Read articles hand-selected by Kim Kiyosaki for women just like you, and enrich
your life and your mind.
Real Journeys Feature: Kathy Grady
“I’m just trying to buy another house!”
By:
Kathy Grady | 12/17/2010
Average Reader Rating:
Link:
http://www.richwoman.com
I’ve been working with a realtor to buy another house. My plan is to move into that house and turn my existing home into a rental. The process was pretty simple until I found a house I wanted and discovered it is bank owned. My first offer was rejected – simply rejected with no counter offer. So I went back and made another offer with a little more money. The asset manager seemed to think that it would go through.
So I made plans to move forward and got started with inspections, making preparations to rent my current house, etc. Now at this point I’m starting to get emotionally involved, thinking all of this is moving forward in my favor. Then the other day I received word that the bank rejected my second offer!
I have a few lessons from this experience. The first: Always keep in the forefront of your mind that this is a business decision, and don’t make it emotional. When emotion goes up, intelligence goes down. In my case, this is more challenging than if I was buying a rental property because the house I am buying is for me to live in, and the one I’m moving out of is the rental.
The second lesson: Never take a verbal “I think this will go through” as an acceptance of an offer. If it is not in writing it is not accepted.
I put in another counter offer and am waiting to see if it will go through. This is my final offer. I hate being in limbo, with my life in a holding pattern, wondering “Will I get it, or won’t I get it?” I took back control and decided today: If my offer is not accepted today, as is, I will rescind my offer and walk. There are plenty more deals out there. I will take my lessons and move on.
Email
| Rate this Article