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Family is competing for a home in southern California (first time buyers) and were told there were 25 offers on it. Having lived in LA, I understand the market there is crazy for entry level housing stock, but even so, this seems excessive.
What is the most number of offers you have had as a seller, or had to compete with as a buyer, or dealt with as an agent?
we got 6 offers on our first home the first day on the market 20+ years ago. we picked the wrong buyers, our real estate 'professional's' suggestion. our agent suggested we go with the highest offer without telling us how important other considerations were. we were dumb about the process but we learned after that experience that price is important, but closing date, cash/mortgage approval, and contingencies are more important than price. we learned....not to trust an agent and be responsible and educated to make our own decisions.
edited to add: a real estate attorney is also mandatory, in my opinion. real estate agents may tell an owner or buyer that a standard contract their firm provides for free is just 'fine' and a real estate transaction doesn't need to involve a real estate lawyer. I disagree completely. a real estate contract is a legal contract that involves the biggest investment most of us will ever make and deserves a lawyer's review.
Last edited by texan2yankee; 04-18-2018 at 06:21 PM..
If there are dozens of offers per home, only one offer will make it. You could potentially have dozens of offers on homes and come away with nothing.
Given that there are many areas of the country that still have jobs and are in such a frenzy, why do people continue wanting to compete in those markets?
If there are dozens of offers per home, only one offer will make it. You could potentially have dozens of offers on homes and come away with nothing.
Given that there are many areas of the country that still have jobs and are in such a frenzy, why do people continue wanting to compete in those markets?
Really? You cannot comprehend that people might have reasons for wanting to stay in a particular location even if it's sellers market for real estate? I doubt anyone is happy about having to compete in these markets to buy a home but that doesn't eliminate all the reasons they may have for being in that location.
Really? You cannot comprehend that people might have reasons for wanting to stay in a particular location even if it's sellers market for real estate? I doubt anyone is happy about having to compete in these markets to buy a home but that doesn't eliminate all the reasons they may have for being in that location.
I'm not stupid.
What I am saying is that, at some point, there is going to be a breaking point for some people where they give up and go to a more reasonable area.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Buyer. 15 bidders. We won in escalating bids at 22% over starting ask. We beat a cash offer at 21%. We financed 60%. Ask price was based on last sale, previous year, in an extremely low inventory condo market. Seattle region.
You gotta know the value and the game.
i am not sure what's the most bidding, but i heard a friend tried to make offer of 710k or 720k on a 700k house in CA, and turns out a buyer from China just put a bid of 900k cash offer.
it was last year and right before China released more restricted transaction law
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. our agent suggested we go with the highest offer without telling us how important other considerations were. we were dumb about the process but we learned after that experience that price is important, but closing date, cash/mortgage approval, and contingencies are more important than price. we learned....not to trust an agent and be responsible and educated to make our own decisions.
