Skip to main content

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/
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

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more