Updated about 5 years ago on . Most recent reply
Help, Bidding War Stratagies please!
Hello, I'm in the middle of a bidding WAR & I want to win! This house has been on the market for 3 days and they've easily already gotten 30 offers. It's to be on the market for 2 more days and are requesting highest and best. I just found out a friend of mine offered 85k CASH. (ASKING PRICE IS $80K) He's only one offer. I have been out bidded before by 10k, 16k, 18k. I'd like to win this one!
This home is a 3 story Single Family, 4,200sq ft with 5 Bedrooms, 3 Bathrooms and a huge open basement. The ARV is $240, needs $50k in repairs and updates.
Asking price was $80k.
I put in an offer of $101,900.
I plan to hold this property, turn it into a rooming house. Refi hopefully at 80% LTV
Any suggestions on how to win? Is there a formula? Or just figure out your MAO and roll with it? I already waved contingencies and give a $2500 EMD & POF of a 10 day closing.
Thanks