1st time home buyer here and we saw a house we love. Asking price is 173k, my realtor insist on offering at 200k. It's a seller's market, but really?

We recently fell in love with a house that has a good location for us. It's a flipped home and for some reason fell out of escrow the last couple of weeks and went back on the market. Our realtor who seems like a nice guy and was referred to us by our loan officer suggested that offer 200k for the house. He knows how much we were approved for, but we're not trying to push that as it's a 30 year commitment (for the most part) and that 173k includes a monthly $75 HOA fee. I told him that I am not comfortable with going more than 10k above asking price. We make the offer today.............. I'm apprehensive and I'm a bit confused. Can someone help or give me a suggestion/opinion or just a friendly reminder?
(0) | asked by: Syd Charrise Almendralo | share | 2 weeks ago | Report
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answer by Robert Wise    |   Contact Me
How would you feel if another buyer purchased this house that you " fell in love with " and later you found out that they paid $200k?
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answer by Andrew Scherl    |   Visit My Website   |   Contact Me
Spring has sprung. It's a buyers market... I'm sure the house is already gone... every one of my closings went into multiple offers and above listing price.
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answer by CATHY V ROJAS    |   Contact Me
Sometimes you have to trust the Expert in the field & follow what he/she has investigated on the subject property. Have your realtor ask the listing agent why the property fell out of escrow, was it appraisal issues? Your realtor should know the subdivision, the average sold prices and of course look out for your best interest. Best of luck.
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answer by Lilly Ruiz    |   Contact Me
Have you seen the comps on the property? Are there multiple offers the reason your agent wants you to go that much over asking price? If you are not comfortable you don't have to do it! It is hard to give best advice not knowing the exact situation . You should be able to speak with your agent and find out what the reason is! Hope this helps! Good luck!
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Syd Charrise Almendralo
answer by Syd Charrise Almendralo   
Even 27k ABOVE asking price? Isn't that a bit too much?
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answer by Kim Duclos    |   Visit My Website   |   Contact Me
Good morning first time buyer... Your realtor should be able to show you sold comparables for that particular subdivision proving the value for the area. Most flip properties are not priced below market, and perhaps your realtor is trying to get your offer on the table/accepted with the hopes that down the line....with appraisal, you will come in where the value should be. Have your realtor ask the listing agent why the property fell out of escrow, was it appraisal issues? Your realtor should know the subdivision, the average sold prices and of course look out for your best interest. Best of luck, it is an exciting time for you.
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answer by Ed McKeown    |   Visit My Website   |   Contact Me
They price he suggested that you offer is more likely based on the experience of the market rather than where you are approved at. If you want the house follow his advice, his trying to make sure you get the home you love. How badly do you want to not get it?
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