My fiance and I made an offer on a house that should have been presented this morning. However there were 2 offers on this property already. The house just went on the market last week, and I must say it was a heck of a deal. How long would they take offers?
The house is in foreclosure, and the asking price was significantly lower than the appraised value. However, we offered $9k over the asking price. What's our chances here? The agent seemed to think that the other 2 offers might be people looking for investment properties so they're just trying to make a quick dollar.
Would the people who are looking over the offers possibly favor someone looking to buy for a residence if the monetary values are close? Just wanting some ideas of what to expect. I'm not getting my hopes up.
2007-03-12 06:37:58 · 4 answers · asked by Holly 3 in Business & Finance ➔ Renting & Real Estate
The thing is this house is valued at $171k with an asking price of only $116k, so I'm afraid that offers will vary greatly on this one. My measily $9k over asking might not be very much, but it can't hurt right! Did we offer enough? Just wanting some opinions... Thanks everyone!
2007-03-12 06:38:46 · update #1
I'm not sure what the time-frame was. This is the first time we've ever made an offer. I do know that the Seller's Agent contacted me today to sign a Multiple Offer Notification & Acknolwedgement Form. With this deal though, I'm sure there will be more than 3 offers. We've gone as much as we can do, so only time will tell I guess. It's just nerve-racking!
2007-03-12 06:46:57 · update #2
The Realtor my just trying to up the price for more commission i would not up my price any more just say that what your offer is and see what they do.
2007-03-12 06:43:40 · answer #1 · answered by chris a 3 · 0⤊ 0⤋
With the multiple bid situation they probably wouldnt accept yours even if it is the highest-- they may open up a bidding war by counteroffering a much higher price yet.
You should have set a time limit as far as when your offer expires. If its owned by a bank often they have set meeting times and present all offers then.
24 hours is the norm for a regular house.
2007-03-12 07:30:52 · answer #2 · answered by Anonymous · 0⤊ 0⤋
ms home buyer; fast, plz, did you seek out
a BUYER's ONLY agent?
I am thinking you did not.
90% of real estate licensee represent sellers and just
help buyers when they can.
if you do not have an agreement with your RE agent
that she -he represents you only.......as your fiduciary,
then you will not get the service that you expect.
contact the agent's broker to see if you are being rep'd
exclusively
then we can get into deal making!
2007-03-12 06:44:14 · answer #3 · answered by kemperk 7 · 0⤊ 0⤋
how much time did your offer give to receive a response? A time frame is required to have a contract.
2007-03-12 06:43:42 · answer #4 · answered by Carrie W 2 · 0⤊ 0⤋