Here is how to win a house in a hot area

[Anonymous]

Two options

1) don't do 20% or more down, get a loan for the lowest down payment and use cash on hand to pay cash over the appraisal and other bids

2) Pay all cash above offering prices

If you win the house with option 1 you can refinance after you win to a regular loan.

[Anonymous]

Option 3:

3) Save enough money so you have 20% down payment, 2% closing cost + 50k to cover any appraisal difference.

[Anonymous]

When the bidding is really hot, you have to waive appraisal.

[Anonymous]

We just signed a contract on our house. We got 8 offers in 5 days on the market. The offer we picked did not have the highest down payment (10%) or highest earnest money, but they had really solid financing and the offered the highest price. They did a pre-offer inspection, so they made their offer "as-is." And, because we've yet to find a new place, they gave us 30 day settlement and 2 months of rent-back. They didn't waive the appraisal, but they have enough cash on-hand to cover any difference.

Knowing that we will hopefully be bidding on something(s) soon, it was great to see how well their offer was put together, it was a great learning experience for us.

[Anonymous]

Anonymous wrote:We just signed a contract on our house. We got 8 offers in 5 days on the market. The offer we picked did not have the highest down payment (10%) or highest earnest money, but they had really solid financing and the offered the highest price. They did a pre-offer inspection, so they made their offer "as-is." And, because we've yet to find a new place, they gave us 30 day settlement and 2 months of rent-back. They didn't waive the appraisal, but they have enough cash on-hand to cover any difference.

Knowing that we will hopefully be bidding on something(s) soon, it was great to see how well their offer was put together, it was a great learning experience for us.

Exactly, price is the most important and rent back

[Anonymous]

What does #2 mean? Can you clarify?