Home Buying in 60409>Question Details

Cedric, Home Buyer in Highland, IN

A bank approved short sale with multiple offers. Can and should I put another offer in?

Asked by Cedric, Highland, IN Mon Sep 12, 2011

I got some info saying that my offer was the highest of three offers on a short sale, but one was a cash offer. I am offering 4750 over but I'm willing to go as high as 6000 over the listed bank approved number. I really love this place and it would brake my heart to lose it. Can I and should i put in a higher offer in?

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2
Cedric,

I must agree with Walter on everything he said. Offering more does not guarantee you will win the bidding war. The seller is in distress and for them the most important thing is to accept an offer that's almost guaranteed it will close.

Good Luck!
0 votes Thank Flag Link Tue Sep 13, 2011
Hi Cedric,
First, yes you can increase your offer. Talk to your agent and let the listing agent know your intent. That said, cash offers are tough to compete against. The strength of your offer including downpayment and credit scores will effect the decision. In addition, the appraisal needs to be consider. If you bid higher and the property has a chance to NOT appraise at that amount, it might not help.
Good luck,
0 votes Thank Flag Link Mon Sep 12, 2011
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