RE sale pricing/strategy

[expectantsteelerfan]

Apr 18, 2021 11:09:56 GMT -5 Susie said:

Offer #3 is in, $340k.

We've now officially hit the milestone of +$100k from what we paid in 2008!

Woohoo!  

The house we have an offer in on has asked for best and final offers by Monday at noon.  Seems like a common thing to do in this market after a weekend of showings when there are already multiple offers (we know there is one other offer at this point).  

[hbomdiggity]

This is so awesome Susie!

I think the best and final is a good idea. I would also ask your realtor about what they could add to address appraisal concerns - waived up to x amount etc.

I would also caution about inspection. In out experience, the buyers used inspection to negotiate closer back down to the asking price. Maybe the realtor could suggest buyers include a waiver unless the issues are over x amount.

[boiler717]

Our buyers had a VA loan. There were a couple of issues related to it:
- house must appraise, because with 0% down mortgage has to be no more than appraisal
- the termite / bug inspection is more stringent and we had to do stuff on our deck because of it
Our realtor was super wary of it, but I felt like that could not be reason enough not to lend. Our buyers had significant cash on hand even though they did 0% down and DTI was very low so we were not worried about loan falling through. The VA underwriting was a longer process, too.

[libbygrl109]

I'm so glad you have so many offers to choose from!

When we sold my uncle's house this summer, there was a tiny little problem with the buyer's bank when the assessment came through. Our buyer had no problem paying the difference, with her lending amount being much lower than the assessed value, but they still were being picky. Evidently this particular bank is notorious for that. Somehow, the buyer was able to make it all work out, so there is definitely the possibility that the same will all work out for you.