Right now things are really going fast and above asking price in Corona. The inventory is down and the agents many times are pricing them low to obtain multiple offers on their homes. So it sounds like the agent is doing her best to secure you a home.

If there are offers on the home and it can not appraise then it is possible the bank can come down or if it is a hot property then maybe the buyer will have to come in with more money down to close.

My suggestion would be to make sure that what ever you are offering that you will be comfortable with those payments and paying that price for the home. If you aren’t then don’t make the offer because if it is accepted and it does appraise, you most likely will be going forward with the transaction.


Good Luck
Diana 909-945-5763

offers don't get rejected because they are too high. If you are in a competitive market, you need to make good offers to have a chance of getting your home. Sounds like your agent is doing a good job. To check, if this has been going on long enough, is to look at the prices he suggested vs the actual sales price.

Hopeful,

The reality is the closer you are to the bank's asking price, the greater your chances of having an offer accepted.

In many locations, offers on "foreclosure" homes regularly exceed the bank's asking price. Your agent should be able to guide you on this and greatly increase your chances of being successful.

Good luck

You need to have your realtor do a arms-length-sale comp for each offer you make. It keeps you from over or under offer. If you pay more than asked, it is likely your loan may not get approved.

If it a bank owned your realtor needs to give you statistics like sold/asked ratio such you have a good feel what the local market is. Most offers are within a few $K so the down payment and escrow date becomes critical. Sometimes the bank will accept a lower offer with higher down payment to ascertain it will go through. If you only put little down or have a FHA loan you are opt not engaged in this transaction, unless there is no other offers.

You can renegotiate price after getting accepted if your agent is skilled in negotiation. Good luck

Dear Hopeful,
My thought is that you are being rejected because of underbidding not overbidding. Although it is true the banks are not just taking the offer that is way over they will accept the highest offer they can. and why not. If your apprasial comes in lower the bank does not have to accept it. In my experience only; I have had 3 come in low this year and all three the bank did reduce their price. You cannot overpay as long as you have the contingency in there to protect you. I have had some agents tell the bank would not reduce the price and then it is up to the buyer to deciede if they want to pay a little over to get the home. But remember it is your choice at that time. And get it done on time! Do not wait to have your apprasial done. by all means do your inspection first but do them both within the first few days. there are a lot of great homes in Corona. I wish you the best in your endevor.
Regards,
Connie Bramble