pension plan. I have received notice that in 2026 when I do become eligible, I would only be eligible for about 10% of what I supposed to receive in retirement. Thus the reason I need to work to age 65 or 66.

Or live to be 150?

 

[Sugarcubesea]

Our realtor just called. A total of 7 offers were made on the house. We offered $6K over asking and we lost out. The listing agent told our realtor that the winning offer came in $16K over asking. To me that is insane.

Our mortgage broker pulled the data when he wrote up our mortgage approval letter to accompany our offer. He stated to me that the home might come back on the market because if it does not appraise that high, the folks buying it might not be able to get the mortgage.

I’m so bummed and sad that it became that much of a bidding war.

 

[PamMo]

So sorry to hear you missed out. I hate markets like that!!!!!

 

[Roger830]

I recently sold my deceased mother's house in one day even though other's were scheduled to see the house.

The 78 year old house needed work and was listed to be sold as-is.
The listing realtor was working with someone that is handy and could do the updates.
He showed the house the day before the listing went live and was told that they'd make an offer.
I told him to get their best offer and that because of the current economic situation, a serious consideration of mine was their ability to close on time.

The next day a cash offer for $100 over the listing price was made with no inspection and closing in less than three weeks.
He assured me that they were responsible people and could be relied upon to close, but I could probably get more.
I didn't want to get greedy for a few thousand more and accepted the offer without hesitation. We closed in less than 2 1/2 weeks.

The $16,000 offer over listing could have had other favorable attributes like cash with no inspection, or very high down payment.

 

[WinniWoman]

Our realtor just called. A total of 7 offers were made on the house. We offered $6K over asking and we lost out. The listing agent told our realtor that the winning offer came in $16K over asking. To me that is insane.

Our mortgage broker pulled the data when he wrote up our mortgage approval letter to accompany our offer. He stated to me that the home might come back on the market because if it does not appraise that high, the folks buying it might not be able to get the mortgage.

I’m so bummed and sad that it became that much of a bidding war.

Very sorry about this. That is totally insane! I can;t even imagine a housing market like that! Just look at it like everything happens for a reason. When it's your time it will happen. Chin up!

 

[wackymother]

I'm sorry you lost out. It's sad to really fall in love with a place and then realize that it isn't going to happen. I hope you find another place you love even more.

 

[mpizza]

Very sorry

You need to get your home listed and sold so you can benefit from the hot Seller’s market in your area! Have you spoken to your realtor about listing “as-is” and not waiting for the flooring? Chances are the new owners will want to make modifications even if the floors are brand new.

New Jersey is also experiencing a Seller’s market- multiple offers on moderate homes, sales 10-15% over ask on “vacation” homes (anything with a yard/pool), and luxury >6,000 sf homes are back in demand!

Maria

 

[mpizza]

Very sorry

You need to get your home listed and sold so you can benefit from the hot Seller’s market in your area! Have you spoken to your realtor about listing “as-is” and not waiting for the flooring? Chances are the new owners will want to make modifications even if the floors are brand new.

New Jersey is also experiencing a Seller’s market- multiple offers on moderate homes, sales 10-15% over ask on “vacation” homes (anything with a yard/pool), and luxury >6,000 sf homes are back in demand!

Maria

 

[Sugarcubesea]

Very sorry

You need to get your home listed and sold so you can benefit from the hot Seller’s market in your area! Have you spoken to your realtor about listing “as-is” and not waiting for the flooring? Chances are the new owners will want to make modifications even if the floors are brand new.

New Jersey is also experiencing a Seller’s market- multiple offers on moderate homes, sales 10-15% over ask on “vacation” homes (anything with a yard/pool), and luxury >6,000 sf homes are back in demand!

Maria

The flooring is all paid for and was supposed to be installed on March 13, the day the governor of michigan shut down the state...It will be installed on June 22nd and then our house is going on the market...

 

[bogey21]

Our realtor just called. A total of 7 offers were made on the house. We offered $6K over asking and we lost out. The listing agent told our realtor that the winning offer came in $16K over asking. To me that is insane.

Whenever I am trying to buy or sell something I try to offer a deal the other party can't refuse. My philosophy is that in the long run it will all work out and a few thousand dollars extra to get the deal done is money will spent or foregone. But there are limits. Assuming the asking price was close to market even with my way of thinking I agree that $16,000 over asking was insane...

George

 

[Brett]

Whenever I am trying to buy or sell something I try to offer a deal the other party can't refuse. My philosophy is that in the long run it will all work out and a few thousand dollars extra to get the deal done is money will spent or foregone. But there are limits. Assuming the asking price was close to market even with my way of thinking I agree that $16,000 over asking was insane...

George

yes, in that case the asking price was too low. I'm now trying to determine the value of my mother's condo in Northern Virginia. Redfin and other sites show an estimated value. There's a list of comparables with other units. When I meet with RE agents next week they may have their estimates of value. I hope I don't price it insanely low !!

 

[Roger830]

It's my understanding that the market determines the value.

 

[WinniWoman]

We interviewed 3 realtors and we went with the high range of the lowest prices suggested by one but used the realtors with the middle of the road quote to list it. They wanted to list it at 22,000 over that but we said no. The house sold quickly- the second day on the market and the first showing- for $2000 under list. I’m glad because after that- and before contracts were signed- we only had a few showings and no offers.

 

[bogey21]

I'm now trying to determine the value of my mother's condo in Northern Virginia. Redfin and other sites show an estimated value. There's a list of comparables with other units. When I meet with RE agents next week they may have their estimates of value. I hope I don't price it insanely low !!

When I sold my Son's house last year, based on all the Internet sites (Zillow, Redfin, etc.) I felt that $175 to $180 was market. Because the house was empty and inconvenient for me get to I hired a Realtor who insisted that I list it for $190 where it sold. Not only did he have a good handle on the market but when Buyer's inspection turned up a number of minor things that needed to be addressed, Realtor had a stable of very reasonably priced fix-it contractors that took care of all the items within days. Rarely do I hire professionals (lawyers, accountants, etc.) but in this case I have to admit that the commission I paid the Realtor was worth every penny...

George

 

[JanT]

I'm so sorry Sugarcubsea! How disappointing for y'all. Perhaps something else will come along or as your broker stated, it's possible the house will come back on the market if things don't work out on the current offer. I know you are sad about it but this will allow you to get your house on the market and sold and then you have more freedom in looking. Hugs and I'm hoping it all works out for you.

Our realtor just called. A total of 7 offers were made on the house. We offered $6K over asking and we lost out. The listing agent told our realtor that the winning offer came in $16K over asking. To me that is insane.

Our mortgage broker pulled the data when he wrote up our mortgage approval letter to accompany our offer. He stated to me that the home might come back on the market because if it does not appraise that high, the folks buying it might not be able to get the mortgage.

I’m so bummed and sad that it became that much of a bidding war.

 

[bbodb1]

Our realtor just called. A total of 7 offers were made on the house. We offered $6K over asking and we lost out. The listing agent told our realtor that the winning offer came in $16K over asking. To me that is insane.

Our mortgage broker pulled the data when he wrote up our mortgage approval letter to accompany our offer. He stated to me that the home might come back on the market because if it does not appraise that high, the folks buying it might not be able to get the mortgage.

I’m so bummed and sad that it became that much of a bidding war.

Yoda might say something like this: Done is nothing until it is........

While I understand it is a kick to nether regions, just remember the $16K offer over list is just that - an offer - until all the i's are dotted and the t's are crossed by the lending institutions...

Keep the faith!