2nd offer higher than asking

[Austin Nelson]

The house price was $34K in a good area. I put in an offer on Friday for $30K. The house is blasted to hell but the realtor told me that the house had tours all weekend long and the final bid review would take place Sunday evening. I expect about $5-$7K in capex. I was working the numbers and even if I offered 40K I would still be cash flowing around $250 per month. I have a renter that wants to place soon as I get it ready. Should I just got ahead and offer above asking in hopes of securing the deal or just waiting to hear back?

Thanks.

[Theresa Harris]

Your realtor should ask how many offers there are.  You could have put in an offer with an escalation clause whereby you go up $500 in this case as the house price is so low, and will beat the top offer by $500 up to a max of whatever your highest number would be.