How much should I offer on this house?

Question

I am looking at a foreclosed house tomorrow that is listed at $24,900. The realtor said there has already been an offer made on this house, but the bank hasn't accepted it and is waiting for a more favorable one to come along (I'm guessing the offer was for less than what is being asked.) My fiance and I have been pre-approved for $30,000. What should our offer be? We have been outbid 3 times in the past.

godged · Accepted Answer

Just because it is not accepted yet doesn't mean it is not acceptable  I have some friends that specialize in REOs, and it can be weeks before a lender will accept a full price offer, waiting for perhaps overbids to come in.  These Realtors get a bunch of calls once the word is out that there is an offer on a property, trying to figure out what to offer to outbid the first offer. 

If you have been outbid 3 times, you know the drill.

MELANIE · Answer

If you really want it bad ~ offer what is being asked.  They can't NOT ACCEPT an OFFER that is what it is listed for.  The other offer must be below that and the Bank can wait it out.  If you are worried that there are other offers that might be equal to the asking price ~ make your offer $500-$1000 more and you should be a shoe-in to get the house.
GOOD LUCK !!!

hi · Answer

if you want it that bad make a full offer.  you most likely won't be happy if they accept that offer cause you will always wonder... could I have gotten it for less?  But you won't have to worry about the competition and you'll be living in it so who cares ;)  good luck

Goodhead · Answer

Ask the Realtor what is the acceptable bid

estielmo · Answer

Is it worth 24,900 to you? If so, stop playing games and offer what it's worth.

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How much should I offer on this house?

5 Answers