Contract on my DREAM HOUSE!

[ArtsyMomma]

I hope this is the right place for this thread....

Over the weekend DP and I found our dream home, it was only on the market for one day. We are pre-approved and have anywhere from 20-45% to put down (depending on whether MIL will give us the same down payment she gave BIL, we have the 20%). DP's credit score is 879, we do not need to sell another property to purchase this one, and the mortgage payments are below 25% of take home pay. All good on our end (I think). The sellers signed the contract, and we know them distantly...well, we know the neighbors, the sellers are said to be 'good people'. They got an offer for essentially 10K more with less land AFTER they signed the contract. Our agent said "YOU GUYS DID GREAT!" and told us the sellers were going through with it. The thing is, we got the place for a steal. Our agent would have listed for 30-40K more, and we agreed to 8K under asking price.

It all seems good....we would close right before memorial day, our agent is not worried.

I am worried. I am really afraid the sellers will back out, take a much higher offer (which we wouldn't compete with, we want our living expenses low and want the house paid off within 5 years if possible). I'm concerned, it's all happening very fast and the sellers accepted our offer the day after the property was listed. They were reluctant to accept, but we are very good buyers.

I haven't had a whole lot of good luck (cheating ex husband who took off when I had a newborn, I didn't finish school so that I could stay home with my babies and suffered some real financial hardships, DP took a long time to settle down......). I'm very nervous.

Is it likely they will back out? I've never bought a home before. I've read about the consequences of backing out. A small monetary pay out is nothing compared to losing a house I love when I've been looking for years.

Should I be resting easy now that the contract is signed?

[ChristyMarie]

Um, if you signed and they signed they can back out but not without quite a bit of hassle and expense depending on how far you would want to pursue it.

I'd try to relax.  See how the inspection goes and take it from there.

And congrats!!!

[ArtsyMomma]

Thanks ChristyMarie, I'm trying to relax, but I've had a lot of big let downs and I hate to get my hopes up.

The inspection is done. There were some really minor things, but nothing over $50-$100. The sellers are also offering a 1 year warranty.

[mumkimum]

Just a 'yay!' to you.  Going through our own house stuff right now, I'd be so excited in your shoes.  Good luck - may things end up just fine.  

[ArtsyMomma]

Thanks Mumkimum, I am excited, but I don't think I'll feel less ill-at-ease until we close. I'm starting to make lists of things I can pack, trying to stay proactive.

[mattemma04]

I hope everything works out for you. Sounds like it went well.For a seller a one day listing/sell is a dream in this market where people are selling their homes at a major loss after months of being on the market.

[ArtsyMomma]

Thanks Mattemma! So far it's going really well and I'm feeling quite a bit more confident. So confident that I've even started packing a few boxes and making lots of lists. The sellers keep getting offers from a 3rd party for quite a bit more than our contract is for (so far the highest we've been told about is 40K more) - but they are planning to stick with the contract. I worry about how much $$ it would take for them to try and break it....but it's more fun to think about decorating the kids bedrooms and picking out new tile backspashes for the kitchen.