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We put in an offer...

3,892 Views | 29 Replies | Last: 4 yr ago by one MEEN Ag
combat wombat™
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7:32p, 9/26/21
AG
on a house. Offered asking price, which is something we NEVER would have done before the last year or so. Got a message from RE agent that they have "multiple" offers and to have our "highest and best" offer in by noon tomorrow.

Yeah, we already did that. Who knows, maybe we have the highest offer already. We're not going to put in a higher bid. We're paying cash and we can close anytime the seller wants to, provided that the title company has time and we can get our inspections done. Somehow, I feel other parties are going to make emotional decisions and we're not getting this house.
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rme
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7:42p, 9/26/21
AG
I think you're right. It's not fun, but in business I've seen the "oh sh_t we won" response. Good luck!
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Yesterday
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In reply to combat wombat™ • 8:14p, 9/26/21
AG
combat wombat said:
on a house. Offered asking price, which is something we NEVER would have done before the last year or so. Got a message from RE agent that they have "multiple" offers and to have our "highest and best" offer in by noon tomorrow.

Yeah, we already did that. Who knows, maybe we have the highest offer already. We're not going to put in a higher bid. We're paying cash and we can close anytime the seller wants to, provided that the title company has time and we can get our inspections done. Somehow, I feel other parties are going to make emotional decisions and we're not getting this house.


Cash and closing when they want isn't a bad offer depending on the market. Our offer wasn't the highest but we beat the other 2 who were higher because we didn't have a contingency.
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aa4136
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11:31p, 9/26/21
Just curious...what area is the property in?
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Rustys-Beef-o-Reeno
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In reply to combat wombat™ • 3:20a, 9/27/21
AG
Question, why exactly would you have NEVER put in an offer at asking price before this year?
The first house I bought was at full list 4 hrs after coming on the mkt because I knew the guy under priced it. Which was confirmed when we went back for consessions and he told us take or leave it I have two people with higher offers than yours behind you.
Just sounds like an odd thing to say? NEVER pay full list.
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schwack schwack
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In reply to Rustys-Beef-o-Reeno • 6:16a, 9/27/21
AG
Quote:
Question, why exactly would you have NEVER put in an offer at asking price before this year?

I guess it depends on the market & the time. Before the last year out here in East TX I don't think I ever did either. It was "the norm" to price a bit higher & take less - the process made for getting what you basically wanted as a seller & feeling like you got a little bit of a deal for the buyer. Generally not the case even out here anymore. We've bought 3 more rental houses out here this year and there was very little negotiating. Times have changed for buyers - at least in my local market.
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combat wombat™
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7:11a, 9/27/21
AG
The last house we bought was our current home (DUH!). We've been in this house for 15 years. Before that we bought 5 homes. We bought one of those from a family member. So 4 homes we had to make offers and negotiate on. Homes were always, always priced higher than what the seller wanted to get to allow for negotiation and the asking price was almost always higher than fair market value.


That said, if I found a house that was significantly under price and I wanted it then I would offer asking. But that is absolutely not the norm.

We have done our research and for the subdivision, this house is priced on the high end. However, it does have some features that make it worth that. In the current market, we understand that people will bid above asking in order to get the house... We're not getting emotional about this and we don't believe that this house is worth above the asking price without significant improvements And we're budgeting for those significant improvements to be made before we move in. We'll eventually find another house if we don't get this one.
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Ted Lasso
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8:53p, 9/27/21
AG
edit; read post wrong
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combat wombat™
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9:06p, 9/27/21
AG
By the way, I wonder how many RE agents would say this was the situation to get you to increase your offer when there really are NOT multiple offers. Probably would work more often than not in this market,
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Yesterday
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In reply to combat wombat™ • 9:11p, 9/27/21
AG
combat wombat said:
By the way, I wonder how many RE agents would say this was the situation to get you to increase your offer when there really are NOT multiple offers. Probably would work more often than not in this market,


That's illegal isn't it?
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combat wombat™
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In reply to Yesterday • 9:19p, 9/27/21
AG
I would think so, But not all RE are ethical.

One RE agent told me no inspections had been done on a house we looked at... but I found out that there had been a previous offer that fell through and that they had an inspection done and their agent sent the seller's agent a copy of the inspection report. That was DEFINITELY not kosher.
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TXAggie4Christ
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11:58p, 9/27/21
AG
Still a sellers market in San Antonio. I'm a realtor and we offered $17,500 over on a $250K home yesterday and lost out to a cash deal. 14 total offers on a home needing carpet, with some window frame wood rot and an original 17yo hvac.
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mwp02ag
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8:17a, 9/28/21
AG
My fine ass Realtor wifey lost a contract in New Braunfels yesterday. Client went in 5% over asking, $25/day for 7 day option and all cash offer and lost.
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combat wombat™
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In reply to mwp02ag • 8:26a, 9/28/21
AG
House we bid on expected $500 for a 7-day option.

