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Real estate gurus
Posted on 10/11/14 at 8:12 pm
Posted on 10/11/14 at 8:12 pm
If you were to put in a offer on a house that you wanted to buy and you were fairly certain that other offers will be placed on the house - how much higher than asking price would your offer be? $25k, 40k, 60k?
Maybe it is better to talk about % of asking price - 2%, 5% 10%
Maybe it is better to talk about % of asking price - 2%, 5% 10%
This post was edited on 10/11/14 at 8:14 pm
7
Posted on 10/11/14 at 8:18 pm to RollTheRock
quote:
how much higher than asking price would your offer be?
I wouldn't. I would wait and either find a better deal or wait and ride this bubble out.
Ask the people in FL, Vegas, Cali, etc that paid more than asking prices during the last bubble how that worked out for them.
Posted on 10/11/14 at 8:19 pm to RollTheRock
quote:fricking casty. Say it out loud. It don't sound right....
put in a offer
Posted on 10/11/14 at 8:29 pm to stout
I hear you but I don't really mind paying a premium as I won't be looking to sell. Maybe ever. I just have no idea how much over asking price is a normal offer.
Posted on 10/11/14 at 8:31 pm to RollTheRock
I would imagine that most of that depends on the market you're in. I would probably go ahead and include that, being that it's pretty important. And your realtor is probably the best source for this, if you have a reputable one.
Posted on 10/11/14 at 8:33 pm to RollTheRock
quote:No you don't. You gon get raped. Put in 2x asking!!!!!
I hear you
This post was edited on 10/11/14 at 8:34 pm
Posted on 10/11/14 at 8:35 pm to RollTheRock
The most important question is how long do you plan on staying there?
Posted on 10/11/14 at 8:35 pm to RollTheRock
quote:
Maybe ever.
No such thing. Life happens.
Do what you want but as I told you the other day I experienced the last bubble first hand as a realtor, investor, and contractor/developer. It's great while riding the bubble, but man it sucks when it pops.
There were plenty of people that thought they were buying their forever house during the last bubble too. Then divorce, job relocation, bills, illness, etc happened and they had to walk away from their homes because they were too upside down.
If you do end up paying $40K over asking price, learn these words...Deed in Lieu. It might save your credit to some degree and keep you from getting judgements against you if life does get in the way after the bubble pops.
I refuse to give you any advice to pay over the price and any Realtor that advises you to just sees the commission check. Not your best interest.
Good luck!
ETA: FWIW, what I currently do is manage 100s of foreclosed properties for banks all over the South region so again I have seen ALL sides of it.
This post was edited on 10/11/14 at 8:37 pm
Posted on 10/11/14 at 8:36 pm to lsu480
quote:
The most important question is how long do you plan on staying there?
50 Years
Posted on 10/11/14 at 8:39 pm to RollTheRock
quote:
50 Years
The other bad thing about that is, I understand NOLA is kicking it in high gear with the Gentrification, but what happens when white flight happens again? Locations shift too much.
Call me skeptical but doing this for 14 years has made me that way. I just can't fathom ever thinking about paying above market/asking price for real estate.
Posted on 10/11/14 at 8:41 pm to stout
It will be a mostly cash sale. I will only be required to take out a small loan from a bank (roughly 10% of appraised value). I am fine with the price I will pay for the house even if it's in a bubble as this is the house I want. I would just not want to throw away thousands of dollars if I don't need to. That way I was asking what the average offer over asking price is in this situation.
Posted on 10/11/14 at 8:42 pm to RollTheRock
Then buy the house you want, don't worry about paying a little extra and don't wait and try to time the market.
Posted on 10/11/14 at 8:44 pm to lsu480
quote:
Then buy the house you want, don't worry about paying a little extra and don't wait and try to time the market.
Spoken like a true mortgage lender
Posted on 10/11/14 at 8:45 pm to RollTheRock
Well then good luck to you.
There is no average over asking price. Just go with what you are comfortable with.
quote:
That way I was asking what the average offer over asking price is in this situation.
There is no average over asking price. Just go with what you are comfortable with.
Posted on 10/11/14 at 8:46 pm to stout
I haven't been one in like 6 years but its true. If you are staying in a house until you die little pricing issues aren't a big deal!Posted on 10/11/14 at 8:48 pm to lsu480
quote:
I haven't been one in like 6 years
A leopard doesn't change its spots.
quote:
If you are staying in a house until you die
You know how rare that is these days.
Posted on 10/11/14 at 8:48 pm to coolpapaboze
Idiot
Posted on 10/11/14 at 9:23 pm to stout
quote:
You know how rare that is these days.
I do, unless you are spending over a million, but this guy doesn't.
Posted on 10/11/14 at 9:26 pm to lsu480
I do get it. This will be my third move in 13 years. This is the house my family will stay in. It's not cheap. I am not moving again. I'm not sure what's so hard to understand.
This post was edited on 10/11/14 at 9:29 pm
Posted on 10/11/14 at 9:32 pm to RollTheRock
Don't let your emotions get in the way cash sale or not don't overpay for a house. It's a great investment but an emotional one, there are other houses if you don't get this one. I would never pay above what a piece of property is worth it's just too risky.
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