Reply to Bidding on House with Multiple Offers?

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[quote=Anonymous]I know you already submitted, but is what we did last year:

1) Use a local lender, not national bank. Sellers agents prefer local lenders because they tend to use local appraisers - you know, people who actually understand the values in our market.
2) escalation clause up to what YOU are comfortable paying - not a penny more.
3) if you have the cash, offer to pay the spread between your offer and the appraisal if the appraisal comes in low
4) strong earnet $$$ deposit - though not too much of a factor really
5) get a pre-inspection if the seller is willing and waive the inspection contingency in your offer - this is a big deal to sellers
6) never waive your financing contingency
7) FHA and VA loans have more hoops to jump through = more risk for the seller. go conventional if you can.

After all this, let the chips fall where they may. If you lose, there will be others and you can move forward knowing you did the best you can. House shopping last year was an eye-opening experience for us. There are folks in DC - not just builder/flippers - with really deep pockets who will through everything including the kitchen sink at attractive listings. Good luck and godspeed.[/quote]

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