In this episode of “The Russell Realty Minute Podcast,” Evan Russell, owner of the Russell Realty Group, continues the conversation on bidding for a house by sharing the variety of factors that contribute to landing on a good deal.
Listen to know what you should do if you’re looking to buy a house
“it only makes sense that we come and bring our strongest offer as our first offer and that incorporates understanding the finances, being ready to move quickly, making a fair offer, understanding what the seller is looking for in the offer and being reasonable on your terms.” – Evan Russell [00:46]
What You Will Learn:
[00:18] How to bid for a house
Visit our website: https://www.therussellteam.com/
Ep. 95: Bidding Tips: Part 2
Intro: Welcome to another episode of Russell Realty Minute with your host, Evan Russell, where Evan shares his real-world real estate experience with you. If you like what you hear, please be sure to give him a quick review right here in iTunes. Thank you for listening.
So, should the home go way over asking price, the money down, whether it’s your 10%, your 15%, your 20% is going to help the appraisal issue. Now, you know, if you overbid for a house, if you pay, let’s say 550 and the house only appraised at 520, you’re only obligated to pay the appraised amount, right, the bank’s not going to lend on it. So, if the bank doesn’t lend on it, then you’re not obligated to buy it and you’ll get out of the agreement based on your mortgage contingency.
Just to kind of bring it back down here. Basically, what we’re trying to say here is that we really want to look at the comps, we really want to act quickly. Let’s look at it from a seller’s perspective and let’s understand that if there’s more than one offer, one of them is at least at full price. So, coming in under full price on a house that seems relatively popular or seems like a good buy or in a good shape and a good location with showings in front of you and behind you, and for the rest of the day; it only makes sense that we come in we bring our strongest offer as our first offer.
And that incorporates understanding the finances, being ready to move quickly. You know, making a fair offer, understanding what the seller’s looking for in the offer, and being reasonable on your terms that’s both good for you and for the seller. So, I hope this helps. Hope you guys enjoyed another episode of Russell Realty Minute. Hope you guys had a happy Thanksgiving. This is about Thanksgiving the first Monday after Thanksgiving. I’m recording this podcast if you listen to it back, you know, later on. So, hope you’ve all enjoyed Russell Realty Minute. Evan Russell finally on iTunes. Give me a quick thumbs up. Talk to you later.
Outro: This has been another Russell Realty Minute brought to you by Evan Russell.