Not knowing the list price it's difficult to have the perspective on how much $16K is in the scheme of things - $16K can seem a lot if the price of the house is $100,000, and not as much if it is $1,000,000.
But it really depends on how much this house is worth for you and whether you will regret it if you lose the property.
Don't ever pay so much for a house that you later regret of paying for.
I doesn't hurt to ask your agent to run comps and make sure you aren't offering too much for house am nd also have them ask t them to find out how many offers are on the house. If all looks ok go up as high as you are comfortable with and qualify for.
The Carrabba Group
Keller Williams Hollywood Hills
This is the tricky part of the home buying process. It's always best, before you bid on a house, to set the "upper limit price" that you would be willing to pay. Try to do that at an unemotional moment , BEFORE the heat of the multiple offer situation, which plays on everyone's good senses, and nerves.
That being said, if you haven't already set your top dollar, then you need to try to take a step back and ask yourself these 4 questions:
How would I feel if I paid x (your offer price) for the house? How would I feel if I paid x (your additional amount) for the house? What would happen if I got this house? What would happen if I didn't get this house?
Those four answers should help you clarify your position, especially #2 and 4.
If you're able to say, "Ther is something better coming along", then you probably aren't that comitted. But if you would say that this would always be the one that got away, then grab it. $5000 over the span of 10 or 20 years is pennies a day.
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