Ok. So we are quickly outgrowing the 3 bedroom duplex I moved into last fall and are looking for a bigger place with more rooms. We found a nice house sitting on 1.8 acres of land backing onto a river. 1600square ft. 5 bedrooms. 3 baths. The asking price was $274,900. We prepared two seperate bids. One was lower if we were the only buyers. One was all in at $300,000. That's right...I said $300,000 bid on an asking price of 274,900.
First, lets back this up and set the stage on what the market is like here. It is crazy. People are putting their houses for sale, not doing any showings until a certain date, then not taking offers until a later date. Very competative. My fiancee's house was a 2 bedroom turn of the century home with a finished basement. We listed it for 132,000. Started showing it last friday. Did two open houses to reel in perspective buyers, then set a closing date for offers. We won't be seeing any offers until friday. There is a very good possibility that it will be going for much more than our asking.
Back to the house we're looking at/bidding on. We placed the bid and were outbid at $300,000. That is crazy. I come from a small hick town 3 hrs from here where a house has to sit on the market for a year and you end up losing half the value of the house because the market was soo bad there. We are technically still in the running for the house if the first buyers are unable to meet their conditions. I'm not holding my breath. Apparently, if the first buyer backs out and we get the bid, they want a condition in the offer to purchase that they can continue to list the house for sale even though they accepted our offer. That way, if they get another offer, we have 48 hrs to increase our bid. This would be in effect until the house is sold officially and all the papers signed etc. That doesn't quite make sense to me. It makes our offer not worth the paper it is written on.
We went to 5 open houses yesterday in a two hr period. 3 of those houses sold during the open house. We had our eye on 5 houses that we were interested in seeing. They only came on the market friday. 3 of those are sold already.
First, lets back this up and set the stage on what the market is like here. It is crazy. People are putting their houses for sale, not doing any showings until a certain date, then not taking offers until a later date. Very competative. My fiancee's house was a 2 bedroom turn of the century home with a finished basement. We listed it for 132,000. Started showing it last friday. Did two open houses to reel in perspective buyers, then set a closing date for offers. We won't be seeing any offers until friday. There is a very good possibility that it will be going for much more than our asking.
Back to the house we're looking at/bidding on. We placed the bid and were outbid at $300,000. That is crazy. I come from a small hick town 3 hrs from here where a house has to sit on the market for a year and you end up losing half the value of the house because the market was soo bad there. We are technically still in the running for the house if the first buyers are unable to meet their conditions. I'm not holding my breath. Apparently, if the first buyer backs out and we get the bid, they want a condition in the offer to purchase that they can continue to list the house for sale even though they accepted our offer. That way, if they get another offer, we have 48 hrs to increase our bid. This would be in effect until the house is sold officially and all the papers signed etc. That doesn't quite make sense to me. It makes our offer not worth the paper it is written on.
We went to 5 open houses yesterday in a two hr period. 3 of those houses sold during the open house. We had our eye on 5 houses that we were interested in seeing. They only came on the market friday. 3 of those are sold already.