We are seeing more of that. We had a case like that with one property we recently sold where we had alot of offers, a few of them were more then we felt the home was going to appraise for. A couple of the selling agents (buyers agents) asked us what they could do to seperate thier offers and removing the appraisal contingency was one of them. Alternately coming in with a bottom line on the appraisal is okay as well. For instance, say that as long as the home appraises at or above $x then you will still buy the home, even though your offer may be above that number.
Also, if someone does say highest and best offer, we didn’t you submit your highest and best offer? That is a little puzzling to me.
The problem as inventory continues to tighten up is that if you see a place you really really want to buy, chances are that others will also. How can you seperate yourself and/or increase odds you will be accepted without making an outlandishly high offer?
– come in with as much cash as you can.
– show proof of the funds.
– it may not hurt to have your credit score with the preapproval letter.
– if you have DU approval, send it with your preapproval.
– maybe have your mortgage broker call the listing agent and tell them how strong you are.
– do NOT include a termite inspection request, or if you do, don’t ask the seller to pay for it.
– do NOT include a request for a home warranty or if you do, don’t ask the seller to pay for it.
Also alot of the higher volume guys use TAZA which is a fully automated system for submitting offers and stuff. Reaching certain brokerages and agents is tough so you may not get many chances or counter offer opportunities.
Remember that right now is a tough time to buy so yes be prepared to walk away. Time is on your side and learning the process will help you for future homes.
