Quote:
Originally Posted by nyalpine90
can anyone explain how this work when you submit an offer? first offer was the asking price and agent told us an offer was accepted. we increased the offer by 20k and yet there was another offer higher. the house is still on market, status has not changed. we havent heard from the agent we submitted offer twice. The bank agent warned us not to go over too much on asking price because the house will be appraised by the bank. We as the buyer will be responsible for the difference, if the house is appraised lower then the loan amount.
other houses sold for the exact offer we submitted on 2nd time, so i wasnt worried about bank appraisal. |
Most banks will only lend you 80% of what house appraises for. Not the full appraisal amount. Not sure if this varies state to state but I'm in NY too so it's the same for you. I'm in the process of selling and buying
I don't understand - your first offer was accepted but then you increased offer? Is homeowner playing games? Status will change to under contract or contingent once contract is in place.