Like he** I'm going to pay these prices!

[Bettafish]

Originally Posted by bizcuit

The problem with that, in a multiple bid situation, the person with the low down payment and (presumably) FHA mortgage is going to lose out to the all-cash buyer, or the person with 20% down and a traditional mortgage commitment. As a seller, the lower down payment person represents a higher risk that the deal won't go through.

If you're the only bidder, then it's not as much of an issue, but in a hot market, you may find yourself closed out again & again.

That is true, so you need to pick a relatively unpopular property, or offer a lot higher than the asking price.

[bizcuit]

Originally Posted by Bettafish

That is true, so you need to pick a relatively unpopular property, or offer a lot higher than the asking price.[

But if you need a mortgage, offering a lot more for the property may not work as the bank still has to assess the property. You may not be able to finance it if is not in-line with the comps.

[yesmaybe]

Originally Posted by bizcuit

But if you need a mortgage, offering a lot more for the property may not work as the bank still has to assess the property. You may not be able to finance it if is not in-line with the comps.

In this frothy market, especially if the bank knows it is going to get the mortgage sold to a third party or the Feds (directly or indirectly) I'm sure the assessors are not going to scrutinize it much.

[Louisville Slugger]

The shed has sold!

https://www.zillow.com/homedetails/1...56315411_zpid/

[WestieWhitie]

It’s a lot less frothy that it was a few months ago, at least outside of Boston - perfectly livable houses currently sitting on the market for several weeks would have sold in teardown/gutjob shape in a couple days back then, at the current price or more. Boston itself is a different story and will get a lot worse now that we have an anti-construction commie for a mayor.

Originally Posted by yesmaybe

In this frothy market especially if the bank knows it is going to get the mortgage sold to a third party or the Feds (directly or indirectly) I'm sure the assessors are not going to scrutinize it much.

Few