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Made an offer did i do ok?

House is 3/2.5 single family house in decent condition and needs some work inside, den, 2 car garage and a family neighborhood. Initial offer was made at 500k with 3% closing asking was 549k (Sellers bought the place in 2006 for 620k). But the selling agent came back saying they have 2 other offers close to asking price. We are very new to this, so this might be a naive question. Selling agents are usually honest about other offers correct?
 
Anyways, after talking to our agent who says we should offer 540k so we did.


Comps around that area are two houses sold in the last 3 months. 2 houses around teh same specs one sold for 570k and the other for 520k. The later is a foreclosure.

This is premature i know because the offer has not been accepted, but if they counter again, i am not sure what the next move is. We do like the house, but 540 is right up near our maximum. 

Any advice knowing what little i gave you is welcome.
  • February 19 2009 - US
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Answers (2)

Have you ever been to an auction where you just kept bidding and bidding and somehow you 'win'. Then you look over your box of dead whatevers and say 'why the heck did I pay so much for this box of crap?'

If $540,000 is the maximum you can afford AND the maximum amount you are comfortable making payments on, then for heaven sakes let some other fool overpay for this home. You always should leave some leftover cash for surprise repairs for that roof that started leaking the day you moved in or the dishwasher that exploded the first time you used it.
  • February 19 2009
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Hi Saintssb,

The comps are putting the house right around the asking price... and it very well could be that they priced the home to get multiple offers... it is stall a realtiy on certain properties... you most likely still have an appraisal contigency... so the bank will keep that end in check... you need to decide if you can afford, and then enjoy the property for ... if not move on... if yes... move in... counters are a part of the process... use your agent to your best advantage and use the knowledge they will inform you of... there really never is a right or wrong answer... it can only be right for you... just be wise in your decisions... and keep the long haul in mind...

good luck!

ps you did fine!

  • February 19 2009
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