I certainly know what it feels to wonder if you are buying the top. I am in escrow now on a low end property (so far 1 month late in closing…a long story). The selling bank so far is sticking with us as I am a qualified buyer who is on the hook (20% down conventional). But there is a good chance we fall out of escrow. The bank might reduce the price or ask all cash if they cancel escrow. If they do, I will make another offer. It is a property that suits our situation well.
My #1 consideration for buying was the property MUST cashflow from day 1. I am not interested in bleeding money. I see potential to the downside and am expecting to be a long term landlord if I have to move.
I am surprised to be in escrow at all since like scaredy my judgement of value is extremely low. I feel like my offer is fair but not a great deal. That probably means it is a really good deal in reality.
