Just wanted to share my experience. I’m in a well off suburb of Seattle, WA. I was pre-aproved for a home with a first and second loan to reach the near 1 million price tag. We have been in several bidding wars the last of which went 200k over asking.
Luck would have it a realtor reached out to me about a potential off market condo 5 minutes from where I work. Viewed the place and it’s perfect for my soon to be family of three. Put in an offer at asking price, financing contingencies in place and hoped for some closing cost to be covered. Returned counteroffer took off any closing costs and wanted an appraisal addendum to cover 50k should it not appraise at asking. My realtor spoke to the sellers representative and they agreed we will keep appraisal contingency in place without the 50k but if it appraises low we may lose out.
Don’t have any more money to contribute after down payment and closing costs so I really hope it appraises at asking price. My realtor said appraisals are most often what asking price is.
Just wanted to share my experience in this wild market. If this doesn’t pan out I decided it will be best to rent for a couple years since I won’t qualify for a loan until then as I will quit my W2 to run my newer business soon.