Another offer rejected! SF Bay Area is rough!!!
So I'm trying to land my first deal and I find this great duplex vacant in Oakland. Asking price is within my budget so I offer 5% above asking. Selling agent comes back with a counter at 22% above asking with removal of appraisal and other contingencies. They also let me agent know there were 14 offers, 2 being all cash. Apparently they sent the counter offer to everyone.
Anyway, I go up from what i already thought was a strong offer to 12% above asking and removed the appraisal contingency. Still no dice... i lose the deal. My agent ran the comps and this duplex is not worth the buyer counter price, or even my counter price. I'm a bit shocked that competition is so fierce and prices are so crazy. I'm also left wondering if I should just wait until the market cools down a bit (if it ever does)...
Just wanted to vent. I'm sure as I submit more offers, i'll get used to this feeling.