Competition is Tough in Real Estate

So, we finally heard back from the bank and apparently our offer was not selected.  The difference between ours and the other offer was about $16k.  They ended up paying $100k over asking price for the property.  (Yikes!)  So when I look at it from that perspective I feel better bc I wouldn't pay that much over the list price for a house that needed quite a few fixes/changes and probably won't see a return that big for years (if at all) bc of the surrounding comps.


On a happy note, we put an offer in on a house that has only been listed for about a week and it was accepted!  Now on to the "fun" stages of inspections and counting down the days until closing.  We're praying that the inspection goes well (it's a newer house, so we don't expect there to be problems) and the closing date comes soon!  I was excited to hear that the chickens and coop come with the property, so check that off my wish list! lol     

"Buyer's Market" is an Oxymoron

So, we finally heard back from the bank and apparently they are still deciding between our offer and one other offer.  At this point, I'm not entirely sure if banks actually want to sell their REO properties.  If they do, why don't they make their choices faster when they have two solid offers to choose from?  Here's to waiting another ?? hours/days/weeks for a response.  At some point someone has to want to sell a house to us, right??  Only time will tell...