We Lost Our Future Chicago Home in a Bidding War

We thought we found the Chicago home of our dreams and then we lost it in a bidding war.  If you’ve been following our home search, you know we think we’ve settled on the city.

chicago home bidding war

No, this isn’t the home we put an offer in on.  Most of the homes we look at are not instagrammable although this is one home that we saw last year.  Our future home is most likely a great candidate for a before & after post because I love to put my touch on places like our Lincoln Park Condo.

Losing this place really stung.  It’s funny because when we first saw it, I didn’t like it.  I thought it was overpriced and not the cutest [yet!].  All of the charm had been stripped out of the home, which eats me alive.  I love the old school Chicago charm like the shutters at our old school Lincoln Park condo …. swoon.

city-vs-chicago-suburbs

But then the price dropped.  We went back, brought a contractor and did our homework on the numbers.  We’re not experts, but Matt & I have really studied what surrounding updated homes sell for in the area.  We assessed it like a business so we knew what we’d buy for, what we’d invest and ultimately, hope to sell for in ten or so years time.  It’s important for us to know the numbers up front because real estate gets emotional real fast.  This property definitely made that statement true.

How it went down

After sitting on the market for nearly 40 days, the property dropped in price rather significantly.  It still felt a bit high to us, but it was close enough.  We viewed it with our contractor to get an understanding of the work entailed.  Let’s be clear on this part….everything we look at appears to be broken in some capacity.  So, it isn’t completely normal to tour a property with your contractor, but for the Herrmannitos it’s totally normal.

As we toured, we heard another couple was putting in an offer.  It didn’t make me nervous though.  Since we sold our Lincoln Park condo, which completely felt like a breakup at the time, everything has felt very intentional in life.  The Universe is definitely looking out.  Things aligned with settling in Southport Corridor, having Emmie, leaving my full-time job and taking GMP full-time.  So, I figure if all of those pieces have fallen into place, why wouldn’t our future home?

We quickly pulled together a strong offer giving the owner what they wanted, added in some additional non-contingency perks and an adorable letter, which, of course, featured Emmie’s face.  When we submitted it, I got super nervous.  Did we get it?  Then, I settled because I knew we did everything we could.  If it was meant to be, it was our new home.  Within two hours we knew it wasn’t ours.

Why I’m super bummed

So, whoever put the other offer in went significantly over asking price.  Good for them. We wouldn’t have (and obviously didn’t).  However, everything seemed to line up perfectly.  We found a home that we could make our dream home in our dream location within walking distance to the dream school for Emmie.  Also, the timing was perfect.  Since I’m closing the Girl Meets Party studio, I could easily move the furniture back into our new home.  Losing that offer means the furniture has to go into storage.  Luckily MakeSpace has been amazing to work with, but still, it’s less than ideal.  [BTW if you need storage, MakeSpace will give you $75 off if you use my code!]

Honestly, the situation reminds me of the last guy I dated before Matt [whaaaat, someone existed before Matt?! I know, hard to believe, but you have to kiss a couple of frogs to find your prince].  I thought we were going to be Mr. & Mrs. Perfect and then he broke my heart. I didn’t realize at the time was that all of my friends were settling down, and I loved the idea of settling down – not him.  When I finally stopped caring about settling down, I found Matt: my prince charming.

I loved the idea of this house, but I didn’t love the house.  Walking Emmie to school is one of our dreams.  Having a home where our family can pile around our table over the holidays is a must-have.  Those things can happen in so many houses and it most definitely does not need to be this one.  Plus, as I mentioned earlier, the owner stripped out all of the charm.  It felt wrong [just like that guy did], but I still went with it.  So, I’m certain it was the Universe giving me another lesson in letting go of plans.  It’ll happen when the time is right just like my Cub-fanatic Prince Charming.

What’s next

The Herrmannitos don’t quit.  We’re scouring the listings and if anything, we’ve learned how to be even more prepared for next time.  We’re not giving up on our dream of living in the city and walking our little girl to school.  So, for now, we’re on the hunt.  If we can’t find it, we’ll wait and keep on renting.  When the time is right, I know we’ll know it.

Affectionately known to her friends as Millennial Martha for her love of DIY and decorating, Jen can’t help but pour her heart + soul into everything she touches. She’s loved to entertain since acquiring a table and chairs, and giving gifts is one of her favorite hobbies. Jen is the creator of Girl Meets Party. Her dream is to share her passions with the world in hopes to inspire others by making the seemingly unattainable attainable.

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