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Old 04-12-2018, 10:24 AM
 
170 posts, read 91,481 times
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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?
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Old 04-12-2018, 10:32 AM
 
Location: Florida -
9,655 posts, read 12,094,010 times
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"first time buyers"... "starter home" ... "competing with 25 offers" -- this sounds like a fixer-upper being publicly auctioned as a foreclosure (...or a wild exaggeration)

In any type of conventional sale (even in L.A.), more than 4-5 bids would sound alarms that the house was grossly under-priced.
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Old 04-12-2018, 10:34 AM
 
170 posts, read 91,481 times
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Quote:
Originally Posted by jghorton View Post
"first time buyers" ... "competing with 25 offers" -- this sounds like bids in an open auction, (or a wild exaggeration), not an conventional sale!
Its a somewhat unique property in that its a townhouse that is one level, end unit, in a good area with decent square footage and outdoor space/garage. So I think its appealing to first time buyers and retirees. There was a line out the door at the open house.
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Old 04-12-2018, 10:37 AM
 
Location: Rochester, WA
8,303 posts, read 4,939,237 times
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It would sure be hard as a seller to choose one with that many options! But what a good problem to have!

I feel sorry for buyers in that kind of market... and I wouldn't want to work it is an agent.

Any chance you can get them to move someplace else?
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Old 04-12-2018, 10:40 AM
 
170 posts, read 91,481 times
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Quote:
Originally Posted by Diana Holbrook View Post
It would sure be hard as a buyer to choose one with that many options! But what a good problem to have!

I feel sorry for buyers in that kind of market... and I wouldn't want to work it is an agent.

Any chance you can get them to move someplace else?
I know. I feel sorry for them. They REALLY want it, and they have a strong offer. They are talking about throwing out the appraisal contingency and maxing out their budget-- the stuff of desperation. And even that might not work.
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Old 04-12-2018, 10:42 AM
 
Location: Rochester, WA
8,303 posts, read 4,939,237 times
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On the above quote we cross posted! I was correcting myself on my first paragraph where I was meaning to talk about the seller not the buyer!

On the road and trying to post from my phone ...problems!

Last edited by Diana Holbrook; 04-12-2018 at 10:52 AM..
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Old 04-12-2018, 10:43 AM
 
Location: Des Moines Metro
5,105 posts, read 6,820,046 times
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I had 3 offers, one at full price because it was a truly hot neighborhood for my last house.

This time around, I'll be thankful if I get one offer at least 10% of the asking price. I think I picked the wrong neighborhood this time: houses are languishing for months, even if they are priced well and fixed up. It's our crappy schools, I think, just about the worst in the metro.
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Old 04-12-2018, 10:57 AM
 
6,040 posts, read 4,878,715 times
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I'm in LA and have seen this many times, at least the part about a "parade of people looking at a starter home." When we bought our first home there in '03 there seemed to be one of these in every neighborhood, almost like a teaser or a 55" tv on Black Friday. Of course we didn't know how many of those lookers actually put an offer in.

When we sold that home 10 years later we were in almost the opposite situation. We got decent traffic and 6 bonafide offers in 48 hours (not counting offers we felt at first glance were clearly not viable) and sold well over list.
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Old 04-12-2018, 11:39 AM
 
Location: Denver CO
22,449 posts, read 13,846,903 times
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sounds like the sellers deliberately underpriced to trigger a bidding war. I'm not sure there is a realistic comparison for that.
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Old 04-12-2018, 11:49 AM
 
Location: Central Texas
20,795 posts, read 39,725,594 times
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A couple of years ago, here in the Austin market, I had a buyer looking in the below $200,000 market. The lowest number of multiple offers on one of the houses we put in an offer on was 11 - the most was 40.

I ended up finding her a house that wasn't on the market yet that suited her needs. But if it's that kind of market I can see 25 easy.
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