You should ONLY bid on homes within your approved price range.
Homes are not selling for below list price at all these days unless the buyer is paying CASH, and even then not by much.
Best of luck to you!!!
Kawain Payne, Realtor
No & its not recommended you would be responsible for the difference. you had to be aggresive when bidding on HUD homes so it is very important to make realistic offers. I would be happy to assist you. contact me
Coldwell Banker South Gwinnett
The Live in Atlanta GA Team
Keller Williams Atlanta Midtown
An Asset Manager receiving an offer like that would likely think it was an April Fool's joke and would not even respond to the offer. Homes today seeing multiple offers and many are selling for at and above list price. Nothing is selling anywhere remotely close to 30-40% of list price that you are suggesting.
You definitely need to only be looking at homes within your alloted qualifications.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
In a Bidding War? 5 Ways to Win the Home You Want
By Graham Wood
It's becoming a war out there when it comes to buying a home.
An increasing number of would-be homebuyers are finding themselves in fierce competition, as more and more sellers are fielding multiple bidders on their properties. According to recent data from Redfin, some markets saw 73 percent of homes on the market draw in multiple bidders.
"The houses that are in good shape ... are getting several offers," says Tony Geraci, broker and owner of Century 21 Homestar in Highland Heights, Ohio.
So what does it take to claim victory over your competitors if you find yourself in a bidding war? Here are some helpful tips:
1. Keep it simple.
"Don't put a lot of contingencies on your offer," Geraci says. That means, don't make the seller negotiate too much on price or down payment, and don't make a ton of requests on, say, home repairs.
If you require a lot of back-and-forth and have a lot of demands for the seller, he or she is likely to turn to another bidder who's a bit less needy.
When it comes to repairs, "It's time and money for [the seller]," Geraci says. So don't waste a lot of either.
2. Put your best offer on the table.
When you're up against stiff competition, it's not the time to lowball.
"You might not get a second chance," Geraci says, adding that the seller may not counter your offer if it's well below other offers. So put your money where your mouth is.
And if this is your dream home, then be ready to offer more than the asking price. After all, if you see yourself in this house for 10 or 15 years down the line -- or even longer -- then "don't worry about an extra $4,000 or $5,000," Geraci says.
3. Make it personal.
"Tell the seller how much you'd love to raise your family in that person's home," says Tim Dwyer, president and CEO of Entitle Direct, a title insurance company.
Personal, emotional appeals can sometimes tip a seller's decision in your favor. Establish a rapport, and it will likely set you apart from the crowd. It can also give the seller "a very strong sense of the fact that [the buyer wants] to close the deal," Dwyer adds.
4. Come prepared.
Come to the showing with a pre-approval letter from the bank. When a seller can see that a bank already has extended their willingness to finance the deal, it lends credibility to the buyer and edges you closer to getting the home.
5. Offer incentives.
Up your "good-faith deposit," Dwyer says. Buyers generally put down deposits -- typically 1 percent of the purchase price -- on a home to show their intent to buy. Dwyer says that increasing that amount to 3 percent or 5 percent will solidify to the seller that you're ready to close the deal.
You also can offer other things, such as picking up the tab for title insurance, which will leave the seller with more money in his or her pocket.
Fred Yancy, Broker
No not likely.
I have a suggestion. Use a process to learn your market so you know the best buys in your market and will not find it necessary to rely on anyones opion of value. Its a nice feeling to know you have purchased one of the best buys in your area.
Start with How to Buy a Home, at Your-Road-Home.com. Read the artricles in the numbered order and you will have a step by step effective method for learning your market. Also read about the MCC tax credit and read Consultation Interviewing Real Estate Agents.
After you have gathered up your information you will find real estate agents and loan officers from your area offering there services on Trulia.
Best of Luck, Stephen
unlikely that you will win the bid. I would advise you not to waste your time.
If you need help finding a home, I am open to assist. If bidding on HUD homes, you may want to pair up with a realtor to best advise and guide you.
Best with finding a home!
Better Homes and Gardens Real Estate Metrobrokers
You would need your preapproval revised to show that you're eligible for financing in the $200k-$250k price range or show that you have the assets to make up the difference. As is your offer would not likely be considered.
NMLS # 75615/465546