How much over asking did you have to pay to get the house? (San Diego: bank owned, short sale) - San Bernardino and Riverside Counties - California (CA) -The Inland Empire - City-Data Forum

firsttimeowner · 07-09-2009, 11:29 PM

I would like to know, for those of you who have had offers accepted, in Temecula, Murrieta. Meniffee, Winchester, or close by, How much did you have to offer over asking to get the deal?

Was yours an all cash offer? How much down if not? what type of financing?

Did you buy a short sale or a Forclosure or regular sale?

How long did it take from time of offer til accepted offer was recieved?

Only those who bought in the past 6 months please. Because the market is much different now than before as we all know.

Thanks
Debbie

firsttimeowner · 07-10-2009, 11:59 PM

UMMMMMMMMMMMM.....OK............has anyone actually been able to buy a house in these areas...............lol..............maybe your making offers and can discuss how much over asking you are usually offering.

dweej · 07-11-2009, 12:10 AM

I think a lot of times after people buy the house and make the move, they don't come back to visit the board much. You might try posting your question on the S.D. and L.A. forums. Good luck.

jodibird1 · 07-13-2009, 08:30 AM

Quote:

Originally Posted by firsttimeowner

UMMMMMMMMMMMM.....OK............has anyone actually been able to buy a house in these areas...............lol..............maybe your making offers and can discuss how much over asking you are usually offering.

I am glad to see the question posed (and re-framed, too!) because I am looking in Menifee. We will arrive August 1 and rent an apartment for at least 6 months to really explore the neighborhoods, gage the market and put in offers. But I am puzzled because my realtor feels we should plan to offer above asking price, yet I see homes listed as active for 100+days. So I think that means they can't get their asking prices and why would I offer over? Any insight will be appreciated!

ferretkona · 07-13-2009, 10:17 AM

I looked over the property and offered 12K below asking, we settled on 10K below.

I was asked that on a bank owned property once, how much over the asking price did I want to offer, I thought it a silly question then as well.

dweej · 07-13-2009, 10:35 AM

Quote:

Originally Posted by jodibird1

I am glad to see the question posed (and re-framed, too!) because I am looking in Menifee. We will arrive August 1 and rent an apartment for at least 6 months to really explore the neighborhoods, gage the market and put in offers. But I am puzzled because my realtor feels we should plan to offer above asking price, yet I see homes listed as active for 100+days. So I think that means they can't get their asking prices and why would I offer over? Any insight will be appreciated!

The whole thing is very contrived- the poor real estate agents are doing their best to make a living these days, so naturally they want you to pay as much as possible for a home. The ones that are active for 100+ days are frequently short-sales, which can be frustrating for a prospective buyer or are overpriced, so no...you should certainly not offer above asking on those no matter what your realtor advises. As the previous poster stated- do your research and offer what you think is fair. Fortunately, CA is a full-disclosure state, so you don't have to rely on your realtor to give you sales history for the neighborhood. You can find all of that yourself. Good luck!

bhcompy · 07-13-2009, 12:46 PM

Quote:

Originally Posted by firsttimeowner

I would like to know, for those of you who have had offers accepted, in Temecula, Murrieta. Meniffee, Winchester, or close by, How much did you have to offer over asking to get the deal?

Was yours an all cash offer? How much down if not? what type of financing?

Did you buy a short sale or a Forclosure or regular sale?

How long did it take from time of offer til accepted offer was recieved?

Only those who bought in the past 6 months please. Because the market is much different now than before as we all know.

Thanks
Debbie

Shortsale here, opened escrow in early june(lost my job, so we had to back out of escrow, but everything was approved and ready).

House listed at 220k in the newer Crowne Hill development in Temecula, bank took 3 weeks to counter our 210+closing cost offer. Counter was 205k with no other assistance. We accepted. We were using an FHA loan(3.5% down) and put up 1% as earnest cash upfront.

dreamfollower · 07-14-2009, 12:17 AM

All I have been hearing from Realtors lately, both listing offices and secondary agents is, "You have to offer list price or above", and with no explanation as to other offers or they do recite other offers which I end up never believing the validity of. They just want to secure the listing price as a starting point to keep the price going up as other offers come in. I finally am telling them, " It is my understanding that I am free to submit whatever offer I want {excluding of course any ridiculous amount} and I am also assuming that any office that is handling my offer will ethically submit it to the Bank for only the bank to decide on if it is viable.

