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Updated about 11 years ago on . Most recent reply
Purchase Questions
So here is my situation...
Put an offer on a property 2 days ago. The offer was for $100,500 on a prop listed for $115. The bank had dropped the price from its original list price of $148. They came back with a counter of $105 and a higher earnest money. I agreed to the higher earnest (as this is an all cash purchase) and raised my new offer to $101.
As we were submitting the new offer the listing agent let us know that there was another offer he just received and he would submit ours after the new offer. He also mentioned that with the new offer the bank my call for "everyone's best offer."
To give details, the property is in need of some work. Needs a new roof (including sheeting) and has some mold issues that the bank fixed prior to listing. I am not 100% confident that we will not find more. It has a garage that was not legally built into 2 additional bedrooms as well as a large rotten deck out back. So it will require a fair amount of demo.
A few questions based off of this:
1) In a situation like the above and a bank calls for "all best offers" what is your typical offer logic based on what you know? Also, if the other buyers offer more but are not a cash buyer one would think the bank would choose a quicker close cash buyer, correct?
2) If there has been prior mold issues disclosed to us during purchase and we will obviously disclose when we sell the property (if we get it) does this make any of you run from a deal? Or is it not a large concern to buyers as long as it was mitigated correctly and can show it was fixed? Just worried we could rehab this place only to find we can not off load it at the ARV we are thinking based on the prior mold issues.
Thanks in advance guys!
Most Popular Reply
A very wise man once told me "Sometimes you make more money on the deals you don't get". It appears to me the house has quite a few challanges to bring up to the level to market. You may be further limited if you encounter more mold. If they don't accept your offer, I would spend my energy in finding another.