First time home buyer here also the first time we put in an offer.
We had no idea what to expect; we submitted a offer, counter offer as well. We thought maybe their counter was too high for us to afford monthly, we figured out that we could with some sacrifices and promised raises. So Monday comes and I'm excited to put in the offer that they countered with and I call my lender to make sure everything's in order and to get an estimated closing cost; well my pre-approval for a mortgage was messed up because initially we were approved for a single family home but not a townhome like we just looked at because of the HOA fees clouding up my monthly debt ratio. Therefore once we got that figured out and knew the budget for home insurance we got a quote that Monday afternoon. Waited for the quote to arrive and as soon as we got the quote we notice our iPhone apps show he home went into contingency.
We at first thought it meant maybe contingency to move due to it being on the website, but our agent later found out he home was now under contract.
Do we have a chance to still get the townhouse? We are putting a full 20% down, conventional loan with no contingencys other than a home inspection.
A background story as well, noticed a photo in the townhome during our walk through, looked up the taxes online; turns out it's a kid from my high school back in the day, we only had common friends never talked much or did anything really.
What should we be doing? Anything? Is this a lost cause? We really liked this townhouse, and our agent mentioned it was under contract so we should forget it and look elsewhere.
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