offer in. now we play the game…(REO)

[SD Realtor]

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.

[smshorttimer]

[quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.

[smshorttimer]

[quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.

[smshorttimer]

[quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.

[smshorttimer]

[quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.

[smshorttimer]

[quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.

[Rt.66]

You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.

[Rt.66]

You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.

[Rt.66]

You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.

[Rt.66]

You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.

[Rt.66]

You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.

[DWCAP]

[quote=smshorttimer][quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.[/quote]

The news I saw was ~0.5 of a point over treasuries. But remember the FED is also buying treasuries driving that down too. IF the fed ever stops, I can easily see rates going up 0.75-1%. That would put average rates somewhere right around 5.75-6%, and that will cost the average monthly payment about 10% more in interest. I guess you need to define what a ‘steep plunge’ is to you.

[DWCAP]

[quote=smshorttimer][quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.[/quote]

The news I saw was ~0.5 of a point over treasuries. But remember the FED is also buying treasuries driving that down too. IF the fed ever stops, I can easily see rates going up 0.75-1%. That would put average rates somewhere right around 5.75-6%, and that will cost the average monthly payment about 10% more in interest. I guess you need to define what a ‘steep plunge’ is to you.

[DWCAP]

[quote=smshorttimer][quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.[/quote]

The news I saw was ~0.5 of a point over treasuries. But remember the FED is also buying treasuries driving that down too. IF the fed ever stops, I can easily see rates going up 0.75-1%. That would put average rates somewhere right around 5.75-6%, and that will cost the average monthly payment about 10% more in interest. I guess you need to define what a ‘steep plunge’ is to you.

[DWCAP]

[quote=smshorttimer][quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.[/quote]

The news I saw was ~0.5 of a point over treasuries. But remember the FED is also buying treasuries driving that down too. IF the fed ever stops, I can easily see rates going up 0.75-1%. That would put average rates somewhere right around 5.75-6%, and that will cost the average monthly payment about 10% more in interest. I guess you need to define what a ‘steep plunge’ is to you.

[Author]

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