Home Buying in 90003>Question Details

Arley Padilla, Home Buyer in 90003

Hello i recently met with a lender who Pre-approved me for a loan for a home worth 190,000. 3 days ago there

Asked by Arley Padilla, 90003 Fri Jun 19, 2009

where no accounts on escrow. and the real estate agent is claiming to have multiple offers going over 200,00 is there anyway i can verify if others are trying to buy the house as well or if i am just being taken for a ride? also the lender nor the real estate agent new the exact price of the home. i am still waiting for a call back to determine if there are other buyers and what the house is actually going for..please help....

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There is no way to verify how many offers or what they prices they are offered are. That is typically held confidential between a seller and their agent. It is very possible that a home would sell for more than it is listed, especially homes at a reasonable price point.

The "exact price of the home" is not determined until after you close escrow. It is not like buying an item at a store. The price is a negotiated term between a buyer and a seller. It is just what the seller will accept from a buyer. There are other items that would determine whether a seller accepts as well, not just price. What type of down payment and loan is the buyer getting? How long is the escrow period? Does the buyer have to sell their own home before closing escrow? Does the buyer want the seller to pay for any closing costs or other expenses?

The best you can do is offer what you think the home is worth and know that at that price and terms, you will be happy with the home and that if it sells for $1 more you are ok with that. Of course, you need to discuss this with your agent to determine what those amounts and terms should be based on market data and your financial situation.
Web Reference: http://www.c21andy.com
0 votes Thank Flag Link Sat Jun 20, 2009
Arley, yes, it sounds right.

That is the pattern nowadays with REOs. I have seen up to 80 offers in one property and the banks can take up to 1 whole months to go through them and finally decide who the winning offer is. A lot of times, they sell for way over the asking price.

On your situation, call the listing agent, google the address, or go to Realtor.com or call me, i will set you up with Listingbook so you too can have instant information like I, as a realtor, have.

CaliforniaHomes_Morgages@yahoo.com
0 votes Thank Flag Link Fri Jun 19, 2009
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