This thing about overbidding was a scam started by realtors and by buyers trying to buck the system by overbidding and then, after their offer was accepted, corner the bank into lowering the offer based on an appraisal. Apparently the banks are now on to this scam and are including in their terms that any difference between the offer and an appraised amount is the responsibility of the buyer to absorb.

Unfortunately, I still get the feeling that listing offices want to control the offers that are submitted by automatically claiming that they already have an offer for the same amount, which I do not believe after it seems too consistent a pattern with every house I have an interest in and I am a Cash buyer.

Today, I viewed a property with a realtor from the listing office. First, she tried to test me with "we can put in the offer that the sale is contingent upon my termite inspection and she insinuated the home inspection, too. What kind of a dope did she thing I was ????? Where on earth did she have the nerve to even flirt with the notion that the contingency of home/termite inspection was not automatically a condition of my offer and that we could use it as an "option"??? She then phoned her boss to inquire about other offers {there were none and this property could not go FHA she claimed because of the missing outlets, but I knew it was because 2-toilets were removed and replaced with older units which were not hooked to the pipe !!! They see a sole woman as the buyer and they see "opportunity". Well, SURPIRSE, Lady, but you never met me !!!!!!!} She then advised me that I would have to offer the list price. I told her, "I'll offer want I want to, since they had no other offer and I was Cash. She then immediately changed her tune and said I could probably offer $10,000 below and they might take it. Luckily, I thought twice about the location of the property and did not proceed further.

After coming into contact with these shenanigans, who can feel comfortable and trusting of anyone handling them as a Buyer ?!?!?!?!

This process has become a matter for Divine intervention !!!

firsttimeowner · 07-14-2009, 01:38 AM

well now I am really wondering if I am being played by these realtors. They all (and I have worked with maybe 4-5 in the past 6 months of looking) tell me that the property has or will have many offers and I MUST BID 10-20k over asking to even have a shot at it. And Maybe I am just stupid because I believed them and did offer that much. All but one was a short sale and none have been accepted yet but its only been 2 weeks. With so few forclosures on the market and in such a high demand location , these realtors are all telling me that the supply is very low and this has caused many offers at way above asking. This does seem to make sence when you see how few properties exist and how fast they are sold. Most are only listed for 5 days(the forclosures). Its extremely frustrating to buy a house in this area. When I went to Florida it was way different. There you could get a home at way under asking and have many to choose from. In N. Carolina the realtors said most homes sold at list price or 97% of list price and were priced very honestly. In the Palm Desert area where I thought I might check out they said you dont need to over way over asking to get a house. So why is Temecula, Murrieta, Winchester, Menifee so different. Maybe San Diego is that way as well. Are those locations so Great and So Special that they should demand such a price. I realize that there are comps on these homes and I do ask for them before making an offer but I find them hard to understand. I also was told about the appraisal situation where as was stated earlier the price would be adjusted in accord with the appraisal rate if your bid was too high. I guess as a frustrated buyer who is impatient and just wants a house, I have felt that if I didnt do what the realtors said was the only way to go, that I would never get a house in that location. I too am a single woman but I try to do research and get to the truth. Yet I am not sure what it is in this situation. I also wonder if this inflated price will pay off in the long run when I resell this house in maybe 3-5 years. I suppose if I had endless time I could make low ball offers and see if any are accepted. But who has time to play games. I just want to buy a house already and with so few forclosures I do believe the buyers are more apt to be vunerable to whatever the realtors suggest.

jodibird1 · 07-14-2009, 05:56 AM

Firsttimeowner, I feel what you are saying. For me, patience is going to be the key. But it is hard. It means I am going to have to rent an apartment near the schools I have chosen for my kids. We'll live there for 6 months and I will submit offers on the best deals available in December. Who knows how long it will then take to close on the right place? And moving twice will be a JOY. But this "scarcity" being used as a reason to suggest we should overbid is just invalid. Drive around the neighborhood you want to live in and count vacant homes. Yes, there aren't a lot of them on the market right this minute, and that is why I feel agents are scrambling to make as much as they can on those that are active. Plus, at the rate the price-per-SF is going down, in a few months the homes in my price range will be larger on top of more plentiful.

If anyone sees holes in my plan I would be so grateful for advice!