[quote=AN]Maybe the seller agent is just very good at making the buyer and buyer agent think that there are 20 other offers out there and to get them to go higher.[/quote]
I was in escrow on a condo. They accepted our LP offer. They told us there were 6 other offers waiting in the wings. The appraisal we got came back very low. We withdrew our offer and put in a new offer for the appraisal price. No counter made on their behalf.
The condo is still listed as active for the past 2 months. Wondering what happened w/the other 6 offers. Wondering if those folks reconsidered or if those 6 offers even existed.
Since I’m going FHA and plan on putting the minimum down, it prevents me from overbidding. I know if it doesn’t appraise, FHA won’t approve it. If I get emotional, I can’t do anything stupid like overbid.
I think even if I were not going FHA, I work too damn hard for my money and I wouldn’t want to overbid. I don’t want to engage in that. I have the limit I want to spend and if someone wants to overpay, power to them. I’ll just wait for the next one.
The bidding process sucks and I just refuse to participate in it. I don’t understand the urgency I have seen out there, but it seems to be slowing a little.
