I put in an offer today....wish me luck! (foreclosures, 5%, sales)

[bentlebee]

It is worth to you based what you are willing to offer. Did you put an offer in contigent on an appraisel? Based on the small info you provided, me personal I would have made a lower offer (there is not much room to negotiate if the seller comes back with a higher counter offer), but my opinion doesn't really matter. You have to live in it and feel good about it.
I hope your realtor put in that a home inspections should be made and is contigent on the results.
Good Luck.

[Mrs.Bewitched]

Thanks for everyone's responses. Yes, it is contigent on appraisal (I wouldn't get the loan- FHA), and on inspection.

My realtor was at first telling me to go lower...but I was scared that another bidder (if there was one) would come in higher- I was afraid of "lowballing"...and even though I am not a professional...I kinda made him put in a higher bid then he did want to. So it's my fault, not his.

And I do plan on living here for a minumum of 5 years, if not the rest of my life, so this is not a flipping issue with me. I'm not buying a 'house', but a 'home'.

I'm scared and worried about higher bills and all...but I'm also excited too!

[Annemieke Roell]

the house was on the market for 8 months. What makes you think there would have been another bidder??

[Mrs.Bewitched]

It was on the market for so long because they were overpricing. In August when they listed it, it was for $249K. Then in December he brought it down to $219K. He just brought it to $189K in February, so I don't know if it's been a month since it's been lowered...and since it's under $200K now, he could be getting a different set of buyers to look at it...that's what I was worried about.

[LeafsFan85]

Considering all of the info. you posted. You should have listen to your agent and start low.
i would have start at $176 and work my way up.
do you have mls link of the house?

[acegolfer]

Congratulations!

I just bought a home in S. Florida. Like you, I'll be living for at least 5 years. It's a great time to buy, isn't it? So many properties to choose from and no competitions.

I think what you did is reasonable. If it's your perfect home, then 10% low ball offer is appropriate. The seller should counter.

[ShannonMilligan]

YOu know, don't get your self in a knot about it...sounds like you love the home and you offered what you thought the home was worth...and a home is worth what someone is willing to pay for it. Yes, the market may be worse a year from now, but you plan on at least 5 years...you will be fine.
a lot of people are just sitting on the sidelines waiting for the market to go south more. BUT, if you need a home now, want a home now...just go for it! NO ONE has a crystal ball...the market could turn around in two months or it could crumble over the next 2 years. who knows!

[palmcoasting]

And it's also buying time in Florida. We have all the spring vacationers from up north and out west right now and during the month of April. And they were cold and dreary up there. And they are buying now. You did good. Let us know what happens!

[Kdway]

How exciting! Don't get down or beat yourself up because of what other peoples opinions are about what you offered. If it's the home you love and want then that's ALL that matters. Yes, the market in florida is bad but like you said, you don't plan on flipping it and it's a house that has everything you are looking for. I'm sure the seller will accept your offer and you'll be moving in before you know it! Congrats!!

[mojo_1979]

Originally Posted by palmcoasting

And it's also buying time in Florida. We have all the spring vacationers from up north and out west right now and during the month of April. And they were cold and dreary up there. And they are buying now. You did good. Let us know what happens!

That ship has sailed. Smart money is not pouring into real estate right now. We're in a recession and many investors are wary of the real estate market. Don't expect $600 rebate checks to help.