After a week or so on the market, we ended up with three competing offers on the Meadow Arbor 1 house. Our real estate agent asked all of them to come up with their best and final offer by 7 pm on Wednesday evening.
Thursday morning, we all got on our morning call, excited to hear the news. We ended up with one offer that was $2K over the asking price. That felt good. Each offer had its advantages and disadvantages, though. It’s not always the highest offer that wins out in these negotiations. Sometimes the amount of closing costs a high offer wants to get paid will negate its advantages. Or an offer could have VA Financing that might not allow the house to sell for the agreed-upon price unless it appraises for that price (which can be a problem if there was a bidding war that drove up the price). We had some of each of those things to consider.
At first we thought we’d only end up with a thousand dollars or so in profit, but after looking more carefully at our balance sheets, it turned out that we would make a modest, but not shabby $10K profit. Continue reading