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Old 07-15-2012, 12:31 AM
 
Location: WA State
7 posts, read 22,460 times
Reputation: 12

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First time WA state home-buyer here. Read tons of threads here, finally registered.

THE HOUSE Found a 3-bed, 1 bath home in our favorite neighborhood in the city (only home for sale there in the 200k-400k price range right now. It’s not fancy-shmancy, just very family-friendly resale-friendly ‘hood, good schools, little park, etc.

THE PRICE The home is, however, seemingly overpriced, even given the added ‘value’ of the Mr. Rogers neighborhood we like. $300k when the home sold 3 years ago for $270k. No improvements done, just maintained it very nicely.

THE OFFER Asking price is about $10k over what we had as our limit. Our realtor called the seller’s agent to see if there were any offers in. Seller’s agent said yes, so-and-so (in-house agent) did. They’re not reviewing ANY offers until this Friday, so our realtor suggested waiting to make one until the day before. Our realtor says in nearly all her business with the agency, the selling agent has shared her client’s offers with the other agents representing buyers, allowing them to come in just above what her clients had offered.

HELP! My question is this – Any tips (or condolences!) for making an offer on the house we love, given the likelihood that it will be shared with another prospective buyer?

Thanks!
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Old 07-15-2012, 05:52 AM
 
Location: The Triad (NC)
26,875 posts, read 57,924,091 times
Reputation: 29302
Quote:
Originally Posted by homesweethome4 View Post
They’re not reviewing ANY (other) offers until this Friday
Could be all sorts of reasons for that. Hope its due to financing or a contingency.
As an in-house the other buyers may have a house to unload first.

Quote:
Any tips (or condolences!) for making an offer on the house we love...
With your loan approval attached offer the highest price you can afford...
and with as few contingencies (ideally none) as are responsible.

Btw.. that advice applies to any offer.
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Old 07-15-2012, 07:27 AM
 
Location: NJ
17,579 posts, read 38,320,873 times
Reputation: 16099
Quote:
Originally Posted by MrRational View Post


With your loan approval attached offer the highest price you can afford...
and with as few contingencies (ideally none) as are responsible.

Btw.. that advice applies to any offer.
So your advice is always offer the most you can afford on a first offer? That seems like not so good advice in all situations.
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Old 07-15-2012, 07:34 AM
 
Location: The Triad (NC)
26,875 posts, read 57,924,091 times
Reputation: 29302
Quote:
Originally Posted by manderly6 View Post
So your advice is always offer the most you can afford on a first offer?
oi. Does every post have to be edited for review and comment?
at what point do we just say "Oh, the obvious qualifier was left out of that statement"?

Quote:
Originally Posted by MrRational View Post
With your loan approval attached offer the highest price you can (both justify and) afford...
and with as few contingencies (ideally none) as are responsible.

Btw.. that advice (still) applies to (virtually) any offer.
Happier?
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Old 07-15-2012, 07:38 AM
 
Location: Lexington, SC
4,281 posts, read 10,294,366 times
Reputation: 3700
In my last sale, the lowest offer won as it was the least "sticky" one. No house to sell contingency, pre-approved for the mortgage, not asking for closing help, etc.

Submit what you consider a fair offer. One that you would be happy getting the house for and be happy if you get it.

Personally, I would not purchase a one bathroom house.
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Old 07-15-2012, 07:44 AM
 
Location: The Triad (NC)
26,875 posts, read 57,924,091 times
Reputation: 29302
Quote:
Originally Posted by accufitgolf View Post
In my last sale, the lowest offer won as it was the least "sticky" one.

Submit what you consider a fair offer.
One that you would be happy getting the house for and be happy if you get it.
Not unreasonable advice at all... bit still, the Seattle market ain't South Carolina.
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Old 07-15-2012, 07:45 AM
 
Location: NJ
17,579 posts, read 38,320,873 times
Reputation: 16099
Quote:
Originally Posted by MrRational View Post
oi. Does every post have to be edited for review and comment?
at what point do we just say "Oh, the obvious qualifier was left out of that statement"?


Happier?
Still sounds like bad advice.
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Old 07-15-2012, 07:50 AM
 
Location: El Dorado Hills, CA
3,670 posts, read 7,980,422 times
Reputation: 3748
In a multiple offer situation going in low with thoughts of negotiating may end up with a rejection and the other offer accepted. Why do that if you want the house and are willing to pAy more?
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Old 07-15-2012, 07:56 AM
 
2,401 posts, read 3,808,599 times
Reputation: 2169
Quote:
Originally Posted by homesweethome4 View Post
First time WA state home-buyer here. Read tons of threads here, finally registered.

THE HOUSE Found a 3-bed, 1 bath home in our favorite neighborhood in the city (only home for sale there in the 200k-400k price range right now. It’s not fancy-shmancy, just very family-friendly resale-friendly ‘hood, good schools, little park, etc.

THE PRICE The home is, however, seemingly overpriced, even given the added ‘value’ of the Mr. Rogers neighborhood we like. $300k when the home sold 3 years ago for $270k. No improvements done, just maintained it very nicely.

THE OFFER Asking price is about $10k over what we had as our limit. Our realtor called the seller’s agent to see if there were any offers in. Seller’s agent said yes, so-and-so (in-house agent) did. They’re not reviewing ANY offers until this Friday, so our realtor suggested waiting to make one until the day before. Our realtor says in nearly all her business with the agency, the selling agent has shared her client’s offers with the other agents representing buyers, allowing them to come in just above what her clients had offered.

HELP! My question is this – Any tips (or condolences!) for making an offer on the house we love, given the likelihood that it will be shared with another prospective buyer?

Thanks!

If a house is re-sale friendly...
In order to sell... one must buy it at a good price... NOT "overpriced".

Most home today will only "move" when priced right & not seem overpriced by buyers as "who" do not want a deal or that sale???

But just saying.

Best is to buy that re-sale friendly house at an awesome price that is wayyyyy under that budget so you don't overstretch that what you can afford so you will not be in that position to "have to" sell when something bad happens.

Also remember that even in today's housing market... even new home buyers can still be in that "underwater" situation the minute they buy... so be a "wise" buyer. Don't put yourself in that position.... but do put yourself (protect yourself) in that "abovewater" position... meaning to "buy low" in that ideal home. And more importantly, to rake that profit when it is time to sell.
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Old 07-15-2012, 12:49 PM
 
Location: WA State
7 posts, read 22,460 times
Reputation: 12
Quote:
Originally Posted by MrRational View Post
Could be all sorts of reasons for that. Hope its due to financing or a contingency.
As an in-house the other buyers may have a house to unload first.


With your loan approval attached offer the highest price you can afford...
and with as few contingencies (ideally none) as are responsible.

Btw.. that advice applies to any offer.
Thanks for the advice! (Qualifications on what you said were intuited ).This is what our realtor suggested as well. We just are trying to figure out exactly what we feel comfortable with and would ensure that if we had to go to sell it in 5+ years, we would not lose money if we overpaid for the neighborhood. The $30,000 increase in price over the past 2 years makes me a bit worried.

For limiting the contract contingencies, she said it would be wise to keep only the following:
-Subject to appraisal (I think our lender would require this anyway, right?)
-Subject to pest inspection
-Subject to financing at xx-xx% rate (in the unlikely event rates go up)

...anything else you think we should make sure to keep as a contingency without them fearing we'll nickle and dime them?

Forgot to mention - we got a copy of the inspection report from when the current owners bought 2 years ago. Looks pretty good, except that the inspector couldn't get to 30% of the crawl space because there wasn't enough clearance. Would this be something to bring up as a contingency, before the offer, not at all?
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