Help! I Offered Too Much On A Property.
I just offered full price for a property in Orlando, FL. The asking price was $270k. I panicked because the assist-2-sell agent told me he a 4 offers. It turned out one of offers was from an investor in CA for full price. The house is 11 yrs old and needs interior paint, appliances, and flooring at the least.
Is there any more room for negotiating after home inspection? If so, how much?
Any input is appreciated.
Reda in FL.
Thanks for your replies. I feel a little better. Larry, I hope you are right about the FL market. I have been here over 26 years and have never seen anything like this. Coastal communities, especially, southeast florida, have generally done well, but the last five years have been exceptional. Im not sure if there is such a thing as a correction in the housing market. The inventory is pretty low here. Looking at foreclosures has been a complete waste of time in this market.
Thanks again for your replies.
Ask your realtor to show you the other offers that are waiting for that house, If he/she cant show your the offers, Its fraud against the law to tell you false information and make you buy the house.
Most of the florida sellers are expecting full price so i dont think you did anything wrong, unless the house doesnt appraise that much(which wont happen anyway because the appraisors dont want the deal to fall through because of the pressure from banks).
The contract does have the special clause subject to all inspections. Im curious, why never offer full price?
Thanks.