New Listing - Las Ventanas Plan 1 SRF in Portola Springs (31 Seedling)

aquabliss said:
Hey USC just curious how this one is going?  Bidding war perhaps?
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I was meaning to post an update.....got a 3rd offer come in yesterday and all 3 buyers have been countered to submit best and final offers by tonight at 10pm (Friday).  I'll be meeting with the sellers on Saturday to go over all of the offers/counters and select the buyer to go into escrow with. 
 
Being on the other end, I don't like being told to "submit best and final".

I'd rather the seller come back with a counter so I know what they are looking for.
 
irvinehomeowner said:
Being on the other end, I don't like being told to "submit best and final".

I'd rather the seller come back with a counter so I know what they are looking for.
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This is confirmation that it is 2013 all over again.  I also hated "submit best and final" but from sellers point of view they want to get the maximum so I can see why they want to be ambiguous.  I also have experience where the sellers indicated a price point higher than the listing price in the counter and we matched it and didn't end up getting the house regardless.
 
I guess we could have done the same thing when we sold one of our homes that had multiple offers on it.

After the fact we thought that we might have got $5-10k more out of it had we done that but in the end we just accepted the one offer that was over list price (there were 2 below and one at... the one over was also an FCB who was putting the most down so we felt more secure with it).
 
Irvine Dream said:
irvinehomeowner said:
Being on the other end, I don't like being told to "submit best and final".

I'd rather the seller come back with a counter so I know what they are looking for.
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This is confirmation that it is 2013 all over again.  I also hated "submit best and final" but from sellers point of view they want to get the maximum so I can see why they want to be ambiguous.  I also have experience where the sellers indicated a price point higher than the listing price in the counter and we matched it and didn't end up getting the house regardless.
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You didn't get it, maybe you were going against an all cash offer.
 
The California Court Company said:
i don't like bidding wars that is why I prefer new construction. too many uncertainties in resale unless you overpay to win
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I bet you will take your statement back when you sell your house.
 
We didn't do best and final either.  All of our offers were at or above asking. We just picked the best offer which happened to be all cash, fastest close, ability to lease back for free and the highest. May have left $5-10k on the table but I valued the first 3 items more than the $.
 
@bones:

Lease back for free? I assume you meant you paid something... if not... that's awesome.

Without oversharing... was your buyer an FCB too?

So funny how I talked about FCBs years ago and was scoffed at and now most people accept the Legend of the FCB as a normal part of Irvine real estate.
 
irvinehomeowner said:
@bones:

Lease back for free? I assume you meant you paid something... if not... that's awesome.

Without oversharing... was your buyer an FCB too?

So funny how I talked about FCBs years ago and was scoffed at and now most people accept the Legend of the FCB as a normal part of Irvine real estate.
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Yea leaseback for free. And yea, FCB. Came to check up on us (and the house) once. Didn't speak a lick of engrish.
 
I totally get not liking "best and final" but when you have more than one offer and they are all close, it's sorta the most fair thing to do.  Reality is that a buyer's first offer is not going to be their highest offer 90% of the time (I expect from experience working with hundreds of buyers).  Most buyers will leave themselves room to go higher, especially when they don't know that there are multiple offers on the property.  Would you guys think the same way if the sellers countered everyone at $788k?  It would still do the same thing as sending out "best and final" because I would send out a multiple counter offer not a regular counter offer and let each buyer know that there are X number of offers.
 
If $788k was higher than any of the offers and that's what the seller expects, I would prefer that so I know that is what they are looking for.

Maybe even something like "$788k minimum and there are multiple offers" so I know that if I want to be in it, I need to at minimum offer $788k.

I guess I would prefer something like "there are multiple offers and we will not take lower than $X". I think a house we were looking at did that once and we knew that $X was above what we could afford.

But I understand what the seller is doing... I just don't really like it because it's not really a counter.

 
Nope. if there are multiple offers when we sell ours, I will give non-Asian last name priority. there is no law saying I need to be a equal housing seller. I want to sell to Caucasians.  whites are fleeing Irvine.

Just like I vote for Asian last names as Asians are underrepresented in politics



eyephone said:
The California Court Company said:
i don't like bidding wars that is why I prefer new construction. too many uncertainties in resale unless you overpay to win
Click to expand...

I bet you will take your statement back when you sell your house.
Click to expand...
 
irvinehomeowner said:
If $788k was higher than any of the offers and that's what the seller expects, I would prefer that so I know that is what they are looking for.

Maybe even something like "$788k minimum and there are multiple offers" so I know that if I want to be in it, I need to at minimum offer $788k.

I guess I would prefer something like "there are multiple offers and we will not take lower than $X". I think a house we were looking at did that once and we knew that $X was above what we could afford.

But I understand what the seller is doing... I just don't really like it because it's not really a counter.
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That's not a bad idea....might give that language as an option to sellers in the future.  Anyhow, when I was representing the buyer and I got countered with a "best and final" counter I just told the buyer to bid whatever they felt the home was worth to them.  At that point, I use my charm/negotiation skills with the listing agents to get the house.  There have been a few times where my buyers weren't the highest offer, but they ended up getting the house because I helped them to write a nice letter to the seller and/or the first buyer dropped out so the listing agent knew we were a solid back-up. 
 
I thought your all about making cash money, but wait you bought PBR. #nonprofit

The California Court Company said:
Nope. if there are multiple offers when we sell ours, I will give non-Asian last name priority. there is no law saying I need to be a equal housing seller. I want to sell to Caucasians.  whites are fleeing Irvine.

Just like I vote for Asian last names as Asians are underrepresented in politics



eyephone said:
The California Court Company said:
i don't like bidding wars that is why I prefer new construction. too many uncertainties in resale unless you overpay to win
Click to expand...

I bet you will take your statement back when you sell your house.
Click to expand...
Click to expand...
 
I like the "best and final offer" process, it reduce the time and energy on the dreaded back and forth negotiation between multiple parties.

But a lot of times, the buyer's "best and final offer" is not really their best and final offer. Buyer often hold back a little, wish they can save few grand and still get the house.  However USC really prep the buyer with this and tell all the buyers that this is really the best and final offer and no offers will be accepted after the deadline even if it is higher.

USC done a great job when he sold my house.  You should offer the maximum amount you are comfortable with and not penny more, USC said to one of the buyer regarding best and final offer and that particular buyer, he's best and final offer was $50k+ over my asking price. :)

 
lnc said:
I like the "best and final offer" process, it reduce the time and energy on the dreaded back and forth negotiation between multiple parties.

But a lot of times, the buyer's "best and final offer" is not really their best and final offer. Buyer often hold back a little, wish they can save few grand and still get the house.  However USC really prep the buyer with this and tell all the buyers that this is really the best and final offer and no offers will be accepted after the deadline even if it is higher.

USC done a great job when he sold my house.  You should offer the maximum amount you are comfortable with and not penny more, USC said to one of the buyer regarding best and final offer and that particular buyer, he's best and final offer was $50k+ over my asking price. :)
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Or maybe you just listed it too low? Wink :)
 
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