New Listing - Camden Place Plan 1 condo in Tustin (15218 Wesley Way)

usctrojancpa

usctrojancpa

Well-known member
I listed a beautiful 2 bedroom and 2.5 bathroom condo in Columbus Square in Tustin on MLS last night.  It has 1,557sf of living space and features a downstairs bedroom with a full bathroom along with a loft on the top level.  The condo has 2 HOAs totaling $289/mo.  The listing price is $550,000.  PM me or email (mmania001@yahoo.com) if you are interested in seeing the home.

I'll be having an open house this coming weekend on Saturday, Jan 14th and Sunday, Jan. 15th at 12-3pm. 

Here is the Redfin link:
https://www.redfin.com/CA/Tustin/15218-Wesley-Way-92782/home/17471643

Pictures and the virtual tour are in the link below:
http://tours.previewfirst.com/virtual_tours/57533/details

Since I have my 15 Inglenook open house, I'll be at this open house until 12:30pm and my attractive assistant will take over from there.
 
$350 per s.f.!!  Very Nice, this one will go quick too.

BTW, are you sure leaving your attractive assistant in the Qwertyville all by herself is a good idea?

 
You guys are too much.  haha  She'll be with me at the open house at 12pm (I'll be there earlier to get signs out) but if you guys want to come over to see her and not me that's cool.  :p
 
freedomcm said:
Beautiful listing.

How much does three floors affect your expectations?
Click to expand...

Well, the price has been reflected for it being 3 levels.  It's on par with what the 2 other 3-level model matches closed for in 2016.  It being 3 levels will reduce the buyer pool, but the buyer pool is fairly large below $600k.  The Seller told me that he knows a few of his neighbors who rent the first level room/bath out and collect $900+ a month.  Not a bad way to subsidize your monthly cost of ownership.
 
USCTrojanCPA said:
Second offer came in today and we sent out best and final counters.
Click to expand...

I know you do this in multiple offer scenarios and it's been discussed before but I don't really like the whole "best and final" thing.

How would the seller like it if I asked them to give me their "lowest and final" sell price?

Just a pet peeve I have... for a counter I expect the seller to negotiate with me and say something like "you offered $X and I'm willing to take $Y", not "you offered $X but you should counter with $X + as much more as you can".
 
irvinehomeowner said:
USCTrojanCPA said:
Second offer came in today and we sent out best and final counters.
Click to expand...

I know you do this in multiple offer scenarios and it's been discussed before but I don't really like the whole "best and final" thing.

How would the seller like it if I asked them to give me their "lowest and final" sell price?

Just a pet peeve I have... for a counter I expect the seller to negotiate with me and say something like "you offered $X and I'm willing to take $Y", not "you offered $X but you should counter with $X + as much more as you can".
Click to expand...

You could easily offer your "lowest and final" price to the seller.  Problem is the seller has 2 offers so they really have the upper hand in this situation.  Good for the seller, bad for the buyer.
 
woodburyowner said:
irvinehomeowner said:
USCTrojanCPA said:
Second offer came in today and we sent out best and final counters.
Click to expand...

I know you do this in multiple offer scenarios and it's been discussed before but I don't really like the whole "best and final" thing.

How would the seller like it if I asked them to give me their "lowest and final" sell price?

Just a pet peeve I have... for a counter I expect the seller to negotiate with me and say something like "you offered $X and I'm willing to take $Y", not "you offered $X but you should counter with $X + as much more as you can".
Click to expand...

You could easily offer your "lowest and final" price to the seller.  Problem is the seller has 2 offers so they really have the upper hand in this situation.  Good for the seller, bad for the buyer.
Click to expand...

Then tell me what the highest offer is so I can decide if I want to match/beat it.

I was in the situation before where the seller did ask for best and final but they did tell us the highest current offer and it ended up selling for that price (I guess no one wanted to beat it).

I prefer transparency.
 
irvinehomeowner said:
USCTrojanCPA said:
Second offer came in today and we sent out best and final counters.
Click to expand...

I know you do this in multiple offer scenarios and it's been discussed before but I don't really like the whole "best and final" thing.

How would the seller like it if I asked them to give me their "lowest and final" sell price?

Just a pet peeve I have... for a counter I expect the seller to negotiate with me and say something like "you offered $X and I'm willing to take $Y", not "you offered $X but you should counter with $X + as much more as you can".
Click to expand...

