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Started By
Message
Selling your body: multiple offer advice?
Posted on 2/18/13 at 12:55 pm
Posted on 2/18/13 at 12:55 pm
Trying to get a foreclosed home on the market. Was just informed about the multiple offer situation I'm in now. A couple questions: the house as it is, is worth probably 40,000-50,000 more than its listed for now. With updating, probably 80,000-100,000 more than now. Our first offer was listing price (all cash)
Now that we have to send best offer, how much more should we up our offer? We plan to up it 12,000 (all cash) and no appraisal and only 1000 to cover the title shite. Is this a good strategy? I tend to over analyze things, but I really like this house.
Now that we have to send best offer, how much more should we up our offer? We plan to up it 12,000 (all cash) and no appraisal and only 1000 to cover the title shite. Is this a good strategy? I tend to over analyze things, but I really like this house.
This post was edited on 2/22/13 at 7:08 pm
4
Posted on 2/18/13 at 1:45 pm to MSG
With limited knowledge of the transaction, assuming you've done your homework, offer what you feel like is the best offer you can live with at the end of the day should you not get the house.
What year was this house built? Have you checked with ins. company to confirm not in floodplain?
What year was this house built? Have you checked with ins. company to confirm not in floodplain?
This post was edited on 2/18/13 at 1:46 pm
Posted on 2/18/13 at 1:49 pm to ItNeverRains
It's not.. Which in the city we are looking in, there isn't but a few neighborhoods that don't require flood ins. It was built 16 years ago. Listed for 58$ a sq ft. Which in this area, market value is in the high 90's or 100$ a sq ft.
Posted on 2/18/13 at 1:56 pm to MSG
Which neighborhood? I want to put a bid in too!!!!
Posted on 2/18/13 at 1:58 pm to tojoe
Haha.. Hell no. I'm stressed enough with the 3 offers
Posted on 2/18/13 at 2:11 pm to MSG
quote:
Which in the city we are looking in
Where you moving?
Posted on 2/18/13 at 2:13 pm to HeadyMurphey
Back to my hometown 
This post was edited on 2/18/13 at 2:14 pm
Posted on 2/18/13 at 2:13 pm to MSG
Is it a "buyer beware" state. It's just so risky not making it contingent on inspection. If it were 5 years old or less I'd feel better, but a lot can happen in 16years to a property, especially from people who can pay mortgage, much less to repairs/maintenance
This post was edited on 2/18/13 at 2:14 pm
Posted on 2/18/13 at 2:14 pm to MSG
I don't recall where you are from. Central?
Posted on 2/18/13 at 2:15 pm to ItNeverRains
Yeah, but isn't that the risk of buying a foreclosed home? We are going to ask for a 1 year home warranty though
Posted on 2/18/13 at 2:16 pm to MSG
Yes
Posted on 2/18/13 at 2:16 pm to MSG
Probably where I am going next
Posted on 2/18/13 at 2:18 pm to ItNeverRains
And I'm pretty sure we will have an inspection before closing
Posted on 2/18/13 at 2:19 pm to HeadyMurphey
It's high as giraffe pussy. That's why I'm going this route. I'm not a big fan of new neighborhoods. I like trees, big yard, different houses, etc. that's just me though
Posted on 2/18/13 at 2:43 pm to MSG
quote:
And I'm pretty sure we will have an inspection before closing
Yes, but will your offer be contingent on inspection? And no, I always buy foreclosed homes contingent on inspection
Posted on 2/18/13 at 2:44 pm to MSG
This is simple
Study the Solds \ (sounds like you have)
Make the highest and best offer that works for you. If you dont get it .....it was not meant to be. Move on
There wil always be more deals than you will ever have money to buy
Study the Solds \ (sounds like you have)
Make the highest and best offer that works for you. If you dont get it .....it was not meant to be. Move on
There wil always be more deals than you will ever have money to buy
Posted on 2/18/13 at 2:57 pm to MSG
i'm no expert, but alot of times, people don't offer full price on foreclosures. So you may be good. At most i would probably go 2K extra
Posted on 2/18/13 at 5:31 pm to MoreOrLes
Thanks.. That's my thinking on it as well.
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