October 6th, 2023 12:12 PM by Cathy Heckman
SHOULD A BUYER BID OVER ASKING?
Cathy Heckman
Resident Realty
Should buyers bid over asking price?? I would say NO but other things can come into play.
Current Market situation (buyer or sellers market)
How much do you like and want this particular property and does it serve your needs? . Once loan approval is done and you get to the appraisal stage (this is a cost out of YOUR pocket) and if it does not appraise for the contract amount you will have 2 choices:
Go back to seller and renogotiate the contract
Back out and lose the cost of the appraisal
I would get an updated analysis done by your Realtor about the honest value of the property because you do not want to lose time and money for a house you may not end up with.