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Highest and best with crazy bids over asking

We are buying a home in New England where the housing market is extremely tight. Our realtor is seeing offers 50k+ over asking in our price range ($650-800). First off, that’s absolutely insane to me. Second is that we CAN do that but want to avoid blowing past the highest offer. We lost to higher offers three times in the past month despite waiving appraisals, mortgage and inspection contingencies (where appropriate). We’re told we were close but not enough but no one tells us how close.

Now we’re going for another this weekend ($699k) and plan to put a strong offer in today. Went to the open house last Thursday and going back today to gauge interest. They already have one offer so we know we have to go big to go home. Our plan is to offer $730k escalating up to $765 in 3 or 4k increments. We can waive mortgage contingency and cover a hefty appraisal gap (one lender already said they can only guarantee up to 718k). We can also waive inspections (we’ve owned five homes in the past and I’ve done most of our trade repair work and am comfortable with the house electrical and structural for THIS house).

The kicker is the realtor said they’re accepting all offers this weekend and will call for everyone’s “highest and best” offer by noon on Monday.

My questions are: should I stick with the above with the escalation? Or should we go with our ceiling? We CAN go to 765 but really doubt this house will go for that so maybe just go for 755k?

Really tired of losing out on these because we have to get OUR house on the market the day we find a house.

submitted by /u/AppropriateRest2815
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1trx7f1/highest_and_best_with_crazy_bids_over_asking/
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