Competitive Situation, Crazy Bidding Wars

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Topic: Competitive Situation, Crazy Bidding Wars

Appraisals February 26, 2013 at 10:35 am

Competitive Situation, Crazy Bidding Wars

We have been looking for a good 2 bedrooms or large 1 bed room in Brooklyn since DEC. 2012. We found that the market has been very competitive this past weeks and so far we placed 2 bids but both of the bids have been a crazy bidding war and we have lost them.

We learned that right now chances are you have to place over asking price to be competitive, but also we are bumping into appraisal issues.I am curious if other prospects are experiencing the simillar situation? Thanks!

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If I were you I wouldn’t worry about the appraisal issue- since there is little you can do about it when getting a mortgage through a bank. Either the house appraises for the price or it doesn’t. If it doesn’t then you don’t get the loan. Just make sure that your attorney has a rock solid “mortgage contingency ” in the contract.
  Are you looking for a house or condo/coop? I think the market for condo/coops is not as strong as the brownstone market. Email me and I can give you the name of the agent I used for my purchase.

7andfive Thank you for the answer. We have been involved in 2 bidding wars and we lost both of them. They were both in Clinton Hill, Co-op. first one was asking for 510K and we offered 600K. Second one was asking for 415K and offered 525K eventually and lost. We have pretty good credit and almost no debt. We are overwhelmed by the competition… hopefully we will find a good place.

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