All Forum Posts by: Stephen Foltin

@Jason Clark thank you!!!!!

@Stephen Foltin

Does anyone have any examples of Winning Bids in their markets? $250-$480k range? I am trying to get an understanding of what type of offers are winning.

@Timothy White any examples?

@Nathan G. Thanks! I don’t want to change the offer but structure it in a way so I am paying cash but can then get financing.

Hello all,

I am in Charlotte and have now been outbid six times in six months. I have tried offers with $20k over asking, guaranteed offers, guaranteed money over appraisal, and lately a combination of all of those. Every time the listing agent has said our offer was strong and there was nothing else the seller was looking for only to find out we were second fiddle (every time). I don’t know if I am extremely unlucky or just really good at putting in second best bids but every time we have been told the accepted offer was one the seller had to accept. I am assuming some of them have been cash, and even found out one offered $3k over appraisal as well as paid the listing agents commission (which was $22k) for a net of $25k over its value, yikes! If anyone can give me insight to what some winning bids look like I would be much appreciated! I am hoping I don’t have to keep playing second fiddle.

I am also wondering if it would be worth borrowing money from parents to be able to say I am putting in “cash offer” but not sure how that whole thing would work. Could I say it’s cash offer and show proof but then use a bank? Or say it’s cash offer use my parents money than get loan? Not sure how tax implications or logistics are on doing that so if you have any advice on that as well.

All help is much appreciated!!

Thanks!

@Jonathan Greene

Thanks for the input, the house already has 15 offers and it still have 8 days left in the “coming soon” period. 15 offers on a house that no one is able to view is pretty crazy but this has been the norm here in Charlotte. So many people tell me to wait wait wait, well if you said that 6 months ago you were wrong and it could be worse in 6 months, especially if the government gives the $15k one time tax credit to new home buyers. Over 80 people a day are moving to Charlotte, I don’t see this is a thing I can wait on given it could be 1-3 year wait. I may be over paying now but with rates under 3% and seem to be at the bottom I don’t see borrowing money getting cheaper.

The seller is asking for highest offer and $10k DD. They would also like guaranteed price not contingent on the appraisal.

Not 100% what I am going to do yet, any additional advice is appreciated!!

Hi all,

I have been looking at houses for over a year and have been outbid three time’s and have had many houses that an offer was accepted during “coming soon” period. With this in mind what kind of offers are people putting in to get these houses before showings even take place? I am in Charlotte NC so Due Diligence makes it difficult as if I offer before seeing they get to keep that. I am curious, if a house comes up and I like it, what are the best offers to put in for sight unseen that are the best and would cost me the lowest if I see home and don’t like it?

My thought would be on $400k house that is coming soon, put in the amount I would be willing to pay if it is perfect so let’s say $415k, with $1k DD and another $4k DD after I view. I figure this way I am basically only losing $1k tops as if they accept and I back out after viewing house, they only get to keep the $1k. Obviously I cannot do this often as I’d lose a lot of money but for one I think I really like I think it could be worth it. What do y’all think?

Thanks!

Thank you all for the advice. Has anyone heard of or have experience with putting in some kind of offer where as soon as I see a house we like come up for sale, have our agent put in offer we think we would out in if we saw the house, and just make it contingent on seeing the house?

for example, $350k house comes up, we offer $370k, $100 Due diligence which goes up to $5,000 after we view the house and commit to offer. So basically saying, we offer $20k over asking, $5k DD but if we view house and don’t want to commit we only lose $100, but if everything goes as planned the $5k kicks in. Basically the seller gets what they want and don’t have to risk much because we will view house within 48 hours. 

Hello BiggerPocket Friends,

I am in Charlotte NC and have been looking for a house for over a year now. I am in the $300-$475 range and have had the worst luck when it comes to trying to secure a house. I have been outbid four times and every time I was the second best offer.

The biggest issue I have had is I will get email of new house on the market from the MLS, it will have been active not even 1 hour, and when I reach out to my agent there has always been some excuse to why we cannot book a showing(they arnt doing showings until next week because carpet is being cleaned, etc.) Then within the same day the house ends up "under contract" and my agent claims someone bought it site unseen.

This has happened over 20 times and I am having a very difficult time believing that all of these houses are going “site unseen”. Has anyone else experienced this or can shed light on what these site unseen offers look like?

Hello all,

Was wondering, given the market is tough for buyers, is it possible to borrow cash from hard money lender (or family member) buy house in cash and then refinance? I understand that many do this for house flips and what not but can you use this strategy for normal SFH? My idea would be to offer in cash borrowing from parents (if I can) and then refinance it with a bank once we close. I believe we would have to pay to close and refinance but I feel as though this may give me top chance at house I'm bidding on.

Thanks!