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Again we are all past our knowledge level. The seller may well be sitting on the offer to see what happens with no other offer in hand. We have no idea how well priced the property is or whether closing costs are almost standard in the area. We have no idea how competitive this market is or this house.
The buyer needs to simply wait it out.
I agree about asking for closing cost help. It basically says you think you can get a loan but you don't have the cash on hand to pay your out of pocket expenses. Even if it is fairly common, it still makes you look less reliable as a buyer compared to someone who doesn't ask for help, IMO.
If you aren't feeling secure, consider asking your agent to amend your offer by removing the ask and raising your price BUT include an appraisal contingency if your state has one. It is different than a financing contingency in that it gives you an out if an appraiser suggests that you are overpaying. Since most sellers think their property is worth more, they aren't likely to see the contingency as a risk to them.
I agree about asking for closing cost help. It basically says you think you can get a loan but you don't have the cash on hand to pay your out of pocket expenses. Even if it is fairly common, it still makes you look less reliable as a buyer compared to someone who doesn't ask for help, IMO.
If you aren't feeling secure, consider asking your agent to amend your offer by removing the ask and raising your price BUT include an appraisal contingency if your state has one. It is different than a financing contingency in that it gives you an out if an appraiser suggests that you are overpaying. Since most sellers think their property is worth more, they aren't likely to see the contingency as a risk to them.
I call it fishing because you never know if you're going to get a bite. Agents should work with what they have in hand at the time they get it and not presume more offers are coming in.
Yes but you know in Dallas or Austin where you expect to get 3-20 offers on a lower priced home there is a good reason to not accept or work the 1st one that comes in. Putting a deadline for a response can hurt a buyer as much as asking for closing costs.
I would suspect much of CA and many other states are experiencing the same boom in RE sales. It's all about the local market.
If you aren't feeling secure, consider asking your agent to amend your offer by removing the ask and raising your price BUT include an appraisal contingency if your state has one. It is different than a financing contingency in that it gives you an out if an appraiser suggests that you are overpaying. Since most sellers think their property is worth more, they aren't likely to see the contingency as a risk to them.
In a multiple offer situation I would not write in an Appraisal Contingency (it's usually in the contract anyway). If anything as the sellers agent I'd write in that it's not contingent on appraisal.
We got it!!! They accepted our offer!!!!! Very happy �� The house was priced at $350,000, we gave that and they were fine givng the $2,000 towards closing! Which was no problem, we could of offered them $345,000 but we didnt.So we were not low balling them.
Thanks for the replies.
We got it!!! They accepted our offer!!!!! Very happy �� The house was priced at $350,000, we gave that and they were fine givng the $2,000 towards closing! Which was no problem, we could of offered them $345,000 but we didnt.So we were not low balling them.
Thanks for the replies.
We got it!!! They accepted our offer!!!!! Very happy �� The house was priced at $350,000, we gave that and they were fine givng the $2,000 towards closing! Which was no problem, we could of offered them $345,000 but we didnt.So we were not low balling them.
Thanks for the replies.
Congratulations! You've said twice you weren't using tactics or low-balling them, but, sometimes (particularly in a sellers market), 'nickel and diming' a $350K sale for $2K, can raise red-flags. Hope your new home is all you hope it will be!
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