So, we have been working a pre-foreclosure in the neighborhood. It has been on the market for 5 months and we were the only offer. The bank negotiator asked to justify our price with a list of repair cost. We sent it in last week and included the outside issues that would need to be resolved. This was enough to justify the 16k less than ask. Now next one that speaks is screwed! The agent called and said we have another offer is this your best?
Should we hold at the same price?
If you can raise it 5k and still be happy with the cashflow, then I would say do it. It all depends on what you're comfortable with. If you can come across other deals, and this one isn't a once in a life time house, pass on it. Just depends on the situation
Depends on availability of deals, and the numbers on this specific unit.
Where I invest, every deal goes to highest and best. Sometimes I bump, sometimes I bump a lot, Sometimes I hold where I'm at.
Trust your numbers, and consider the availability to get another deal. Do not fall into the emotional trap of trying to outbid, this is a similar mechanism to the high of gambling. gambling does not produce good returns
If your offer is under review with the mortgage servicer than you have an executed contract I'm assuming. You should wait to see what the servicer says to your offer. I don't see why it matters if the agent has another offer, you are under contract.