Comments on: 62% Of Offers Are On Homes With Multiple Offers

By: ed hardy

ed hardy — Mon, 30 Nov 2009 01:34:14 +0000

In the North Los Angeles Real Estate Market (Eagle Rock, Highland Park, Glassell Park) we are beginning to see these bidding war deals fall apart when in fact the appraisals are coming in drastically lower than the frenzied buyers were happy paying. The properties (usually REO)are being put back on the market with less attention than they received the first time around. Is this sweet justice for our battered buyers?? I sure hope so!

By: Steven

Steven — Thu, 22 Oct 2009 14:00:45 +0000

The banks and the vultures (real estate agents) are just as crooked as they were during the housing bubble. Don’t play their games, all these investors will soon run out of money or be forced to sell themselves (bad investment). Rentals are all over the place; and the prices keep on dropping. I was lucky enough to buy in March 2009 (I paid $10k below asking price, got all the closing costs paid, had them through in brand new stainless steel appliances, landscaped back-yard w/ sprinkler system, granite counter-top kitchen plus ceramic tile in all wet areas). It was a brand new house; I guess the builder was desperate. As will the investors be when they see their investment was a trash can (Stock market is better right now for investments). Bottom-Line: If you want to invest buy stock. If you want a house to live in buy below asking price.

By: FHA screwed

FHA screwed — Mon, 05 Oct 2009 22:00:45 +0000

WHY THE HELL HAVNT THEY BEEN TALKIN ABOUT THIS SCREWD MARKET ON TV ARE THEY GONNA EXTENT THE TAX CREDIT OR WHAT BECAUSE I BET NOT MANY HAVE GOT A CHANCE TO USE IT IM FHA AND I DONT STAND A CHANCE THESE OVERSEAS INVESTORS ARE SCREWING THE AMERICAN DREAM AND THE BANKS AND REALTORS ARE HELPING THEM LEAVE IT UP TO ARE OWN TO SCREW US THATS HOW WE GOT IN THIS MESS IN THE FIRST PLACE SO MUCH FOR THE AMERICAN DREAM

By: MIchelle

MIchelle — Sun, 04 Oct 2009 17:10:54 +0000

We’re also FHA buyers and have offered up to $60k over asking price and for us to pay closing costs. But if you’re FHA, the sellers/banks won’t typically look at your offer seriously. We’ve been offering on properties in Escondido, CA since Feb09 and we’re extremely frustrated that there aren’t any means of helping an FHA buyer in this situation. I feel we’re being discriminated against by the banks and sellers because we’re FHA. The investors are snagging up all the properties that should be intended for first time homebuyers. We’ve been out at properties the first day it’s listed and have put in offers within the hour. But when you’re up against 18-20 offers, chances are FHA offers won’t be accepted.

By: Brittany

Brittany — Sat, 03 Oct 2009 01:07:58 +0000

They care because they don’t want to do ANY repairs no matter how small and they want it to close as fast as possible without messing with appraisals..

By: mkell

mkell — Wed, 30 Sep 2009 22:30:28 +0000

What I don’t understand is why sellers care whether an offer’s FHA or VA (if the property qualifies) or conventional or cash! Once it clears escrow, isn’t it all the same to them? Or am I just flaunting my ignorance?

By: i_smell_bs

i_smell_bs — Wed, 30 Sep 2009 20:29:55 +0000

Yeah right. More RE agent scare tactics.

Just wait until the option ARM resets start flowing – that will decimate the high end of LA.

If you are in a buying panic, I feel sorry for you.

By: Frustrated

Frustrated — Tue, 29 Sep 2009 03:01:37 +0000

I’m relieved to see we’re not alone, I apologise to everyone. I’ve lost track of when we first began to look. I definitely lost track of how many offers we have submitted. I’ve lost track of how many we offered considerably over asking price. The most impressive one was 30 or 40something offers and went for 100K over asking price. More than half the offers were higher than my best. My current offer which is over asking price is one of about 10 and the highest is 45K over mine so “another one bites the dust”. What pisses me off the most is exactly what someone mentioned about them listing the properties rediculously low to start. I’m sorry but I don’t think the agents are helping things for Us buyers based on what mine has “recommended” I do. I think waiting it out sounds like a good idea.

By: ItsJustAHouse

ItsJustAHouse — Mon, 28 Sep 2009 22:09:51 +0000

The multiple offers nonsense happened because realtors encouraged sellers to use “bait and switch” tactics to make a house appear to be underpriced compared to the area, thus causing a bidding war. This is highly unethical, and illegal in any other industry. Only stupid people who will soon be underwater in this still declining market would fall for such obvious tactics.

Now that fall is here, kids are back in school, and a wave of high-end forclosures is about to hit you can expect the downward trend to resume as inventory grows (already happening, just look at Redfin’s listings).

The “nice” parts of CA are far from immune, and will actually be hit far more drastically since there are more higher-priced houses. The next wave is going to make the last one look like the good old days of real estate.

Just be patient, prices will come down, a LOT, and SOON.

By: Sky Minor

Sky Minor — Sun, 27 Sep 2009 08:41:58 +0000