Asked by Jestamick, 48336 • Mon Apr 19, 2010
I recently found a house and absolutely fell in love with it. I placed an offer on it for 5k less than the asking price including closing costs. I heard back two days later from the seller saying that the house had two other offers on it. They were collecting highest bids by the end of the day.
Here's where I screwed up. My agent said that he was certain the house would go for above asking price. I ended up agreeing that 10k above asking (with closing costs included) wouldn't break the bank and would probably seal the deal.
They verbally accepted the offer. I later found that similar houses in the area were selling for much less. My agent informed me that if the house appraised for less, we could renegotiate the price (if no loan could be obtained). I have the papers, but haven't signed. Is it a bad idea to hope for a lower appraisal? Backing out now might anger the sellers and ruin my chances of getting it. I just don't want to buy for more than it's worth.
Real Estate in Farmington
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