Zillow Advice: Home Buying - Should I bid more or leave my offer as is with the bank saying best and final offer?

Ladydivine-Good Evening.Best ...

Wed, 25 Nov 2009 02:26:00 GMT

Ladydivine-

Good Evening.

Best and final offer, is exactly what it sounds like. The seller (bank)
most of the time, isn't going to re-visit or have a round two of best
and final. So make sure you or your REALTOR put all of the facts
and figures on paper, review it and then comes the hardest part, that
being the human issue. If the "numbers & facts" work in your favor,
then you need to ask yourself if this house fits "your" needs and
do you REALLY like it and its surroundings. If that answer is a strong
"YES", then there is no harm bumping up the price. A quick guide
line is for every $10,000 your mortgage will go up about $40-60. I am
not a lender and again that is a ball park figure, but you can see that
going up $5,000 would be about $25 per month (using the med-avg).

In the end it's really just doing your "house homework" and adding
in a spice of how much you like/love the home.

I hope that helps.

Have a BEAUTIFUL night.

-Shawn

no one can make this decision ...

Wed, 25 Nov 2009 01:55:00 GMT

no one can make this decision except for you - You may want to look at comparables in the area and decide on how much you like the home. Most people forget a home should be a long term investment and you want to make sure it fits your needs.

Every buyer I have worked ...

Wed, 07 Oct 2009 02:52:00 GMT

Every buyer I have worked with that did not increase or improve their offer in a multiple offer situation lost the property. That said, they all found something else to buy. It all depends on how much you want it.

90% of divorces are because ...

Fri, 26 Jun 2009 21:24:00 GMT

90% of divorces are because of infidelity or financial problems... love fades but this bill will be around "forever"

Leave it, unless you are ...

Fri, 26 Jun 2009 21:18:00 GMT

Leave it, unless you are in love.

You can't put a price tag on love.

leave it and keep looking ...

Fri, 26 Jun 2009 21:11:00 GMT

leave it and keep looking for a deal.

As the chart and numbers ...

Fri, 26 Jun 2009 21:11:00 GMT

As the chart and numbers below the chart indicate your region had single digit appreciation close to inflation. Prices went up with incomes.

After 2004, prices went up double digit while inflation and incomes went up single digit. Your home prices outstripped incomes and inflation by ar large margin. MB has been declining for the past 6 months only and need to correct for the inflated prices of the near decade. This will continue for some time.

The gap between incomes/inflation and home prices will close as prices continue to decline.

See long term price trend ...

Fri, 26 Jun 2009 21:05:00 GMT

See long term price trend for Myrtle Beach. You still have a risk
on falling prices.

http://www.housingbubblebust.com/OFHEO/Other/SouthAtlantic.html

I suggest you pin your first offer down and dont cave in to their pressure to re-inflate prices. Fact is your offer should be discounted by 5% or more. If I was you I get into their face, and make them prove their are multiple offers and if need be, bring a lawyer. For what its worth, this is widespread fraud.

Depends on the value and ...

Fri, 26 Jun 2009 19:17:00 GMT

Depends on the value and what you are willing to pay. If they are asking for Final/Best, they may have other offers on the same property. Price (net to the bank) is their main goal. But not always. Sometimes removing contingencies is also an important factor-- cash is king. So the faster you can close, the less contingencies, the better for the bank.

Leave as is... this is a ...

Wed, 24 Jun 2009 20:27:00 GMT

Leave as is... this is a game -- do not play.