Indulge my mini-rant.
Frankly I thought being in the $2.0m-2.3m price range would insulate us a bit from the crazy bidding wars and multiple counter-offer scenarios, with the logic being: how many people in THIS price range can really be out there?
But it definitely hasn’t been the case.
Our last failed offer:
—List price. $1.9m
—Offer: $2.2m (same day we saw it)
—Removed loan & appraisal contingencies
—$100k earnest deposit
— Seller waited 9 DAYS to review
—Our counter: $2.3m (the tippy-top of what we were comfortable spending)
In retrospect, we should have put in a 48-72 hour deadline with our first offer in an attempt to force the seller’s hand. I’m confident we had the top offer until the final few days. Taking a week+ to “review” offers in this market is asinine (but smart on their part).
The only saving grace is that there is no way this thing is going to appraise anywhere close to $2.35m, so I’m at least relieved we didn’t have to shell out $600k+ in down payment + appraisal gaps.
But seriously, where is all this cash coming from?