patrick.net

We've been outbid on 4 different offers by all-cash buyers and flippers. We found a house this weekend that we like but it is insanely overpriced. The seller is in a bad situation financially and somehow convinced the listing agent to price the house at fantasy level.

It's a small house so it's possible it won't catch the eye of flippers or investors. The identical house down the street (in way better shape) just sold last month for $65K LESS than the asking price of the house we like. That's the only comp on the block. Same size, same view, same year, etc.

Because of the low inventory and the infestors and cash from China we have have not been able to get any of our offers even looked at. But assuming no one swoops in with a ridiculous offer in the next week (and houses here have been pending within 1-2 weeks) I am wondering what might be the best strategy to at least get us in a negotiating position.

It won't appraise at list or anywhere near it. I won't buy it anywhere near what it's listed for.

I'd be curious to get some crowd-sourced thoughts from y'all, and it will be interesting to see what my agent suggest when I see her tomorrow. The RE market is changing so quickly that at this point I think all angles should be considered.

1. Offer what the identical house on the block that sold last month went for ($65K less than lost)

2. Offer a mid-point between comps and list, and hope to work the price down after our offer gets accepted (inspection and appraisal)

3. Offer close to seller's fantasy price and hope to work the price down after our offer gets accepted (inspection and appraisal)

**Don't tell me to wait: PITI on this house -if it sells for even 35K less than asking - would be $500 less per month than my rent and we need a place to live**