Author Topic: Where the market is - Buyer Offers  (Read 57450 times)

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Offline USCTrojanCPA

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Where the market is - Buyer Offers
« on: March 20, 2021, 08:55:38 PM »
I got some good feedback from some of the folks on here from my post where I listed out the offers that I made on behalf of my buyers.  This should provide some good insight as to what is going on in the market for everyone from a buyer's perspective.

Today I submitted offers on the following 3 properties...

https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

https://www.redfin.com/CA/Mission-Viejo/26261-Verona-Pl-92692/home/5031784

https://www.redfin.com/CA/Irvine/43-Garden-Ter-92603/home/5901366

Offers on the first 2 homes were materially over the list price while the offer on the last home was under the list price as it's been sitting on the market for a while.  Hopefully I can help all 3 buyers get these homes.
« Last Edit: March 20, 2021, 11:25:58 PM by USCTrojanCPA »
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Offline Cornflakes

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Re: Where the market is - Buyer Offers
« Reply #1 on: March 21, 2021, 12:30:15 AM »
I got some good feedback from some of the folks on here from my post where I listed out the offers that I made on behalf of my buyers.  This should provide some good insight as to what is going on in the market for everyone from a buyer's perspective.

Today I submitted offers on the following 3 properties...

https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

https://www.redfin.com/CA/Mission-Viejo/26261-Verona-Pl-92692/home/5031784

https://www.redfin.com/CA/Irvine/43-Garden-Ter-92603/home/5901366

Offers on the first 2 homes were materially over the list price while the offer on the last home was under the list price as it's been sitting on the market for a while.  Hopefully I can help all 3 buyers get these homes.

My guestimate is that Pollena home would go 100k above asking. And if there is serious bidding war, upto 150k above asking.

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Offline irvinehomeowner

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Re: Where the market is - Buyer Offers
« Reply #2 on: March 21, 2021, 05:37:34 PM »
Oh the Irvine pain!!!! :)
Once you go 3-car garage... your junk can never go back.
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Offline greatname

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Re: Where the market is - Buyer Offers
« Reply #3 on: March 21, 2021, 09:05:39 PM »
I got some good feedback from some of the folks on here from my post where I listed out the offers that I made on behalf of my buyers.  This should provide some good insight as to what is going on in the market for everyone from a buyer's perspective.

Today I submitted offers on the following 3 properties...

https://www.redfin.com/CA/Irvine/11-Pollena-92602/home/5814724

https://www.redfin.com/CA/Mission-Viejo/26261-Verona-Pl-92692/home/5031784

https://www.redfin.com/CA/Irvine/43-Garden-Ter-92603/home/5901366

Offers on the first 2 homes were materially over the list price while the offer on the last home was under the list price as it's been sitting on the market for a while.  Hopefully I can help all 3 buyers get these homes.


I saw the last one. it was a hassle to get to see as the selling agent insisted on proof of funds beforehand, which was a turnoff. I thought the house was older than its "biological" age. Maybe with some remodeling  might be ok. I did not put an offer.

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #4 on: March 22, 2021, 09:16:21 PM »
Quick update on the homes...

Got my buyer the 11 Pollena home with a strong price and aggressive terms (no appraisal and no loan contingency and removal of all contingencies in 9 days) with a 24-hour response deadline.  The seller was supposed to review all offers (they had 9) on Tuesday.  They also wrote a nice letter to the seller that they could really relate to and I've worked with the listing on a few previous transactions which went very smoothly.  Having good working relationships with agents does matter!

Got outbid on the Mission Viejo.  My buyer bid $1.19m on the best and final counter but got outbid with someone offering $1.25m (crazy high for that home).  There were 6 offers on this home.

Also ending up getting the Garden Terrace home for my client after a round of counters with a very stubborn owner/listing agent.  She was going to take the home off the market this coming week to do upgrades and then re-listing it in 2-3 months for $2.75m. 
Martin Mania, CPA
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #5 on: March 22, 2021, 09:19:10 PM »
I made an offer above the list price for this Tustin Ranch home earlier tonight for another buyer....

https://www.redfin.com/CA/Tustin/10650-Costello-Dr-92782/home/4774377

They are reviewing offers on Tuesday and we'll probably get a best and final counter unless some motivated cash buyer came in with a high bid.