I looked at sales in the subdivision over the last 6 months... 3 sales. Lowest went for the asking price, the next was $8,100 above asking, and finally $35,000 above the asking price.
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combat wombat™
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9:15a, 9/28/21
AG
We decided to withdraw our offer.
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mwp02ag
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10:02a, 9/28/21
AG
That's good news! You're one step closer to the right deal!
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combat wombat™
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In reply to mwp02ag • 10:11a, 9/28/21
AG
W have been looking for the "right" house since February 2020. It feels like we are never going to get there.

I am so frustrated.
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agsalaska
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In reply to combat wombat™ • 10:16a, 9/28/21
AG
combat wombat said:
We decided to withdraw our offer.
Yea I have seen very few if any homes bought at asking price in the last 18 or so months.

If you just simply refuse to go over asking price you are probably in the wrong game.
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combat wombat™
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In reply to agsalaska • 10:18a, 9/28/21
AG
Well, we withdrew our offer because we found the house has a fault line running through the yard and sits on a salt dome. No thanks.
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Rustys-Beef-o-Reeno
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In reply to combat wombat™ • 10:55a, 9/28/21
AG
Run away
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Win At Life
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In reply to combat wombat™ • 11:05a, 9/28/21
AG
combat wombat said:
Well, we withdrew our offer because we found the house has a fault line running through the yard and sits on a salt dome. No thanks.


There's always a salt dome or fault line or tornado about to destroy your house as we know it. But the only way people get on with their miserable lives, is that don't know about it.
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combat wombat™
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In reply to Win At Life • 11:41a, 9/28/21
AG
Well, since we KNOW about this one we've chosen to not volunteer for the possibility of future problems.
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agsalaska
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In reply to combat wombat™ • 11:44a, 9/28/21
AG
combat wombat said:
Well, we withdrew our offer because we found the house has a fault line running through the yard and sits on a salt dome. No thanks.
Fair enough.

Back to your original OP there are buyers out there that will not no matter what pay more than what they think is fair. And there are buyers that want to live the life they want to live. Right not buyers who fall in the first category have no chance against the buyers in the second. I would suspect a lot of them will never buy a home.

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mosdefn14
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In reply to combat wombat™ • 2:36p, 9/28/21
AG
combat wombat said:
W have been looking for the "right" house since February 2020. It feels like we are never going to get there.

I am so frustrated.
Meanwhile, housing prices are up 40% while searching for the perfect house.

A realtor buddy once told me that "perfect" doesn't exist. "Good enough" solves the problems you can't solve (primarily location, to some extent layout). Everything else can be fixed.

And if you're trying to be a cash buyer, that's cool and all. But know you're competing against someone who doesn't see going $50k over asking as $50k out of their pocket but rather as $197/m over the average 7-8 years they'll live there. This person is the same person as the post above.
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combat wombat™
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In reply to mosdefn14 • 3:25p, 9/28/21
AG
We have the money to buy what we want... or to wait and build perfect if we want to. We're just not going to make a dumb, emotionally-based decision while the market is like this. We're being patient and rational.

We built the house we're in. We like it a great deal. The things we are looking for are MOAR.
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one MEEN Ag
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In reply to combat wombat™ • 3:31p, 9/28/21
AG
Man wombat,

Why don't you just listen to all these realtors telling you to buy now, go outside your price range, and buy a home sitting on a salt dome. Not like there is an incentive mismatch here.
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one MEEN Ag
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In reply to Win At Life • 3:34p, 9/28/21
AG
Win At Life said:
combat wombat said:
Well, we withdrew our offer because we found the house has a fault line running through the yard and sits on a salt dome. No thanks.


There's always a salt dome or fault line or tornado about to destroy your house as we know it. But the only way people get on with their miserable lives, is that don't know about it.
Tornadoes are generally covered by insurance. Salt domes eroding into a sinkhole and swallowing your house are not. Why sign up for being the greater sucker.

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combat wombat™
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In reply to one MEEN Ag • 3:42p, 9/28/21
AG
This seems to me like a pretty big salt dome. It's near Tomball. Lord knows what's being stored in it.
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one MEEN Ag
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In reply to combat wombat™ • 3:49p, 9/28/21
AG
combat wombat said:
This seems to me like a pretty big salt dome. It's near Tomball. Lord knows what's being stored in it.
If its truly a large salt dome, its storing money.

You want spindletop? Because thats how you get spindeltop.
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combat wombat™
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3:53p, 9/28/21
AG
I'd get the risk of living atop it without the benefit of mineral rights. You can see 249 going almost right through the middle of the area covered by the salt dome. This pretty much rules out any of that area around Tomball, especially a single subdivision we liked.


The black line is Spring Creek at the county line between Montgomery and Harris counties.


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one MEEN Ag
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In reply to combat wombat™ • 4:21p, 9/28/21
AG
combat wombat said:
I'd get the risk of living atop it without the benefit of mineral rights. You can see 249 going almost right through the middle of the area covered by the salt dome. This pretty much rules out any of that area around Tomball, especially a single subdivision we liked.


The black line is Spring Creek at the county line between Montgomery and Harris counties.


Wow I did not know that. I grew up near that pixelated patch of suburbia near the bottom of the page near the highway.
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