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LL514
LIF Adult
Member since 4/10 1901 total posts
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multiple offers....
if you know there are multiple offers on a house is it crazy to offer above asking price?
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Posted 5/27/10 9:05 PM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: multiple offers....
no but make sure you do your homework. look at comps and see if you are going to be paying to much. Also consider how much you might invest in the house to do upgrades and such.
we looked at a house and had to update EVERYTHING. it was going to cost us 80-100k when were all said and done, which we were perfectly ok with since that is the type of home we wanted in the perfect location. it turned into a crazy bidding war on the house. even though we could pay more, we set our max at a number we were comfortable with, adding in the cost of updating the entire home and made sure to keep our final number within the price range of homes in the area. You never know if you will need to sell, and getting rid of the most expensive house on a street isn't going to be easy.
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| Posted 5/27/10 10:24 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
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Beth
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Re: multiple offers....
it happens...even offering over asking doesn't mean you are going to get it (this just happened to a buyer of mine recently...$3100 over asking and we were out bid- all cash)
but make sure the house will appraise for the amount your are offering
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| Posted 5/27/10 11:10 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
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Re: multiple offers....
actually this happened many times w/ houses we got into bidding wars over... not unheard of but just make sure like PP's mentioned that it will appraise up to that amount
Message edited 5/28/2010 7:55:45 AM.
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| Posted 5/28/10 7:55 AM |
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Salason
♥
Member since 6/05 9878 total posts
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Re: multiple offers....
i always just offered what i thought it was worth because i felt you could never believe there were other offers or not...
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| Posted 5/28/10 8:30 AM |
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Re: multiple offers....
It is not crazy, especially if you love the house. Just keep in mind that if the house does not appraise for the sale price you may have to bring the balance in cash(check) to the closing. The bank will only finance the property to what it appraises for so if you go 10,000 over appraised value, then you will need 3.5, 5, 10% or whatever your Down Payment is plus the $10,000 extra. The lender will also ask you for a letter of explaination from you saying that you know that you are over paying for the home.
It is done often enough so no body will think you are crazy. As long as you love the house then WHO CARES?
Good luck
Thomas Lupski
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| Posted 5/28/10 1:46 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
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Me
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Re: multiple offers....
Posted by Salason
i always just offered what i thought it was worth because i felt you could never believe there were other offers or not...
ITA. I don't think you can think in terms of asking price--our house was priced fairly, at what other houses had sold for, because they wanted to sell quickly. So we offered asking, and got the house. Sellers who price fairly shouldn't be punished because buyers don't want to think they offered asking or more, kwim?
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| Posted 5/28/10 3:02 PM |
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