I totally understand where you are coming from and my buyer clients don't like these type of counters either.  That being said, both offers are very close to each other with similar terms and equally qualified buyers so it'd be tough for the seller to just pick one over the other.  Plus some buyers don't put their best foot forward on their initial offer so it gives them a chance to think about what they feel comfortable going up.  What are your thoughts about this kind of counter in situations where there are multiple offers...."$XXX,XXX price or best offer"?
 
irvinehomeowner said:
woodburyowner said:
irvinehomeowner said:
USCTrojanCPA said:
Second offer came in today and we sent out best and final counters.
Click to expand...

I know you do this in multiple offer scenarios and it's been discussed before but I don't really like the whole "best and final" thing.

How would the seller like it if I asked them to give me their "lowest and final" sell price?

Just a pet peeve I have... for a counter I expect the seller to negotiate with me and say something like "you offered $X and I'm willing to take $Y", not "you offered $X but you should counter with $X + as much more as you can".
Click to expand...

You could easily offer your "lowest and final" price to the seller.  Problem is the seller has 2 offers so they really have the upper hand in this situation.  Good for the seller, bad for the buyer.
Click to expand...

Then tell me what the highest offer is so I can decide if I want to match/beat it.

I was in the situation before where the seller did ask for best and final but they did tell us the highest current offer and it ended up selling for that price (I guess no one wanted to beat it).

I prefer transparency.
Click to expand...

Let's say that I told the buyer/s with the lower offer/s what the highest offer came in at so they might end up going up to the highest offer but then the buyer with the highest offer may come back with an even higher price.  I do tell agents generally around where the offers came in and how many offers there are.  As Woodburyowner mentioned, in a multiple offer situation the seller has leverage so I as their listing agent will to use that leverage to get my seller the highest and best offer that I can (the more offers, the more leverage there is for the seller).
 
USCTrojanCPA said:
I totally understand where you are coming from and my buyer clients don't like these type of counters either.  That being said, both offers are very close to each other with similar terms and equally qualified buyers so it'd be tough for the seller to just pick one over the other.  Plus some buyers don't put their best foot forward on their initial offer so it gives them a chance to think about what they feel comfortable going up.  What are your thoughts about this kind of counter in situations where there are multiple offers...."$XXX,XXX price or best offer"?
Click to expand...

Well... if you know your buyers don't like those kind of counters...  but yeah... I know... in this case you are representing the seller and they do like those kind of counters.

I would actually prefer what you said, tell me there are other offers (legit other offers, not fake other offers), a price that seller would sell at and a request for best offer if I can't meet that price.

Otherwise, all your listings shouldn't have a price on it... just put "Best and Final Offers Only" on them. :)
 
USCTrojanCPA said:
Let's say that I told the buyer/s with the lower offer/s what the highest offer came in at so they might end up going up to the highest offer but then the buyer with the highest offer may come back with an even higher price.  I do tell agents generally around where the offers came in and how many offers there are.  As Woodburyowner mentioned, in a multiple offer situation the seller has leverage so I as their listing agent will to use that leverage to get my seller the highest and best offer that I can (the more offers, the more leverage there is for the seller).
Click to expand...

I understand why you are doing it.

But as a buyer, I prefer to have some type of indication of how close I am to what the seller wants or to the price that will get me that home.

It's just like when you buy a new home, you know what the price is and you know how much you need to spend if you want upgrades. That's why people like to buy new.

In your scenario, I would just tell the buyers that there are multiple offers, the highest one is $X and all parties have been informed that you have to come in at $X or higher. If the seller, doesn't want to disclose what the highest offer is, then make $X a number that the seller would accept if someone matches it. If no one does, you can always go back to the highest offer.

I know that's easier said than done but at least the buyers know what type of price they are looking at and if they are in the ballpark or can budget to go higher if they really want the house.

As much as you provide a great service to your selling clients, I think buyers would have a better experience on the other side, appreciate your transparency and may remember you for future transactions.

But again, that's just my opinion (although your buyer clients have expressed the same thing).
 
irvinehomeowner said:
USCTrojanCPA said:
Let's say that I told the buyer/s with the lower offer/s what the highest offer came in at so they might end up going up to the highest offer but then the buyer with the highest offer may come back with an even higher price.  I do tell agents generally around where the offers came in and how many offers there are.  As Woodburyowner mentioned, in a multiple offer situation the seller has leverage so I as their listing agent will to use that leverage to get my seller the highest and best offer that I can (the more offers, the more leverage there is for the seller).
Click to expand...

I understand why you are doing it.

But as a buyer, I prefer to have some type of indication of how close I am to what the seller wants or to the price that will get me that home.

