ACCEPTED OFFER IN A SUPER SELLERS MARKET

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  • #72433
    mrstaylor
    Member

    Well guys, after a month of searching and submitting offers we’re still coming up empty. The usual issue is simply getting out bid, many people are going 30k over asking and waiving appraisals (which is psychotic).

    But we did lose out on an offer because we couldn’t provide a closing date and the sellers didn’t like NACA. What are some of you guys doing to stand out? And are we able to put a closing date on the contract and just get it amended if it needs to be changed?

    #72434
    Nelsont
    Member

    You absolutely can do that. I was actually not aware you could have an open ended contract.

    This is why some people get nervous because they think the closing date on the contract is written in stone. Just put it out 45 to 60 days. Amend it if necessary between the 42 and 57 day mark.

    #72436
    mrstaylor
    Member

    Oh wow! Thanks @Nelstont Our MC told us different. I’ll definitely let my realtor know, that’s great! And now to find a house… 😅

    #72438
    Al92
    Member

    I closed this Summer in a very competitive market.
    My personal opinion.
    1. Talk to your agent and do your research and try to stay at what you think the appraisal will be. Your agent can do this for you and give you an estimate.
    2. Dont mention appraisal to seller. Your main concern here should be home inspection. In a hot market there will be many competing offers without any condition. Just let the seller’s agent know you are putting home inspection just for formality and there will be no negotiation based on the home inspection. Of course you should understand what I am taking about.
    3. Give an offer with 45-60 days. Your agent should be able to communicate to sellers agent and find out if sellers dont fee comfortable woth 60 days. I was able to close 3 business days later than initialy planned (due to my agents simmple error on PandS). Keep ypur papers neat and it is possible to close in 45 days.

    • This reply was modified 3 months, 4 weeks ago by TTrumble.
    #72439
    sweetlilly
    Participant

    “30K over asking”!?!?… i guess some folks just have deep pockets or are investors looking to do a flip.
    Yours truly will NEVER waive appraisal or inspection. NEVER.

    I’ll just take my time until this madness settles down instead of paying at the top of the market and ending upside down when things subside.
    Good luck to all in your search.

    #72442
    mrstaylor
    Member

    @Al92 thank you for those tips! We’ve definitely been staying within what we think it’ll appraise for base on comps in the area but people are truly just being stupid. 🙁


    @sweetlilly
    take a look at the market in your area. It’s probably not as ridiculous as mine. I’m in Az and currently with all the Cali tech companies letting people work from home many have been selling their houses for top dollar and turning around and using that money to buy here for “cheap”. Problem is for the average person it’s just worsening the affordable housing crisis.

    #72457
    SkinsNation
    Participant

    I got out offered on 2 homes. One of them I offered 5k above asking and got out offered by 1k. Lol. The house I’m under contract with now I offered 20k over asking. Partially because the asking price was low compared to similar homes and partially because I really wanted the house. The appraisal came back just $250 lower than my offer. Good luck!!

    #72467
    mrstaylor
    Member

    Congratulations and Thank you!! We’ve been doing escalation clauses in our offers so we do about 10k over asking and then say we’ll beat the highest offer by 1k up to a certain amount (of course with proof of that offer) but still no dice. I’m praying for that one seller to give us a chance 😩

    #72523
    Movebyfaith
    Participant

    @mrstaylor The first offer I put in, the house went over 30k for asking as well. I really lucked up for the second house because I had on my work uniform, and the listing agent was a retired nurse so she told my realtor that she wanted me to have the house! My advice, if the listing agent is doing the showing, impress him or her and stand out!!!

    #72524
    mrstaylor
    Member

    @Movebyfaith Wow, how wonderful! That’s great advice, thank you! Any and all prayers are welcome! I’m trying to keep hope that we can be in our new house for Christmas.

    #72530
    SkinsNation
    Participant

    Mrstaylor, I like the idea of the escalation clauses but keep in mind that just because you out offer someone by 1k doesn’t necessarily make your offer more attractive. You also have to take contingencies into consideration. Good luck and I hope you find something soon!

    #72541
    mrstaylor
    Member

    Thank you, @SkinsNation! Anything to keep us in the running a little longer! 😂

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