Realtor?

[Hobbs]

So I called the realtor and he said the offer might "slide into the weekend". Wth? Kicking myself for not putting an expiration on the offer. If it's not high enough then decline it or counter. They are definitely wanting to see what the weekend crowd may offer.

[Hobbs]

Also, is the realtor obligated to present my offer to the seller? He might be holding it himself and not submitting it until Monday when the other offers may come in. ??

[JHT]

So I called the realtor and he said the offer might "slide into the weekend". Wth? Kicking myself for not putting an expiration on the offer. If it's not high enough then decline it or counter. They are definitely wanting to see what the weekend crowd may offer.

Sorry to get your thread off track Hobbs.

If you really want the house that bad come up with a max amount you can afford and offer it up. If somebody is willing to pay more than you can afford they will. There's nothing you can do about it. If you get outbid then let it go and continue the drag of finding another one.

Try not to get too emotionally attached to something that's not yours is the best advice I can offer.

Good luck.

[Throwin Darts]

Seems like the trick to buying houses these days is to offer way over contract price to get your offer accepted, and then once you are locked into a deal, wait for the appraisal to correct the sales price to market value.

In this market who cares what the appraisal says. If a buyer can't bridge the gap between the what the bank will lend on the appraisal and the contract price then ON TO THE NEXT!

[Codie]

So I called the realtor and he said the offer might "slide into the weekend". Wth? Kicking myself for not putting an expiration on the offer. If it's not high enough then decline it or counter. They are definitely wanting to see what the weekend crowd may offer.

if it is bank owned you are going to be waiting a bit in most cases

[Hobbs]

Sorry to get your thread off track Hobbs.

If you really want the house that bad come up with a max amount you can afford and offer it up. If somebody is willing to pay more than you can afford they will. There's nothing you can do about it. If you get outbid then let it go and continue the drag of finding another one.

Try not to get too emotionally attached to something that's not yours is the best advice I can offer.

Good luck.

I made a fair offer. Probably could have offered more but I saved a little wiggle room for a counter offer. If they get a better offer that's fine but if I'm close to the price they want then counter my offer and I will be in or out. Just don't like waiting around. Live and learn I guess.

[Hobbs]

if it is bank owned you are going to be waiting a bit in most cases

Yes. It's been through 6 or 7 auctions and only had one bid and that bid didn't meet the reserve price. I figured they would be motivated. If my offer was too low I thought they would just decline it.

[Codie]

Yes. It's been through 6 or 7 auctions and only had one bid and that bid didn't meet the reserve price. I figured they would be motivated. If my offer was too low I thought they would just decline it.

banks have plenty of money so it takes quite a bit to get them motivated to move a property for less than they "wanted" to get for it at a speed equal to or faster than an individual seller would react. That is my experience from purchasing a couple of repos myself and being a banker myself.

[Throwin Darts]

banks have plenty of money so it takes quite a bit to get them motivated to move a property for less than they "wanted" to get for it at a speed equal to or faster than an individual seller would react. That is my experience from purchasing a couple of repos myself and being a banker myself.

I'm a banker too. Codie is right. If its bank owned don't expect to hear anything any time soon. Those sales take time to work through the mess.

[JHT]

I made a fair offer. Probably could have offered more but I saved a little wiggle room for a counter offer. If they get a better offer that's fine but if I'm close to the price they want then counter my offer and I will be in or out. Just don't like waiting around. Live and learn I guess.

It sounds like your doing it right. Stick with it. Stay within your means.
In a 10 year period of property tax increases it can destroy your wiggle room in a hurry.

Or rent a white Dodge van (no windows) tomorrow and use electricians tape to spell out "Free Tickles" on the sides and park it across the street from the house.

[DFWPI]

It sounds like your regurgitating this out of the realtor 101 manual.
Unless its a non arms length sale sellers 99.9% of the time take the highest offer.

Are you a Realtor? Just curious.

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[Miller]

So I called the realtor and he said the offer might "slide into the weekend". Wth? Kicking myself for not putting an expiration on the offer. If it's not high enough then decline it or counter. They are definitely wanting to see what the weekend crowd may offer.

I wouldn't kick yourself too hard. You should of lead with it is bank owned. It would of been meaningless to put an expiration on a bank owned property. They would just ignore it. Honestly, it sounds all great and good to put an expiration date in a contract, but in a seller's market most people just ignore it, especially if it is unreasonable amount of time.

If it were a multiple offer situation you will usually get a notification there is more than one offer and to submit your highest and best by a certain date. That said it is up to the seller or in this case the bank.

[ShockValue]

It sounds like your regurgitating this out of the realtor 101 manual.
Unless its a non arms length sale sellers 99.9% of the time take the highest offer.

What if the highest offer is an FHA loan and the next highest (or 5th highest or whatever) is cash?

What if the offer price is above market/appraisal more than likely?

[JHT]

Are you a Realtor? Just curious.

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I could never work all weekend.

[DFWPI]

I could never work all weekend.

Yeah I got ky license in November. Didn't get serious until February. 12 transactions so far, and I kike to hunt in the middle of the week. That was usually my days off back in policing days.

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