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

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Posted by RollTheRock

Member since Feb 2014

478 posts

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.

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