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Offer accepted...27k over list! Wisconsin. Waiting appraisal

We finally got an accepted offer on a house! We previously put in 2 offers on other houses (10k and 12k) over, but those were rejected.

This house was listed at 195k. Our initial offer was 200k with an escalation clause of 1k up to 218k. We would cover an appraisal gap of 5k and cover any inspection repairs under 2k.

After our realtor spoke with the selling agent, she said they had multiple offers already and suggested we waive inspection contingency and start at a higher offer.

So we ended up changing our offer ultimately to start at 215k and escalate by 1k up to 222k. Appraisal gap we'd cover was raised to 10k, and we'd cover inspection repairs under 5k.

I feel like a sucker now for paying 27k over on the house! :/ The house ended up having more than 20 offers. The competing offer which activated our escalation clause was an offer for 227k that covered appraisal gap of 5k and waived inspection contingency.

Now just hoping the appraisal comes out ok! If appraisal was to only come in at 200k, would we only have to pay 210k, or does renegotiation happen at that point?

submitted by /u/runawayBlueberry718
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/j2e5x5/offer_accepted27k_over_list_wisconsin_waiting/
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