It's just like when you buy a new home, you know what the price is and you know how much you need to spend if you want upgrades. That's why people like to buy new.

In your scenario, I would just tell the buyers that there are multiple offers, the highest one is $X and all parties have been informed that you have to come in at $X or higher. If the seller, doesn't want to disclose what the highest offer is, then make $X a number that the seller would accept if someone matches it. If no one does, you can always go back to the highest offer.

I know that's easier said than done but at least the buyers know what type of price they are looking at and if they are in the ballpark or can budget to go higher if they really want the house.

As much as you provide a great service to your selling clients, I think buyers would have a better experience on the other side, appreciate your transparency and may remember you for future transactions.

But again, that's just my opinion (although your buyer clients have expressed the same thing).
Click to expand...

It's not just about X price. There are also terms like closing time frame, renting back and under what terms, financials of the buyers, etc.

My daughter bought a home a few years ago. There were multiple offers. They did not have the highest offer but they wrote a letter with a picture of her and her fianc?. The seller accepted their offer because they felt they would be long time owners. They had remodeled the house over many years and felt they would appreciate it more than the highest offer which was probably going to be a flip. That's what they told them anyway...... who knows if it was true.

When we sold our house I would have taken a lower offer if it was close to the one we sold to because that guy was a PITA the entire time but the other offer was not close enough. The fact we had another offer got him to raise his offer to a respectable level.
 
@R2D:

Sure, all those things factor in to how a seller and buyer decide... but all things being equal, price is usually the main driver which is why I like to know what kind of price to come in with in a multi-offer scenario.

Buyers hate to overpay and sellers hate to undersell.
 
This multiple offer thing where you can just say we have multiple offers and then not accept any of them seems like it's new since I sold my house in 1998 (could be wrong) but there is also something else that I'm pretty sure IS new and that is the buyer can walk away for no reason at all for 21 days and get back their entire deposit. That takes the house off the market for three weeks during which time the seller has some expenses with an open escrow and usually they are involved in purchasing another house themselves. (In our case, our house was a complete mess and in no condition to be seen by potential buyers during that 21 days. We had boxes everywhere, etc).

Previously the buyer had a commitment to purchase the house if there was no "reason" to back out or lose their deposit. If the seller agreed to fix anything that came up with the inspection or anything else the buyer found, they were obligated to buy it, but that is now gone. They can even get back their deposit and walk away if absolutely not one thing was found on the inspection.

If they agreed to remove contingencies by x date and they don't all the seller can do is send a demand letter but if they don't respond the seller either has to tell them they no longer wish to sell to them or just let the buyer get away with not taking contingencies off till it closes.

It's not all rosy for the seller so terms are a big deal to me. I'll take someone who looks like they are reasonable over a higher offer any day.
 
Ready2Downsize said:
This multiple offer thing where you can just say we have multiple offers and then not accept any of them seems like it's new since I sold my house in 1998 (could be wrong) but there is also something else that I'm pretty sure IS new and that is the buyer can walk away for no reason at all for 21 days and get back their entire deposit. That takes the house off the market for three weeks during which time the seller has some expenses with an open escrow and usually they are involved in purchasing another house themselves. (In our case, our house was a complete mess and in no condition to be seen by potential buyers during that 21 days. We had boxes everywhere, etc).

Previously the buyer had a commitment to purchase the house if there was no "reason" to back out or lose their deposit. If the seller agreed to fix anything that came up with the inspection or anything else the buyer found, they were obligated to buy it, but that is now gone. They can even get back their deposit and walk away if absolutely not one thing was found on the inspection.

If they agreed to remove contingencies by x date and they don't all the seller can do is send a demand letter but if they don't respond the seller either has to tell them they no longer wish to sell to them or just let the buyer get away with not taking contingencies off till it closes.

It's not all rosy for the seller so terms are a big deal to me. I'll take someone who looks like they are reasonable over a higher offer any day.
Click to expand...
The buyer holds all the cards. That is why it is so critical to choose a buyer who loves the home and will actually close the deal. They can change their mind up for 21 days without any penalty for no reason at all, simply on a whim. Definitely go with a buyer who will perform (cash buyer, larger down payment, shorter escrow, really wants the home, etc.) over trying to make a few more bucks with a less motivated or financially prepared buyer.
In this regard it is also critical that the buyer's agent is a full time realtor and not a novice or part-timer. My realtor was confident in the buyer we selected, and part of the reason is that the buyer's agent was familiar with the neighborhood and closed a lot of deals there before.  Since buyers are properly vetted financially and otherwise, you can be more confident that they'll perform.
 
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