1st time homebuyer,some1 bidded on home b4 me my bid was 97,000 home priced at 95,000 do I have a chance?

I. M. Asking 4 sellers assist

3 Answers

  • jack w
    Lv 6
    1 decade ago

    Did you bid on a house or make an offer through a realtor. Usually the seller accepts the highest bid but not always. Just like an offer through a realtor.

    Yes, you have a good chance.

    Some sellers will accept a cash deal over a financed deal. Generally because there isn't a chance of bank loan rejection and paying points for a VA or FHA loan.

    Hopefully, since you made a bid above asking price, you could win. However, you must realize that someone else might have bid higher than you.

    Just be sure and have your financing in order and ready to go, in case you win.

  • Leo F
    Lv 5
    1 decade ago

    If your paying more than the listing price and the home does not appraises for the higher value, then you will have to bring the difference to closing. No lender will lend more than appraised value. Conventional will only lend 80% of value and FHA will only lend 96.5% of appraised value Just because bid high does not mean you can get a loan. Also the appraiser must research List price, Days on the market, contract price and any and all concessions.

    Source(s): Certified Appraiser
  • 1 decade ago

    You do have a chance with a higher bid. It all depends on what the other buyers bid. Best Wishes.

    Source(s): Real Estate Tycoon and Investor
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