zero contingencies and 100k over ask
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Anonymous
| We have been looking for a home for almost 2 years- very low inventory and we have been outbid 4 times. I am pulling my hair out, we are living on top of each other and i am so ready to move. Our last offer was zero contingencies and 100k over ask. We were outbid. Does anyone know when inventory will improve? I Interest rates should be keeping buyers at bay but i don't see any slow down. How were you able to buy in this market? |
Anonymous
| I feel like I wrote this post. We've been looking 2 years as well. Just commiserating. I have no good advice. |
Anonymous
| Post the house! |
Anonymous
| No one wants to sell because they don't want to buy |
Anonymous
Rent. Just rent a comfortable living space until you can afford the space you need.
No. The best you will get is speculation.
Zero contingencies and 100k over ask. Seriously though rent. It's ok to rent if you are that uncomfortable. |
Anonymous
| buy new construction? |
Anonymous
|
Even with interest rates at 8%, prices are still climbing. The only way it makes sense is because inventory is terrible. I want to move because our space is too small, but my god, the prices people are now paying! I'd get a wonderful profit on my house but even upsizing to a bigger house in the same neighborhood means doubling the mortgage.
So we're staying put. |
Anonymous
| Inventory will not improve in close in desirable spaces for a while. Noone wants to downsize or upsize there is nowhere to go |
Anonymous
|
Look in a lower price range so YOu can be that buyer who bids 100k over and still have leftover money to fix/throw money at anything that would ordinarily be a contingency.
So if you're currently looking at the 700k range look in the 450/500k and be ready to comfortably overpay |
Anonymous
| Similar experience but finally won out. We won because we bid on the dirty outdated house that I think many buyers were scared off of the dirtiness. It was still a bidding war but fewer competitors. We overpaid but the roof and systems are good and we hired cleaners. |
Anonymous
|
You’ve been looking for 2 years and only bud 4x?
We got the 4th house we bid on, and had bid 4x in 4 weeks. You need to start offering on more houses. |
Anonymous
| I literally just bought a house that was zero contingencies and $100K over ask after losing the prior 4 bids. |
Anonymous
| What neighborhood are you looking in? We were looking in Mount Pleasant, and lost out to an all-cash bidder recently. |
Anonymous
| Make that over ask an escalation clause and you'll be more competitive. |
Anonymous
Someone made me an escalation clause and I immediately countered with their max escalation amount. Why waste everyone's time? |