Bidding help---how much over

Hi We are bidding over the asking price on a home...for those of you who did this and got the house...how much did you go over? What percentage of the house did you add to get it? Just curious to get an idea

why are you bidding over? why not offer asking price? do you know if they are other offers?

it doesn't always come down to money. i.e. terms are another thing to consider. if you are flexible in re: closing date and can offer an attractive DP, the sellers might be more apt to accept a lower offer as opposed to someone who is offering asking price or over, need to close quickly and have very little to put down.

WE know there are already at least 2 full price bids in....

I know its just not money. WE have everything else on our side. We are pre-approved, we both live at home and have nothing to sell, we have the 20% down payment and closing fees ready to go. We also can make the owners request of closing asap.

I just wanted to know others situations.

I should also say that the house needs ZERO work.....we have been to so many homes and this house is byfar the best and we dont want to lose it, but will not hang ourselves at the same time.

Same thing happened to us! We already knew there were asking price bids in on the house, and one over asking price. Without thinking of the asking price Ray and I decided on a a number which was the MOST we would be willing to spend on this house, what we thought it was worth to us. Even though the house was a wreck we taked to a few people to help us figure out how much it would cost to replace things in the house and fix it up and came up with a number from there. We bid $10K more. Somebody else bid a little bit more than us but they went with us because we had good terms. AFTER they accepted our offer they got another offer supposedly $20K over our offer and asked us to match it, we said no, that offer fell through, and it was back to us.
Wow this is so long - sorry! IMO bid what you feel the house is worth. Even though we bid over asking price I still feel like we got a great deal on the house. The same house on a busier road just sold last week... I don't know the exact selling price but the asking was over $60K more!!! And this house did not have a garage like we do and was not updated at all. Check out other houses in the neighborhood and if you feel it is worth it for a few extra thousands then go for it!
GOOD LUCK!!!!!

**opps sorry meant to quote julz33 here


wow, you gotta love these bidding wars right Thats insane! We did sit (for days) and come up with a bid that we feel comfortable with and our parents do as well. If they counter offer we cannot and will not go over because we wont be able to afford it. WE need to present the offer tonight and the owner is making the decision tomorrow

WE have looked at sooooo many houses and were prepared to spend what we are now bidding plus, but they needed like all new baths, new kitchen, every room re spackled and painted, etc. And we were ready to do it because we arent getting married and moving in till 9/24/05. But now we see this house that literally is amazing in and out and on huge land (that you never see in nassau county) and feel we are doing the right thing.

ugh this is so confusing....I havent slept well in days now because I am literally dreaming of this house LOL

I agree with julz33, bid what you feel it's worth.

DH and I made an offer on 2 townhouses last week. One is entertaining our offer but waiting to see if anyone else bites. We started the negotiation and stuck at 20K less than asking. DH wants to bid up, but I want to stick because there currently are no other offers we know of and the couple is already in the process of moving (a relo) and must sell.

For me, the place is not even worth what we offered, and I'm not willing to budge at this point in time. If another offer is made and it's higher, I don't wish to get into a bidding war for this property, I am able to walk away. If I looooooooooved the place, I would maybe throw 5K over to seal the deal.

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Posted by julz33

Wow I feel like I am reading about myself here... plus I got married the same day in 04

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I know date twin LOL plus I looked at your profile and have booked all the same vendors as you so far LOL for dj, photo, and flowers LOL. spooky

All we do is talk about this house now. Its consuming us and out of control. Our parents too hehe.

I sit in bed at night and think about colors and all that. I have fallen in love with this house. I pray we get it but I wont go over what we can afford.