Skip to main content

Need Advice: Found dream home before it came on the market, put in a strong offer on the premise they wouldn’t list, sellers still decide to put on the market.

The market is absolutely brutal right now. Every house we’ve bid on have multiple offers and we’ve lost going above ask every single time (4 offers lost). Our agent heard of a listing that was coming on from another agent in her office. We went to go see it while the photographer was taking pictures and it checks a lot of our boxes: great layout, a “wow” factor kitchen, spacious master bedroom.

The seller’s agent said if the offer was right, they wouldn’t put it on the market. This is great for us to avoid a multiple offer situation. We took a look at the comps (the house still needs bathroom, flooring, and window updates). And they’re pricing it the same as completely updated houses in better school districts. We love the house so we put in an offer 10k over ask (~2%), agreed to a 30 day lease back at no charge, our realtor dropped their commission by 1%, and we waived appraisal contingency if it appraised at least above ask. That’s a strong offer in my book.

Well as it turns out the seller is figuring fuck it, might as well put it on the market for the weekend and use our offer to bid up other potential buyers. They’re giving us the opportunity to match the highest offer they get. Unfortunately we have almost no leverage here. They know we’re thirsty for the house. At this point we’re just hoping no one bids a huge amount on the house. After this, we’re probably going to give up and continue renting into 2021 :(

submitted by /u/The_Hindu_Hammer
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/i0xl8c/need_advice_found_dream_home_before_it_came_on/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more