Question Details

Kristin, Home Buyer in Navarre, OH

We put an offer on a house yesterday, it just went on the market and there was another offer yesterday too.

Asked by Kristin, Navarre, OH Mon Apr 6, 2009

We wont find out until tomorrow and im so anxious! We offered a couple thousand over the asking price plus asked them to pay 6% of closing costs and i guess the other offer was similar but they didnt have a preapproval letter. The sellers agent was asking my realtor alot of questions about our loan and talked to my lender too. Is this looking good for us? We really want this house and im getting so nervous!

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It is difficult to state w/o being part of the conversation and etc.

DISCLAIMER: answer is based on YOUR information posted.

If the other offer DOES NOT HAVE LENDER APPROVAL letter most likely declined till buyer can submit qualifications letter purchase. We receive offers all day however buyers agent has not qualified their client, we decline those offers instructions to buyers agent provide proof of funding.

EXPRESSION: "show me the money"

Good luck great question.

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0 votes Thank Flag Link Mon Apr 6, 2009
Good Luck!!!! We have waited for the call....I know its such a crazy time. The great thing is if you have preapproval then I believe that is key especially vs someone who doesn't. Hope it works out for you!
0 votes Thank Flag Link Mon Apr 6, 2009
Hi Kristin......
How exciting for you - and stressful!
Take deep breaths!

Certainly by having a pre- approval letter you are showing a stronger ability to buy than the other offer. I am amazed that any listing agent would even entertain an offer without a pre -approval letter (although, I must say, many of them aren't worth the paper they are written on - but that's for another dicussion). In this unstable economy, how qualified the buyer is becomes one of the most important issues - almost trumping the actual offer! (ok, I said almost!)

It seems, from what you said, that your offer is being given very serious consideration, so that's good news!
In my area, when there are multiple offers, if the terms are similar, we usually give both parties an opportunity to come back with their "highest and best" offer before making a final decision. Discuss with your spouse what your next move might be, if that's the case, so that you will be ready to respond.
Good luck to you - I hope you get it.
Let us know!
0 votes Thank Flag Link Mon Apr 6, 2009
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