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Old 07-14-2009, 02:42 PM
 
Location: Woodland Park, CO
3,133 posts, read 9,101,058 times
Reputation: 2463

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House went on the market yesterday. Put in an offer the same day knowing there was another offer already, and now I just heard there is a 3rd offer. We offered $5,000 over the list price ($200,000) and asked for $5,000 in closing costs. Pretty sure we won't get it , but just frustrating. Not going to pay any more over list in this market, we'll just keep waiting while we rent.

Thanks for letting me vent
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Old 07-14-2009, 03:41 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
Reputation: 12105
I personally wouldn't focus on list price, but focus on market price. Many of the bank properties are well under market price. If you focus on not paying list price, you'll never get one of those bargains.
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Old 07-14-2009, 03:43 PM
 
Location: Woodland Park, CO
3,133 posts, read 9,101,058 times
Reputation: 2463
It's not a bank property, older couple going to a retirement home (lived in the house since it was built 1987). Oh wells.
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Old 07-14-2009, 03:49 PM
 
2,682 posts, read 4,213,117 times
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Retirement may be their motivation and priced it well. Check the COMPs and hold your ground. You have to be comfortable on what you get into irrespective of what others do. If it go way above the list, and you can't go there, it just means it was not in your price range. As you spend more time in searching for a house you will spot/recongnize properties that are price well and will be able to offer your best, what ever that is. Good luck, it ain't that easy.
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Old 07-14-2009, 05:46 PM
 
359 posts, read 953,791 times
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After you've done it a few times, and lost a few good ones it will get easier to offer over asking. You just need to become VERY familiar with your market and spot those outrageously good deals then make your offer accordingly.....the newbies will feel like you do right now and not want to bid over list price and it will be all yours!
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Old 07-14-2009, 09:14 PM
 
9,558 posts, read 26,408,859 times
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Quote:
Originally Posted by TheEricHarris View Post
We offered $5,000 over the list price ($200,000) and asked for $5,000 in closing costs.
Do your anticipate the closing costs being $5K? Maybe things are different in CO but that sounds steep to me.

Try not to sweat the first house first offer blues. In 2006 my wife and I made an offer on the first house we saw on the first day of looking for our first house ever. It was a real gem priced right and had everything we need. Twenty four hours after putting the offer in our agent informed us the sellers were taking it off the market because the husband's job transfer didn't go through and he found out the day we made our offer. We were crushed. Eventually we found and even better place and now realize things worked out for the best.

Good luck!
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Old 07-14-2009, 09:16 PM
 
Location: Salem, OR
13,740 posts, read 31,550,338 times
Reputation: 12105
Quote:
Originally Posted by tryin2buy View Post
After you've done it a few times, and lost a few good ones it will get easier to offer over asking. You just need to become VERY familiar with your market and spot those outrageously good deals then make your offer accordingly.....the newbies will feel like you do right now and not want to bid over list price and it will be all yours!
This is excellent advice. You do need to feel comfortable with your purchase. You probably haven't been in enough homes to see the bargains when they come up.
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Old 07-15-2009, 08:17 AM
 
Location: Woodland Park, CO
3,133 posts, read 9,101,058 times
Reputation: 2463
Well it sounds like we still have a chance. We put a personal note in with the offer and the sellers (old people again who have lived in the house for 22 years) want it to go to us. They now are asking us to buy the hottub, which was never listed in the disclosures. I'm pretty sure it's an old hottub, so I told my agent to give them $200 for the tub if it means we get it. The other offer in the running is a cash deal so that means it doesn't have to get appraised, so they are considering that one too I suppose.

When you live in a mountain town with only 7000 people and limited water taps, the housing selection in our price range is pretty limited. Great area and great floor plan, which is why I suppose 3 offers came in on the first day it hit the market. Even better, it's listetd by our agent's mother, so I can only imagine the conversations between the mother and son!

Will keep you updated!

Last edited by PokerMunkee; 07-15-2009 at 08:27 AM..
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Old 07-15-2009, 08:31 AM
 
1,121 posts, read 3,098,313 times
Reputation: 1122
You need to find a house you like and pay the price that makes you comfortable.
There is a lot of manipulating going on in the housing market now and you don't need to be a victim of it. As you know, no one has ever showed you proof that there is another offer. Just stick to your guns and your budget and you will eventually find the right property for you.
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Old 07-15-2009, 09:06 AM
 
2,682 posts, read 4,213,117 times
Reputation: 2264
Quote:
Originally Posted by TheEricHarris View Post
Well it sounds like we still have a chance. We put a personal note in with the offer and the sellers (old people again who have lived in the house for 22 years) want it to go to us. They now are asking us to buy the hottub, which was never listed in the disclosures. I'm pretty sure it's an old hottub, so I told my agent to give them $200 for the tub if it means we get it. The other offer in the running is a cash deal so that means it doesn't have to get appraised, so they are considering that one too I suppose.

When you live in a mountain town with only 7000 people and limited water taps, the housing selection in our price range is pretty limited. Great area and great floor plan, which is why I suppose 3 offers came in on the first day it hit the market. Even better, it's listetd by our agent's mother, so I can only imagine the conversations between the mother and son!

Will keep you updated!
I don't know if it is better or not. But please keep your eye open and don't get in rushed! I would carefuly see all my moves if I were you. Good luck.
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