Comments on: Multiple Offer War Story

By: Copasetik

Copasetik — Fri, 23 Oct 2009 05:57:57 +0000

all your stories and comments have confirmed our suspicions for the past year. realtors and loan agents and investors have become too desperate, walking a thin line of scams that need to be regulated… only problem is no budget to regulate / enforce anything. careful with your credit info, hold off buying until winter season (maybe for the next few years). thx for your postings

By: Max

Max — Mon, 19 Oct 2009 04:53:59 +0000

I’m reading these posts, especially Franks’ and realize that we’re being played. I was looking for homes since Jan and same situation, higher bids and realtor sold homes to their “buddies”. I was looking for a house in OC and it was listed for $470K. I made an offer for $465K and seller paying for closing costs. The seller (investor) countered offer asking me putting deposit of $10K, raised the original listing price to $471K because he knew we could afford the house (got a copy of proof of fund). And, of course, the listing agent says there are several offers. The house is on the market for 30 days and suddenly after we made an offer, there are other offers? Poker game time.

I know we’re not going to get the house, but I am having nothing to lose. We’re going to rent another 6 months. Who knows, that same house could be another $20K under the original asking price.

By: orange county escorts

orange county escorts — Wed, 30 Sep 2009 17:19:19 +0000

I’m still waiting for condo prices to fall further.

By: Frank

Frank — Sun, 27 Sep 2009 22:29:06 +0000

Stories I read here are all too familiar to me. My wife and I have been seriously shopping since July and 4 homes we wrote offers on, ALL were lost to higher bids! We’re not using FHA to qualify, all my offers have 20% down with proof of funds and my credit score exceeds 700.
I’ve come to the conclusion that this craziness is leading up to a new bubble which is artificially created by bunch of crooks. Both banks and Realtors/brokers are creating a feeding frenzy and that is locking honest bonified buyers out of the game!
Problem I have with this is I know with double digit unemployment and a sea of defaults on the verge of forclosures, this fake bubble is gonig to burst, especially as our inflation begins to inflate due to our growing deficit!
Does anyone else see what I’m seeing?

By: Oliver

Oliver — Sun, 27 Sep 2009 04:41:07 +0000

Yeah, its crazy how many offers the well priced properties are getting. I just put in an offer for a client and was told there are 15 other offers!

I am curious to see what will happen once the moratorium is over and the lenders start releasing more properties.

Follow me on Twitter, lets connect:
http://twitter.com/OliverGraf360

By: GLENN JEANJACQUES

GLENN JEANJACQUES — Tue, 22 Sep 2009 04:22:51 +0000

Its a game and unlike the other real estate game few if any players go to jail. They just get the bailed out. There is no professional courtsy among theifs. The MLS should be a shame of itself to allow this to go on. Comments like “Don’t bother calling for availiblty, Availiblty calls not returned, If it is listed it is available, or this one: mutiply-offers (15 offers) stop do not show, seller says enough no more offers. “Show me the offers”. Yes Mr. or MS. MLS you should require the listing agent to show you the offers or a buyer social #! Our clean up the listings. Real sellers (The Public) would never have put up with this so why do banks? I guess tough times require less measures.

By: Mousebender

Mousebender — Fri, 18 Sep 2009 23:28:34 +0000

When the realtor mentions “no appraisal contingencies”, does that mean “no inspection contingencies”? If you buy a home without an inspection, you’re buying a money pit. If a first-time buyer can’t get a foothold in the market without signing on to a financial disaster, then California can say goodbye to young families and the middle class.

By: mb1

mb1 — Wed, 16 Sep 2009 20:45:48 +0000

Property hit the market yesterday in my neighborhood. Bank owned, $100k under last model sale in august and really nice, it was a zoo with agents, clients and kids all over, I wandered in and as I walked out I watched 2 different couples hand checks to their agent. A number of other places for sale in the area but not at that price or that nice. Double whammy positives and bank is going to get it done fast. Feel kind of sorry for the neighbors trying to sell at last years prices. Not to mention the eight or so homes not for sale which are currently in forclosure or already owned by the bank which none of these buyers have a clue about. So we have a new $/sq ft standard set in the neighborhood I would think. this will continue to happen in the areas you want to buy so relax and be patient. Inland Empire or low priced condos, yeah you’re probably near or at the bottom but in no danger of a rebound with the amount of distressed inventory out there. Above $500k just let some time pass. House in my neighborhood was 3k sq ft and ~225/sq ft. and will undoubtedly sell for $30k+ more than list. This is an established neighborhood not ladera/talega.

By: Con

Con — Tue, 15 Sep 2009 19:28:03 +0000

I was trying to buy a 1B/1B condo through different broker. Most of them didn’t tell the truth. Two broker told me to offer cash price over $5K to $20K than listing price if I really wanted it, or they had already got few cash offer. Those were not true. The truth is that the bank is holding the property and try to get the high price. Try listing broker, maybe it will help you to get one with good price.

By: ROBERT

ROBERT — Sat, 12 Sep 2009 21:02:33 +0000

Been around 25+ years w/ ups and downs.

This market is not firmed-up,values are blurred and questionable from percentages of distressed, pre-forclosures, R.E.O.S and lender hanky pank / HVCC bank conflict of interest. Questionable quality of buyers capacity.
Unemployment, job-creation will determine when this market firms up. There is a extended time period (perhaps 5-7 years) for firming up ahead, during which time there maybe a dip of 5%-12%. Some people are jumping the gun, this recovery is unlike any other. I’ll take Blue Chip Stocks with high dividend return over this burred market.