Asked by Alissa, Arizona • Sat Dec 13, 2008
We recently put in a very lowball offer on a house that has been on the market for over 6 months. In that 6 month time period, the bank has lowered the price substantially, but is still reasonably priced for that area. We bid as low as we did because the house has considerable water damage- no kitchen, no drywall downstairs, and some structural issues.
They are also needing cash only on the house to buy it, it is in a bad enough condition that it is not available for a home loan.
Yesterday, the broker came to us and said we should up our offer to 300k (we offered 220k) because there were multiple offers. This seems a bit shady to me, shouldn't they just ask for the highest and best offer instead of telling us what we should bid? Does this seem like a lie to anyone else? Oh my, this is so nervewracking!!
They told us that they would get back to us next week with a final answer. Would they even be entertaining us like this if they really did have multiple offers??
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