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I suppose you could always offer $1K over the highest offer with a max of $xxx and require the house appraises out if you were dead set on getting it and require also that you see the other offer if yours is accepted.
I suppose you could always offer $1K over the highest offer with a max of $xxx and require the house appraises out if you were dead set on getting it and require also that you see the other offer if yours is accepted.
What if the other person offers the same $1000 ?
Usually agents will tell all parties to submit your best offer and at 5 pm tomorrow I will meet with my client. They will make a decision on which offer to work at that time.
Don't vastly overpay. If you could concievably put yourself in a bad situation, walk away.
I don't think that will be the case, we will be putting a sizeable chunk of change down. The home has everything on our wish list and it's a home we both see ourselves staying in for many of years.
Keep in mind that it is not just the price, it is the price and terms. Talk with your agent to see if there are things you might bring to the table that the other offer might not. For example, if it is customary in your area for the seller to provide a 3rd party warranty, you might either let them off the hook or offer to pay it yourself. I don't know about other parts of the country but in Florida we have repair limits on warranty items like plumbing, the roof, electrical system, etc. and a buyer might either ask for a lower dollar figure (meaning that the seller won't automatically be required to pay more money than the repair limit amount to fix things that are found to be defective in the inspection) but both sides can either choose to fix the problems or back out if there are repairs beyond the limit. Or, take it a step further and offer to buy it "as is" with the right to back out if an inspection reveals any problems you don't like. Other things like who pays for the owner's title policy or taxes on the deed or asking for buyer concessions, etc. are all considered (or should be) when a seller considers two or more offers. Even the amount of the earnest money deposit and the loan amount signal to the seller how likely the deal is to go through and that should matter to them, also.
Keep in mind that it is not just the price, it is the price and terms. Talk with your agent to see if there are things you might bring to the table that the other offer might not. For example, if it is customary in your area for the seller to provide a 3rd party warranty, you might either let them off the hook or offer to pay it yourself. I don't know about other parts of the country but in Florida we have repair limits on warranty items like plumbing, the roof, electrical system, etc. and a buyer might either ask for a lower dollar figure (meaning that the seller won't automatically be required to pay more money than the repair limit amount to fix things that are found to be defective in the inspection) but both sides can either choose to fix the problems or back out if there are repairs beyond the limit. Or, take it a step further and offer to buy it "as is" with the right to back out if an inspection reveals any problems you don't like. Other things like who pays for the owner's title policy or taxes on the deed or asking for buyer concessions, etc. are all considered (or should be) when a seller considers two or more offers. Even the amount of the earnest money deposit and the loan amount signal to the seller how likely the deal is to go through and that should matter to them, also.
The "as is" with the right to back out appeals to us.
To me the selling agent is gambling on the fact that the 2 offers in, could well be final offers, and lose a potential sale too. I think my wife and I showed to much interest in it and the selling agent picked up on that. We are pre approved, we have closed on our home, and would be putting a chunk of change down, with an offer in that we believe is fair taking into consideration current market value for comparable homes, i think this is what the selling agent, should be conveying to the seller ???.
The "as is" with the right to back out appeals to us.
I think my wife and I showed to much interest in it and the selling agent picked up on that. We are pre approved, we have closed on our home, and would be putting a chunk of change down, with an offer in that we believe is fair taking into consideration current market value for comparable homes, i think this is what the selling agent, should be conveying to the seller ???.
Thanks again for all your input.
This is why a good buyers agent representation is invaluable. All discussion between selling (the selling agent represents you, the buyer, and listing agent remain objective and at arms length with no information changing hands that would put either buyer or seller at a disadvantage. Of course, that doesn't mean that either agent doesn't try to gain the upper hand.......
This is why a good buyers agent representation is invaluable. All discussion between selling (the selling agent represents you, the buyer, and listing agent remain objective and at arms length with no information changing hands that would put either buyer or seller at a disadvantage. Of course, that doesn't mean that either agent doesn't try to gain the upper hand.......
Our agent has been great for us in buying and selling.I am not fully understanding what you are saying about the selling agent.
Have you or or agent seen the closed comps in person?
What is the current asking price?
No we haven't, the selling agent as just got back to our agent and said the comps were not in the best condition, all of them $50,000 below the list price of the house we made an offer on.
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