Just lost a bidding war on a house

[sf813]

I offered all cash bro. Cash is king, over 100k asking. Still got cucked.

Nah, this isn't true

The seller doesn't care because they'll still get paid the money regardless by the financing company or cash shortly after closing. They care more about the highest price.


When I bought my first investment property a few years ago, I competed against 2 all-cash offers with my non-all cash offer but I still won because I slightly outbid them

[6gorillion]

I don't disagree. However, I highly suspect there are a lot more high net worth individuals on this site than you might think. The same high intensity drive that people have with bodybuilding is the same drive that can overflow into success with other areas of life.

Of course, no doubt. But more often than not, they're full of chit.

[sam212]

Nah, this isn't true

The seller doesn't care because they'll still get paid the money regardless by the financing company or cash shortly after closing. They care more about the highest price.


When I bought my first investment property a few years ago, I competed against 2 all-cash offers with my non-all cash offer but I still won because I slightly outbid them

Yup, I learned that.

[homersexual]

When I was still actively buying shorts and reo's it really came down to whomever offered near the top with the least amount of conditions -- highest offer didn't mean chit if the potential buyer had a handful of conditions which made it difficult to have a quick close. All cash offers were definitely preferred since lenders usually had their own set of conditions that added another layer of complexity to the deal. Anyhow, best of luck OP. I don't envy anyone attempting to buy property at this time.

[HateLiberals]

I'll let you stay with me op

[BigDeeps01]

Severely doubt OP made that cash offer

But either way yeah, market is slow but ain't crashing anytime soon

LOL @ misc real estate frauds who said it would crash with supply as low as it is

Imagine what happens when interest rates go down

[tartface]

Last two bids I had escalation clauses +$75k, lost both. First one by $5k the next one went $110k over asking. Insane market...

[r32gojirra]

Nah, this isn't true

The seller doesn't care because they'll still get paid the money regardless by the financing company or cash shortly after closing. They care more about the highest price.


When I bought my first investment property a few years ago, I competed against 2 all-cash offers with my non-all cash offer but I still won because I slightly outbid them

Lmao

Where to begin with this one

[sf813]

Lmao

Where to begin with this one

It might be different in Australia

I'm talking about the US market where the process differs

[r32gojirra]

It might be different in Australia

I'm talking about the US market where the process differs

In the US there are even stronger incentives to prefer a cash offer over a financed offer

[sam212]

Backup offer submitted at 1.65. These agents have me fully engaged. Getting cucked hard.

[sam212]

Severely doubt OP made that cash offer

But either way yeah, market is slow but ain't crashing anytime soon

LOL @ misc real estate frauds who said it would crash with supply as low as it is

Imagine what happens when interest rates go down

I’ll concede that it was a cash offer with option of mortgage as my agent recommended with a pre approval letter as apparently a lot of cash only deals fall off. Fully intended to buy cash. Had to show all the cash in the bank.

[5x10]

Backup offer submitted at 1.65. These agents have me fully engaged. Getting cucked hard.

how many sq ft?

[Uhyeahokay]

Sorry Op, but I really liked that house.

[squat_blaster]

Sit tight and hope escrow falls through. Even though someone else offered more money, if the terms aren't favorable the seller may take less $ for better terms. Like how fast can they close?, Do they need a mortgage? Are they being A-holes with inspections?,, etc...

[miscinbro]

Offered asking price and then bought for asking price if the listing agent is “hinting” what other people have offered that’s actually illegal

Not in my state it’s not, and I doubt in yours either. Shady realtors like to say it is though ….

[SaltyDog920]

Impossible. The 30% correction began March '22.

[sam212]

how many sq ft?

4700

[LogicalLifts]

Interesting you ask, my realtor came back and says that sellers agent says to put a back up offer of at least 1.64 to have a chance in case the original offer falls through. I might sleep on it and make a back up offer tomorrow. Wife really likes the house. Happy wife, happy life… am I right?

