I resubmitted a lower offer as directed and lost out to a lower offer. Something smelled fishy about this deal from the start. Any suggestions on what to do differently next time?

Hi Joe,

I am a real estate Broker here in the Boerne area. I think the 2 previous answers are right on. Your agent should assist you in submitting your highest and best offer, but by all means don't go over your budget.

If you are not working with an Agent, I might be able to assist you. Please give me a call.

Best of Luck,

Tricia Pearson
Pearson Real Estate
Boerne, TX
210-383-7406

Joe,

The best way to find out what is the estimated value is work with your agent. Your agent can pull up the similar last sold and active homes in that area. Now, based on that comparison and the condition of the house, think how much you want to write an offer. Do not go above your limit (what you can afford) even if they ask to write higher offer. Without knowing the market price, it would be hard for you to guess whether your offer is a good offer or not. I hope this will give you an idea whether you want to go with higher offer or walk away and look for another home.

Joe:

What you bid on a home is completely up to you and your budget. Of course, Fannie is going to try and get as much as they possibly can for the property. However, when Fannie asked all bidders to submit their final and best it looks like you responded and even raised your offer. The question is did Fannie reject or accept your offer?

I'm sure that their asset managers have a specific number already in mind for this property. The question I always ask my clients is "How bad do you want this home?" Then reflect that in your offer. It could be that Fannie felt that all the bids were too low and are rejecting them all as indicated by your statement that the home is on the tax rolls for $120k more than your bid.

Buyers have to also be realistic...there is a big difference between getting a great deal vs giving the property away. The banks are not in the charitable contribution business. Re-visit the situation and your bid. Your agent should be able to assist.