Well, I saw this house for pre-floreclosure, its really nice, 6,988 sq.ft. and we could put any offer we want. There are are 2 other people putting an offer , and im trying not to put a big offer. One person put an offer of 1.1 mill, and another person did it for 850,000. How much should i put an offer, PLEASE HELP!!!!!!!!!!!!!!!!!
2007-11-03 16:25:43 · 5 answers · asked by Dezzi 1 in Business & Finance ➔ Renting & Real Estate
Well my realtor told me
2007-11-03 16:42:48 · update #1
How do you know what the others have bid? Are you working with an agent who is also representing the other people? If this is the case, he/she may be trying to drive the price up to help out his own pocket... an agent should never tell what his/her clients have offered to anyone else. It breaks the fiduciary obligation they have to their client. I recommend finding a new agent if this is the case.
Another thing to consider... Are there substantial comps to support the 1.1 mil offer? If those people are planning on getting a loan, a bank would never lend them more than the home is worth just because they love the house.
2007-11-03 17:26:17 · answer #1 · answered by ruby67vette 2 · 0⤊ 0⤋
Your realtor informed you of the amount of the other bids ???? That is grounds for strong discipline or even loss of license for that realtor. Meanwhile, how do you know that the realtor is telling the truth? If the clown is willing to violate confidentiality law as he/she has, I submit that he/she is also not to be trusted with the figures supplied.
Meanwhile, assuming that the figures ARE correct, it's a gamble on your part. If the $1.1 million offeror has the means to purchase the house, then the high bidder WILL get the house. If you want it THAT badly, then put your offer in for more than the highest offer.
2007-11-04 08:09:41 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Depends on what your goal is. My advice is to NEVER EVER fall in love with one home. However, if it is your dream home and you can afford it, bid 2K higher than the last bidder. I am curious as how you know what the others have bid. It is illegal in my state to disclose this info from a Realtor. If this is a true preforeclosure, are we talking a shortsale? Are you making offers to the bank? Just know that the real estate market in most areas will continue to drop for the next year or so. Please make sure you are buying at least 10-20% below CURRENT market value. If you are a gozillionare and don't have to worry about job transfers or your job being outsourced to other countries, disregard the above dribble and buy the dang thing and be happy!
2007-11-03 23:37:38 · answer #3 · answered by outwest 2 · 0⤊ 0⤋
1.1005 million or whatever you want if you don't bid more than the highest bid you would have to hope they didn't have the money to pay if they win. Maybe neither other bidder will come up with the money. If you don't have contingencies you might get it for less than either of them. Generally they need to get more than they owe or get permission for a short sale.
2007-11-03 23:32:02 · answer #4 · answered by shipwreck 7 · 0⤊ 0⤋
I think you should steal it.
2007-11-03 23:30:28 · answer #5 · answered by Marianne:) 2 · 0⤊ 0⤋