Pretty much. I'll be leaving NYC later this year (maybe forever) to pursue a more family friendly place to raise a baby (and we're speaking of the second already). I have investment properties in different jurisdictions, but none I'd call a real 'home'.

I asked that question because if I was going for the real 'home', I might have pursued it more aggressively than you did. Keep us updated breh, and good luck.

[300Lane1]

Backup offer submitted at 1.65. These agents have me fully engaged. Getting cucked hard.

Mirin son. Whereabouts is the house located?

[sam212]

Update:

I made a back up offer on Tuesday of $1.65 mil in case their first offer didn’t pan out.

Heard nothing for two days, then the sellers lawyer yesterday came back with some of their terms and wanted that to be added to the back up offer. He reached out again and added another provision, all reasonable. The sellers then signed the back up contract, which will expire in a week if they don’t move forward.

My question is, why would the sellers add provisions in the back up offer after being quiet for a couple of days? Is there any chance that they may actually be considering backing out of the initial offer they accepted? Or is this all standard stuff? My agent says that it’s unusual and that there’s a good chance that their initial contract will fall through. What gives misc homeowner chads?

[r32gojirra]

Update:

I made a back up offer on Tuesday of $1.65 mil in case their first offer didn’t pan out.

Heard nothing for two days, then the sellers lawyer yesterday came back with some of their terms and wanted that to be added to the back up offer. He reached out again and added another provision, all reasonable. The sellers then signed the back up contract, which will expire in a week if they don’t move forward.

My question is, why would the sellers add provisions in the back up offer after being quiet for a couple of days? Is there any chance that they may actually be considering backing out of the initial offer they accepted? Or is this all standard stuff? My agent says that it’s unusual and that there’s a good chance that their initial contract will fall through. What gives misc homeowner chads?

1) Despite what idiots above are claiming, sensible people will prefer a cash offer over a financed offer, even if the cash offer is slightly less. There’s one less risk that the offer will fall out of escrow.

2) the selling agent is there to look after his vendor not you.

3) the problem with these counteroffer scenarios is that, unlike an “open call” public auction, you have no visibility about what other people are actually offering. The agent may not have described key drawbacks of the other offer. He may have finessed a far superior offer out of you by using the first (crappy terms and conditions) offer as leverage.

4) you should base your purchasing decision on what you think the property is worth, not what some other ******* is willing to pay

[Godfrd824]

Nah, this isn't true

The seller doesn't care because they'll still get paid the money regardless by the financing company or cash shortly after closing. They care more about the highest price.


When I bought my first investment property a few years ago, I competed against 2 all-cash offers with my non-all cash offer but I still won because I slightly outbid them

This is true.

[_zman]

Update:

I made a back up offer on Tuesday of $1.65 mil in case their first offer didn’t pan out.

Heard nothing for two days, then the sellers lawyer yesterday came back with some of their terms and wanted that to be added to the back up offer. He reached out again and added another provision, all reasonable. The sellers then signed the back up contract, which will expire in a week if they don’t move forward.

My question is, why would the sellers add provisions in the back up offer after being quiet for a couple of days? Is there any chance that they may actually be considering backing out of the initial offer they accepted? Or is this all standard stuff? My agent says that it’s unusual and that there’s a good chance that their initial contract will fall through. What gives misc homeowner chads?

I sure as fuk wouldn't bother with the paperwork if the initial offer was good. Best of luck.

[ChewYourFood]

Who put a sunset on the backup offer?

You're getting played - dont get your hopes up.

1st offer is haggling on inspection items. Selling agent calls you up to match the details of their offer.

Sellers agent called them up and said "just FYI - we have a cash offer identical to yours in every way."

99.99999% chance the 1st offer says they'll take the house as is.

----------

Fast forward a couple of weeks to a month later - the buyers may have an appraisal issue - or do some dum chit like buying a new boat that will kill financing. That is when you steal the house - too bad some chithead on your side sunset the backup. Just lmao.