New Listing - Gallery Collection @ Sorrento 3CWG home (4836 Tremezzo in Cypress)

irvinehomeowner said:
The question everyone isn't asking is "Are the offers below, at or above list?".
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Since I answered that question already for realtors and other perceptive buyers....the answer is that all 3 offers are above list price but none are all cash.
 
We had 2 more offers come in today.  Seller sending out best and final multiple counter to all 5 buyers due back on Tuesday at 10pm.
 
Buyer has signed loan documents and we are set to close either Thursday or Friday.  We got a bit delayed due no termite companies being able to schedule repair work for 2-3 weeks and the lending wanting termite clearance before they fund the loan. 
 
USCTrojanCPA said:
irvinehomeowner said:
The question everyone isn't asking is "Are the offers below, at or above list?".
Click to expand...
Since I answered that question already for realtors and other perceptive buyers....the answer is that all 3 offers are above list price but none are all cash.
Click to expand...

I like non cash offers...it means they have jobs in America and not some foreigner parking money with no roots here.
 
zubs said:
USCTrojanCPA said:
irvinehomeowner said:
The question everyone isn't asking is "Are the offers below, at or above list?".
Click to expand...
Since I answered that question already for realtors and other perceptive buyers....the answer is that all 3 offers are above list price but none are all cash.
Click to expand...

I like non cash offers...it means they have jobs in America and not some foreigner parking money with no roots here.
Click to expand...
Actually there was a total of 7 offers on the house, one was an all cash buyer but a white cash buyer.  That being said, they didn't come up high enough to beat out the financed buyer. 
 
Got word from escrow that the transaction has recorded/closed.  Congrats to the buyer and seller.  There were 7 total offers (including an all cash offer) that all went above asking price.  The initial closing price was going to be $908,000 (basically near peak pricing for the neighborhood) but the buyer was also the buyer's agent so she requested to use her $22,700 commission to reduce the price.  As such, the adjusted closing price is $885,300 ($908,000 minus $22,700). 
 
irvinehomeowner said:
Was the buyer also Asian? :)

So many 8s (surprised the final closing price wasn't $888,888).
Click to expand...
Yes they were....their offer was $908,000 which was the highest offer.  The wife was an active realtor so she requested that her 2.5% buyer agent commission be used to lower the sales price.  $908k x 2.5% = 22,700 hence how we ended up at $885,300.  They would have needed to go up to $911,672 in order to get to an adjusted price of $888,888 with the 2.5% commission.  haha
 
USCTrojanCPA said:
They would have needed to go up to $911,672 in order to get to an adjusted price of $888,888 with the 2.5% commission.  haha
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$911,680 but whatevs.
 
USCTrojanCPA said:
Got word from escrow that the transaction has recorded/closed.  Congrats to the buyer and seller.  There were 7 total offers (including an all cash offer) that all went above asking price.  The initial closing price was going to be $908,000 (basically near peak pricing for the neighborhood) but the buyer was also the buyer's agent so she requested to use her $22,700 commission to reduce the price.  As such, the adjusted closing price is $885,300 ($908,000 minus $22,700). 
Click to expand...

Does this type of transaction hurt comps in the neighborhood since the recorded price is actually $885k, not $908k?  Or will an appraiser check on this price and realize that the commission was used to reduce the selling price?
 
woodburyowner said:
USCTrojanCPA said:
Got word from escrow that the transaction has recorded/closed.  Congrats to the buyer and seller.  There were 7 total offers (including an all cash offer) that all went above asking price.  The initial closing price was going to be $908,000 (basically near peak pricing for the neighborhood) but the buyer was also the buyer's agent so she requested to use her $22,700 commission to reduce the price.  As such, the adjusted closing price is $885,300 ($908,000 minus $22,700). 
Click to expand...

Does this type of transaction hurt comps in the neighborhood since the recorded price is actually $885k, not $908k?  Or will an appraiser check on this price and realize that the commission was used to reduce the selling price?
Click to expand...
I disclosed it in the concession comments of the MLS listing before I hit the SOLD button.  It states in there that there was a $22,700 concession via the buyer (being the buyer's agent) applying the commission against the purchase price.  Appraisers should use the $908k as the true market value, whether they will or will the lender/s allow them to....that's a completely different story. 
 
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