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A competing offer on a house-need our best & final
Here is the long & short - MN bank-owned property 1 hr and 20 mins o/s Twin Cities. (that's why house is so cheap) - here is link (must cut & paste) :
http://msp.themlsonline.com/details,df468dbd8402743b1284ef2932ccae98,1,results,4039635.
List price on Sun $139,900 due for price drop. House already in price range. Put together offer of $135k b/c we saw one card there-1 other person has seen the property in 4 mos - bank to pay all CC (realtor in this business 20 years). Prior to submission to bank, price dropped-bank never saw our offer so we resubmit offer to $128,100, same stipulations by 5PM. New list price on Mon: $124,900. Bank has not seen our offer and got a call from an agent Tues a.m. saying their client wants to put in an offer. We assume they are pre-approved like us and are the ones from the wkend. We must give best and final by 3:00 today. We want this house. It's the acreage mostly, (10 acres, square plot-rare) but also like the house. The house set up is quite UNDESIRABLE for lots of people but we like it and will make it work.
Thoughts on what you would offer? The original list price of $139,900 is NOT an option b/c it won't appraise for that much. If it were you -what would you do? TIA
Re: A competing offer on a house-need our best & final
The link didn't work for me when I c&p.
If you really love the house you should offer what you can, and if the appraisal doesn't come in, then you re-negotiate based on that. But without seeing the house and just from what you've said, I'd submit an offer of $132K.
Good luck!
Ashes-I have confidence in our realtor.
We put our initial $135k offer together on Sunday. He put in 3 calls to our mortgage guy waiting for the approval letter but mortgage guy was in meetings all morning and mid-afternoon. Faxed/emailed it over and I got the call that he getting ready to deliver the offer but he'd asked the 3rd party company the bank uses to let him know if the price dropped....and it had...to $124,900 so our realtor called and told us the price dropped, would we like to resubmit? We did...(b/c we thought we were on the only people interested and at that time, we were). We did $128,100. The offer didn't get submitted til right around 5. Just the way it worked. No one's fault. The offer was being seen by the bank when another agent called and said HIS client wanted to make an offer...therefore, the bank disregards all offers and calls it now multiple offers. Best and final by 3. Since we are first time homebuyers, I'm not sure how the process normally works..but for someone whose owned his own RE company and be in the business almost 20 years AND specializes in bank-owned properties? I trust him. We'll see...