(Closed) OFFER GOING IN TODAY!

posted 6 years ago in Home
Post # 4
Member
71 posts
Worker bee
  • Wedding: May 2013

ooooh good luck and fingers crossed 🙂

Post # 5
Member
7311 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

Good luck! Why do you anticipate a battle?

Post # 7
Member
9483 posts
Buzzing Beekeeper
  • Wedding: October 2012

Fingers crossed!

Post # 8
Member
1280 posts
Bumble bee
  • Wedding: January 2012

Good Luck, fingers crossed for you and praying as well….please keep us posted!

Post # 9
Member
1281 posts
Bumble bee
  • Wedding: May 2013

Fingers crossed, toes crossed, legs crossed!

Post # 11
Member
13017 posts
Honey Beekeeper
  • Wedding: November 1999

Ugh, I was hoping this was a “we got it!” post.  But still keeping my fingers crossed for you!  I agree, if they don’t have an offer yet…well, maybe the other one isn’t coming!

Post # 13
Member
2106 posts
Buzzing bee
  • Wedding: September 2012

Unfortunately, a lot of homeowners have no idea what their home is worth, particularly of they bought around 2004-2008. Those buyers saw their homes explosively grow in value only to have the bubble pop. At least where I am, banks are not letting buyers overpay by using modest appraisal figures. You still shouldn’t offer more than you can pay in hopes that the house appraises low and you get it for low.

My concern for you is that you said you want to buy it for what he payed for it. There’s a VERY good chance this house is actually a short sale. If he has negative equity because he bought right before the bubble finished bursting, then he cannot sell it to you for less than his bottom line, what his lender will allow. We were in this exact situation. We offered $419. They wanted $439. We agreed to $429. The house appraised for $415. They could not sell it for less than $429. They owed more on the house than it was worth because they bought in 2008. They had o take their house off the market and live in it/rent it out. 

Your agent can find out for you if the owner is underwater on the house. Good luck!

Post # 15
Member
2106 posts
Buzzing bee
  • Wedding: September 2012

@MASPA:  Ugh sounds awful. A few of our offers included cover letter listing compatibles to justify our offer. If the place down the street sold for that much less… well… Other buyers will see that too. He won’t make a sale at his price period. 

Post # 16
Member
43 posts
Newbee
  • Wedding: September 2012

Keep in mind that his agent will be taking part of that sale price, as will yours.

I highly recommend you have your agent complete a comparative market analysis.

 

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