Home Buying in 90038>Question Details

Kim, Home Buyer in 90038

We have had a counter offer on a house with multiple offers. Rather than accepting the counter should we counter higher to beat out the competition?

Asked by Kim, 90038 Wed Jul 28, 2010

Seller is giving multiple counters to a house we bid on. Have no idea how many counters there are but we are being advised to go 5k higher then what seller is asking for. The counter is 14K under asking and 16K over what we initially offered.

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9
You should always offer at the fair market value and also want to avoid any possible appraisal issues.
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Kim:

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.
0 votes Thank Flag Link Thu Jul 29, 2010
Sylvia Barry,…, Real Estate Pro in Marin, CA
MVP'08
Contact
Hello Kim,

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.

Good luck!

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
0 votes Thank Flag Link Thu Jul 29, 2010
Hi Kim;
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.
Best,
Deborah Bremner
REALTOR, 00588885
ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
http://www.thebremnergroup.com/news/
0 votes Thank Flag Link Wed Jul 28, 2010
I would say it is priced well but on a very loud and busy corner. Also there are no appliances at all in the home so we wanted to include a credit for closing costs which would really help us with our move in but our agent thinks we should offer 5K higher then what they are offering without asking for anything back.
0 votes Thank Flag Link Wed Jul 28, 2010
It is not uncommon for buyer's to offer over-asking price, ESPECIALLY in Los Angeles. I have heard of cases where properties were sold $60,000-$100,000 over-asking. The 2 things you need to decide on is how bad you want the house & what is your best/final offer price. Keep in mind that increasing your mortgage by $25,000 will equate to your mortgage payment increasing by $125 a month.
0 votes Thank Flag Link Wed Jul 28, 2010
Yes!!!! But keep in mind. There's no guarantee that the seller will accept your offer even if it's the highest. Good luck and may you find the right home. Hopefully, this is the one.
0 votes Thank Flag Link Wed Jul 28, 2010
Depends how much you love the house and how much you are qualified for. You do not want to make yourself house poor. If you love the house then you should offer the maximum you are willing to pay for it within your budget. This is not a time to play games.
Web Reference: http://www.homejane.com
0 votes Thank Flag Link Wed Jul 28, 2010
To go higher than the counter is a decision only you can make--what is your agent suggesting--is the property priced on target or slightly below, how badly do you want the property, etc.
0 votes Thank Flag Link Wed Jul 28, 2010
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