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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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competing offer on short sale
We put in an offer on a short sale today, but there is another buyer who also submitted one on Friday. Ours is for more money, but their terms are better according to the agent because they're putting more money down. They want to know if we're willing to increase our down payment. We can, but we wanted to save that and use it for renovations.
What would you do?
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Posted 8/25/09 12:54 PM  |
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Prudential Douglas Elliman Real Estate
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: competing offer on short sale
if you love the house then I would do it unless the renovations are not just cosmetic but are in serious need to actually live in the house.
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| Posted 8/25/09 1:11 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: competing offer on short sale
Something similar happened to us when we were looking at a short sale. There was all of a sudden another offer, they wanted us to bid higher from what we gather.
A year and a half later, that house is still on the market.
Personally, I would move on, but that is just me.
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| Posted 8/25/09 1:21 PM |
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snowflake08
Love my boys!!!
Member since 8/07 5148 total posts
Name:
Laura
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Re: competing offer on short sale
We are in the same position right now.
Apparently we are the higher bidders and are putting down more $ since the house really doesnt need any renovations
However, they got their contracts last week and we are supposed to sign tomorrow so its sort of a race which I really dont like
DH says if its meant to be, it will
If they get their paperwork in first, so be it
Personally, if you have the money, I would put it down and NOT pay PMI (dont know if this is an option)
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| Posted 8/25/09 1:28 PM |
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Nik211
my little monkey<3
Member since 5/08 3303 total posts
Name:
Nik
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Re: competing offer on short sale
we lost out on short sales a few times.....mostly to cash offers even though our offer was higher.....
we found that the bidding on short sales can be really competitive......
good luck!!
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| Posted 8/25/09 1:34 PM |
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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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Re: competing offer on short sale
Posted by snowflake08
DH says if its meant to be, it will
thanks for the feedback, ladies!
snowflake, we're trying to be of this philosophy so we can stay emotionally detached. we're standing firm on the down payment because i feel like they're testing us a little to see how badly we want it. if we don't get it, it is what it is.
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| Posted 8/26/09 8:12 AM |
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