omg i can't believe it!!

[Kimbear 53]

remind me not to get excited about a house even if it seems a sure thing. apparently this is not subject to the first look thing from fannie mae, which is a time period for normal joe blue purchasers like me to bid and buy the house without competition.

we just got an email saying there are multiple offers and the website it lists is one that investors use. and they want a bidding war now. sooo it seems..we got screwed yet again...i guess well stay with the inlaws til davids credit loan is paid off and try again in 6 months or so...i'm gonna go cry in a corner now.

[Inky 1,110]

NO way!! what the hell can they really do that?

[hikergirl 277]

That is so unfair. I am so sorry...

[Colleens 40]

I am so sorry Kim, this really sucks. Why does buying a home have to be so stressful and filled with disappointmet????? I hope that it somehow all works out for you, but sometimes these things happen for a reason. When I was house hunting a few years ago in Canada, I found a place that I absolutely wanted...it was the perfect location, and price. It needed a bit of work, but nothing I couldn't handle. I was out bid, and was beyond disappointed, but a week later I looked at another place and realized it was 100 times better and I ended up loving absolutely everything about it. I loved all the colors they had and didn't have to do a single thing when I moved in. Hopefully this will be the same situation for you!

We are hoping to be able to look at buying soon...I am getting so sick of living in a tiny apartment.

[Gypsyangel 11]

Hang in there and offer what you can. Everyone wants you to think there's a bidding war on their house, but people fall off for various reasons. Even when people win the bidding war, their financing can fall through. You never know!

[Kathryn41 3,205]

I'm sorry, Kim . Gypsyangel offers some good advice though - they are telling you there is a bidding war but the market is still really bad and you may be in a better bidding position than you think you are. Do what you can and if it works out, great and if it doesn't - well, go back and read Colleen's post again.

[Kimbear 53]

Hang in there and offer what you can. Everyone wants you to think there's a bidding war on their house, but people fall off for various reasons. Even when people win the bidding war, their financing can fall through. You never know!

i'd like to believe that but its an REO..a fannie mae owned home. from what i'm told this is normal..just like any of the hud homes they go through electronic auctions as well. which is weird cuz HUD homes are FHA mortgages that defaulted.. Chicago has soo many bloody homes in default, empty boarded up etc. you would think they would want to sell them..espeically to people who can afford them..but pitting people against one another like this..its not right. i'm not a dog figting over a freaking meat bone. and this is how they are making us feel we should have been given the home the first time around when it was a short sale, instead of making us go through these roller coaster rides.

Its very unfair the sytem here.

[Flames9_RN 358]

You can get into bidding wars in Canada as well. All one can do is put what you think is a fair offer and leave it at that. Hope it works out for the best!!

[Stuart and Thea 95]

I sold a home for more than my asking price because the parties involved ended up in a bidding war. I went with the one that had the least conditions and that I liked better. It was actually the lower offer, but only by a little, something like 500$ With the seller potentially being a company, it makes it harder to be the party that is liked more, but you can still beat them by putting no conditions on your offer, a quick closing date, and offering more than what the list price is.

It's entirely possible that the "bidders" are hoping to purchase the house really cheap for a fast flip, but if you purchase it closer to market value, it makes the house less profitable for the other bidders and you'll likely get it. Decide how badly you want this house. If it was priced 10k more, would you still be wanting it? What about 15 or 20k?

Don't break the bank to get it though, after all, at this point, it IS just a house, and you can always wait for another one to become your home. But if it truly IS a dream home, you need to figure out what the MOST you can comfortably afford is, and consider that price as your offer. You can gamble, and still bid low, (and maybe even win) but make sure that if you do that, you will be okay walking away for not raising your price a little.

Good luck, and I really hope that the story of the multiple bids is a little overblown... fingers crossed for you!

[Flames9_RN 358]

I sold a home for more than my asking price because the parties involved ended up in a bidding war. I went with the one that had the least conditions and that I liked better. It was actually the lower offer, but only by a little, something like 500$ With the seller potentially being a company, it makes it harder to be the party that is liked more, but you can still beat them by putting no conditions on your offer, a quick closing date, and offering more than what the list price is.

It's entirely possible that the "bidders" are hoping to purchase the house really cheap for a fast flip, but if you purchase it closer to market value, it makes the house less profitable for the other bidders and you'll likely get it. Decide how badly you want this house. If it was priced 10k more, would you still be wanting it? What about 15 or 20k?

Don't break the bank to get it though, after all, at this point, it IS just a house, and you can always wait for another one to become your home. But if it truly IS a dream home, you need to figure out what the MOST you can comfortably afford is, and consider that price as your offer. You can gamble, and still bid low, (and maybe even win) but make sure that if you do that, you will be okay walking away for not raising your price a little.

Good luck, and I really hope that the story of the multiple bids is a little overblown... fingers crossed for you!

Good advice from above! You have to decide a price that makes you happy! If you bought it for XX amount ur happy, BUT if you spent XXXXXX Not so happy! I'm sure the others know the situation and may have bid very low!!

Years ago, early 80's, it came down to my parents offer on a house and 1 other. Turns out they offered the same amount, but my parents included a short not on how they loved the house, would be a great place to bring up their family of 3!! I can still feel the excitement when the Realtor called and said we had gotten the house. I was in grade 4, but still a very fond memory!! But I believe if it does not work out, its not the right house and a better 1 will come along! Best of luck

[Gypsyangel 11]

When we were buying our house we got into a bit of a bidding war but they chose us because we were offering more cash. Maybe we felt like more of a sure thing because here (unlike Canada) you can easily get out of purchasing a house after you've put in an offer. You never know what will make them like you!

I like the advice above!

Buying a house is such an emotional roller coaster, so I understand you wanting to back out, but if this is the perfect house and you'll regret losing it, it's worth a try. If you're done with it, you're done with it. Only you know. Good luck with whatever you decide. If you don't get this house, it means another even better house is finding its way to you.

[Kimbear 53]

Ok so attempt #2 at buying a house is a bust.

Guess we are stuck with inlaws a bit more. Long story short, they would not give us the time to get an fha loan and close the sale,their addendums for an ROE were insane and not changeable in the attorney review period, AND a big thank you to Bank of America for fireing my 2nd loan officer. Did i mention i HATE repeating myself?

Suivant Next!

[Ontarkie 14,222]

That sucks!

Maybe you have a guardian Angel and he is looking out for you cause this isn't the right house or something terrible is wrong with it and nobody has noticed or your dream home is still trying to find you. Trying to look on the bright side.