We put an offer on a house - a tiny house in a good neighborhood - on Sat. morning. The owner didn't call back. Our initial offer was low - so my fiance called back 2 days later and offered the asking price which was 12K more. I feel like the asking price is fair, but my family thinks that if we waited we may have done better. But in this market if you wait, you lose. Did we do the right thing by bidding up and not waiting, or should we just walk away now and keep looking. It seems that the sellers have time, and would just wait until they get their price.
lesleyw
Posted:
Member since
Re: Would you have done this......
My advice: Do Not Listen to Family and Friends if they have not recently looked for or bought a home. We have heard a lot of this from DH's parents -- we should bid low and wait, that the asking price is just a starting point and they will come down, blah, blah, blah.
I think you have to do what you feel is right. If you have been looking for a while you will know the market and know a fair price when you see one. Your friends and family are probably not really familiar with the market and are coming from their own experiences which may be very different from what you are dealing with. So follow your gut!
Kosta's Kitty
Posted:
Member since
Re: Would you have done this......
FH and I bid a little lower than asking price and we lost the house we loved. So I think that what you did was fine considering the market, etc.
butterfly20
Posted:
Member since
Re: Would you have done this......
definately dont listen to friends and family unless they have recently bought in the last 2-3 years.... things have changed ALOT in the last couple of years... so many houses also get over bid, especially if there is an open house... last month one house we bid 14k over asking price and still didnt win the house, another house a couple months ago, was a real bomb that we were thinking of fixing up, sold for 55k over asking price...
janwinterbridejoy
Posted:
Member since
Re: Would you have done this......
i wouldnt listen to people that havent purchased recently also. i have been out there recently and the houses are going for full price most if the time and if not above price. i would leave the offer as is and keep looking if you dont 100 percent love it. if you dont bid a little more but them its your final offer
Kel
Posted:
Member since
Re: Would you have done this......
You have to do what you feel is right.
When we found our house 4 years ago, it was new to the market, and we offered full price .. the real estate agent was shocked that we did such a thing .. but even though prices were cheaper at that time, houses were still being snatched up quickly .. so I didn't want to risk it .. and we decided to go full price .. even after the agent's reaction .. our offer was accepted during the conversation where the agent passed along our offer while we were sitting in her office immediately after seeing the house .. and we're happy! That is priceless!!
