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Aug 16, 2011

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Home Buying

House appraisal

Last week I went to look at a house that was listed well below the area. I made an offer and was told by the listing agent that I was the highest because I offered the asking price, the two investors did not. They were well below. I got a call from my agent he told me I came in 2nd. I asked how and he said because the investor did an escalating offer. I had no idea that could be done and my agent didn't inform me. However the listing agent just wanted me to big to up the price. There is another house right up the street, same exact model and builder. They are asking over 100K more than what the house I bid on sold for. Will this affect the comps in that area and the price of that house? Could I make a lower offer considering how low the other house sold for? If I got an appraisal, what would it be?  (Mar 21, 2012 | post #1)