Gonsalves Real Estate Properties
Overbidding has its pros and cons. Pros: Your offer may be the highest and get accepted. Cons: If you are purchasing with a loan, your lender will conduct an appraisal and, if the appraisal comes back less than your purchase price, you may be responsible for coming up with the difference to close the transaction.
Underbidding, if it is an area in demand, may cause your offer not to be accepted.
Whether or not that price range is good as an investment property depends upon the area rent prices and demand. You can go to places like http://www.craigslist.com to view area rental rates or perhaps contact a property management company and see if they would be willing to share that info and maybe even what they might charge to manage it for you.
So again, make an offer you are comfortable with. Sounds like your goal is clear, so how you get there doesn't have to be complicated, that will only delay your goal and perhaps cause you to miss s great opportunity to purchase.
Happy house hunting!
Keisha Mathews, CDPEÂ®, REALTORÂ®
The Short Sale Lady (SM)
Century 21 Landmark Network