Strongest offer on a house

[Anonymous]

Anonymous wrote:

Anonymous wrote:Also said straight out NO to buyers who needed closing cost help. Asking for closing cost help is definitely not standard. You need a new realtor, if that's what she's telling you in this market.

You have no idea where PP is planning to buy. Closing cost help is still considered in a lot of markets. She could be planning to buy a condo in Woodbridge for all you know.

Sure, but given that the OP was about putting the strongest offer on a house in a very competitive market, this is not the context for asking for closing cost help.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also said straight out NO to buyers who needed closing cost help. Asking for closing cost help is definitely not standard. You need a new realtor, if that's what she's telling you in this market.

You have no idea where PP is planning to buy. Closing cost help is still considered in a lot of markets. She could be planning to buy a condo in Woodbridge for all you know.

Why the hell do they need closing cost help? The only reason I can think would be they're having cash flow problems? If you want a lower price, ask for that don't ask for closing costs!

What difference does it make to you, as long as you get your NET ask?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Also said straight out NO to buyers who needed closing cost help. Asking for closing cost help is definitely not standard. You need a new realtor, if that's what she's telling you in this market.

You have no idea where PP is planning to buy. Closing cost help is still considered in a lot of markets. She could be planning to buy a condo in Woodbridge for all you know.

Why the hell do they need closing cost help? The only reason I can think would be they're having cash flow problems? If you want a lower price, ask for that don't ask for closing costs!

What difference does it make to you, as long as you get your NET ask?

Because as a seller if I receive two exact same offers with the same NET, I would choose the one without closing cost help. It means they don't have enough funds to cover closing. It means that the transaction might fall through and I'd lose the sale.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We just went under contract this week on what turned out to be a very popular house in a good school district. We came with full price, all cash offer with escalation to $20k above asking. No appraisal contingency since we did't have a lender to deal with. Out of all the other offers, 2 had escalations higher than ours, with waived appraisal and inspection contingencies. We upped our offer to about $12k below the highest escalation and agreed to one month free rent back. We will do an inspection for information purposes only. I would agree to the rent back and inspection, but I wasn't going to offer any more money even though we feel we actually got it for a good price and it would have appraised higher than we're buying it for. I still have a bitter taste in my mouth from buying our first house in 2005 during all the bidding wars.

That's twice now we've bought in a sellers market. Hope putting our current house on the market next month works out as well for us as for the sellers of the house we're buying.

I think we may have been one of the higher bidders on that house. If so, congrats - it is really a cool house.

Alexandria?

[Anonymous]

For the person who was able to do the quick close, how did that work? Our broker has told us 30-45 days but we'd love to close sooner if possible.

[Anonymous]

Anonymous wrote:For the person who was able to do the quick close, how did that work? Our broker has told us 30-45 days but we'd love to close sooner if possible.

I used Sam at First Savings in Tysons. Seller's agent had previous experience with him, called him to confirm he could do what he said he could, and we got our stuff together overnight (which isn't really hard since everything is online). It was pretty painless.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For the person who was able to do the quick close, how did that work? Our broker has told us 30-45 days but we'd love to close sooner if possible.

I used Sam at First Savings in Tysons. Seller's agent had previous experience with him, called him to confirm he could do what he said he could, and we got our stuff together overnight (which isn't really hard since everything is online). It was pretty painless.

How long did it take? I have yet to have one take under 30 days and we're 2 feds (stable jobs) with over 20% down.

[Anonymous]

We closed in 21 days with Patrick Gannon of Tenacity Group.

[Anonymous]

Recently bought in CCDC - waived appraisal and inspection; one month free rent back; 20% down; paid over list; beat out 3 other offers, one of which escalated higher than us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We just went under contract this week on what turned out to be a very popular house in a good school district. We came with full price, all cash offer with escalation to $20k above asking. No appraisal contingency since we did't have a lender to deal with. Out of all the other offers, 2 had escalations higher than ours, with waived appraisal and inspection contingencies. We upped our offer to about $12k below the highest escalation and agreed to one month free rent back. We will do an inspection for information purposes only. I would agree to the rent back and inspection, but I wasn't going to offer any more money even though we feel we actually got it for a good price and it would have appraised higher than we're buying it for. I still have a bitter taste in my mouth from buying our first house in 2005 during all the bidding wars.

That's twice now we've bought in a sellers market. Hope putting our current house on the market next month works out as well for us as for the sellers of the house we're buying.

I think we may have been one of the higher bidders on that house. If so, congrats - it is really a cool house.

Alexandria?

That's not possible. One of the descriptors was "good school district."

[Anonymous]

PP You are so right. No one would define the schools in Alexandria as a "good school district."

If she were in a good school district she never could have gotten house without escalating at least 10-15 percent above ask, no contingencies, all cash and settle in 10 days. That is what we did to get into Hoffman-Boston, Jefferson, Wakefield.

[Anonymous]

MacArthur and TC if child is in GT program would be "good." Esp for Alex relative to others.

[Anonymous]

Or Maury. But that isn't what this post is about.

[Anonymous]

Anonymous wrote:For the person who was able to do the quick close, how did that work? Our broker has told us 30-45 days but we'd love to close sooner if possible.

We closed in just over three weeks. Realtor suggested a mortgage guy who had gotten loans done fast before and he came through. We did our part getting documents to him fast. It can be done.

[Anonymous]

Seller here. We had in excess of 10 offers. We accepted one that waived inspection over an all cash offer because we figured that the inspection would find a bunch of annoying things and we'd end up negotiating again. The people who waived did a pre-inspection, which was fine with me. I would also have been fine with an inspection for information purposes as we'll. I just didn't want to have to renegotiate as we had a terrible experience with our last buyers at our previous house. In all, we ended up well over asking with inspection waived.