{"id":294632,"date":"2026-09-26T19:36:11","date_gmt":"2026-09-26T19:36:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-pa\/294632\/"},"modified":"2026-09-26T19:36:11","modified_gmt":"2026-09-26T19:36:11","slug":"i-report-on-how-people-buy-houses-heres-what-i-got-wrong-buying-mine","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-pa\/294632\/","title":{"rendered":"I report on how people buy houses. Here\u2019s what I got wrong buying mine."},"content":{"rendered":"

As a reporter for \u201cHow I Bought This House<\/a>,\u201d The Inquirer\u2019s series that shares the stories of how people purchased homes, I\u2019ve spent a lot of time asking people about, well, how they bought their houses. How much they offered. What they waived. What they regretted. I\u2019ve learned all sorts of tips and tricks, strategies, and common mistakes to avoid. <\/p>\n

So when I bought my first house this August in Philadelphia, I fancied myself savvier than the average first-time buyer. I knew, for instance, that the appropriate response to discovering knob-and-tube wiring is to run in the opposite direction, and that only a fool would waive the inspection.<\/p>\n

I headed into the process eager and overly confident, sure I\u2019d be able to nab the perfect house well below the asking price and secure a mortgage at the lowest possible interest rate. I\u2019d planned to use things I learned while helming this column, like seller assists<\/a> and mortgage buydowns<\/a>, to finagle the seller into practically giving me the house for free.<\/p>\n

Then I found a house I really wanted, and I learned that knowing what to do is one thing. Doing it when you are terrified that someone else might buy your dream house is another.<\/p>\n

Most of the hacks I picked up flew out the window the second another couple showed up at the open house. Faced with a competitive seller\u2019s market, I quickly folded on things I would\u2019ve previously considered nonnegotiable. <\/p>\n

Like the inspection. While I didn\u2019t waive it entirely, I did agree to it being \u201cinformation only,\u201d meaning I gave up my right to ask the seller to fix or pay for anything. Information-only inspections can strengthen your offer when you can\u2019t afford to pay more, but they can still end up costing you in the form of a hefty repair bill.<\/p>\n

Looking back, I wish I had done a full inspection. I didn\u2019t know the details of the other offers, but I doubt anyone else waived theirs. When the report came back with a list of necessary repairs totaling $15,000, I was stuck. <\/p>\n

I knew from interviewing dozens of buyers that people often use inspection findings to negotiate a seller\u2019s credit. I would\u2019ve liked to ask for one to cover some of the $12,000 it cost to replace the cloth wiring. But because I\u2019d agreed to an information-only inspection, my only real option was to walk away. I believe this is what people in business call giving away your leverage.<\/p>\n

And speaking of giving away leverage, I don\u2019t know why I offered over the asking price except that fear is a powerful motivator. And by that point, I had developed a healthy fear of being outbid. <\/p>\n

I had already been outbid on two houses, both of which sold for more than $40,000 above asking. This time I could afford to offer more, so I did, even though I didn\u2019t know what the other offers were.<\/p>\n

In a less panicky state, I might have remembered something I\u2019d heard again and again reporting on homebuyers: If someone else offered more than us, the seller would probably circle back and ask if I could match them. That would\u2019ve been a good time to go above the asking price. Instead, I did it right out of the gate. To borrow another phrase from the business community, I negotiated against myself.<\/p>\n

Thankfully, not everything I learned from How I Bought This House was for naught. While debating ways I could fend off the competition I was convinced was trying to steal my house, I remembered a couple from Collingswood<\/a> who hoped to avoid a bidding war. They had bought and sold several homes before, so they knew how to put together an irresistible offer. One of the things they did was waive the mortgage contingency.<\/p>\n

When you waive the mortgage contingency, you\u2019re essentially telling the seller that your financing is your problem, not theirs. If your loan falls through, you can\u2019t back out of the deal and get your earnest money back. You have to be able to buy the house one way or another.<\/p>\n

It sounds risky \u2014 especially if you\u2019re still planning to use a mortgage \u2014 but I felt it was a risk I could safely take. My lender was confident I\u2019d be approved.<\/p>\n

Plus, I knew the seller would find it appealing because sellers love certainty. Waiving the mortgage contingency gave them the security of an all-cash offer without requiring us to actually make one. A true \u201cwin-win,\u201d as my friends in business would say. <\/p>\n

Of course, I have no idea whether it won us the house, but after spending so much of the process paying extra to calm my own nerves, it felt good to finally strengthen my offer for free.<\/p>\n

If I learned anything from buying my first house, it\u2019s that you should decide what you\u2019re willing to spend, waive, or risk before you fall in love. Then stick to it. I didn\u2019t. But I still got the house. And I don\u2019t have any regrets. <\/p>\n

\"Inquirer<\/p>\n

How I Bought This House<\/p>\n

Weekly<\/p>\n

Get the stories behind how Philadelphians bought their homes.<\/p>\n","protected":false},"excerpt":{"rendered":"As a reporter for \u201cHow I Bought This House,\u201d The Inquirer\u2019s series that shares the stories of how…\n","protected":false},"author":2,"featured_media":294633,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[121915,69,71,70],"class_list":["post-294632","post","type-post","status-publish","format-standard","has-post-thumbnail","category-philadelphia","tag-first-time-homebuyer-mistakes-mortgage","tag-philadelphia","tag-philadelphia-headlines","tag-philadelphia-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/294632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=294632"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/294632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/294633"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=294632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=294632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=294632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}