Martin Mania, CPA
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Offline HMart

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Re: Where the market is - Buyer Offers
« Reply #6 on: March 23, 2021, 02:00:36 AM »
Enjoying this thread and seeing your thought process, as well as the deal terms (to the extent you feel comfortable sharing). Thanks!

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #7 on: March 23, 2021, 09:44:58 AM »
Enjoying this thread and seeing your thought process, as well as the deal terms (to the extent you feel comfortable sharing). Thanks!

Yeah, I got some really positive feedback from a few folks on here when I posted about the offers that I made on 4 homes in the other thread so I figured it'd be informative to everyone to see home by home on how competitive the market really is and what it takes to get my buyers into escrow.  Obviously I'll share as much information without putting my buyer's offer at a disadvantage.  I will share more information on each of the homes as we get closer to the finish line. 
Martin Mania, CPA
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #8 on: March 23, 2021, 09:51:47 AM »
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher. 
Martin Mania, CPA
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mmania001@yahoo.com
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Online talkirvine

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Re: Where the market is - Buyer Offers
« Reply #9 on: March 23, 2021, 11:40:32 AM »
I made an offer for another buyer on this home back on March 3rd and it was interesting on it played out.

https://www.redfin.com/CA/Irvine/104-Summer-Lilac-92620/home/112721589

I told my buyer that a fair range price for this home was $1.475m to $1.5m.  So we started with an initial offer of $1.475m with no appraisal contingency and removing all contingencies in 14 days along with a 40% down payment.  My clients were ready to potentially go up to $1.5m on a best & final counter.  The listing agent texts me the next morning and apologizes to me saying that his seller accepted a slightly higher offer than ours despite him strongly recommending that they at least do a seller multiple counter to the top 2-3 buyers (we had the 2nd highest offer).  I think the home will close right around $1.5m.  The takeaway from this experience is don't hold back too much on your initial offer because you may not get another chance to bid higher.

How about this strategy for buyers. The first day, search online and narrow down to 10 houses to visit in person the second day. On the second day, visit all 10 houses. If there are 8 houses the buyer likes, then submit 8 offers for all 8 houses, and negotiate with all 8 sellers at the same time. If eventually one offer works out and is accepted, then cancel the other 7 offers right away. 

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Offline irvinehomeowner

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Re: Where the market is - Buyer Offers
« Reply #10 on: March 23, 2021, 11:44:04 AM »
Me like this thread too.

I can live vicariously through this thread since I am off the market. :)
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Offline hurijo

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Re: Where the market is - Buyer Offers
« Reply #11 on: March 23, 2021, 11:51:48 AM »
Appreciate all the info being shared in this thread. Very interesting read.

Offline Soylent Green Is People

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Re: Where the market is - Buyer Offers
« Reply #12 on: March 23, 2021, 01:45:50 PM »
Amazingly difficult out there.

A buyer I'm working with hoped to purchase this $900k listing. They offered 11% over list - just past the $1m mark from the get go but did not succeed.

https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222

It closed at a 30% over list at an " unsupported by closed comparables" price of $1.2m.

Someone must see greater potential in this property than others. 
My .02c

SGIP

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Online talkirvine

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Re: Where the market is - Buyer Offers
« Reply #13 on: March 23, 2021, 02:46:56 PM »
Amazingly difficult out there.

A buyer I'm working with hoped to purchase this $900k listing. They offered 11% over list - just past the $1m mark from the get go but did not succeed.

https://www.redfin.com/CA/Santa-Ana/18622-Beachmont-Ave-92705/home/4450222

It closed at a 30% over list at an " unsupported by closed comparables" price of $1.2m.

Someone must see greater potential in this property than others.

Just from the pictures of the kitchen, I think it is purchased by a flipper. This property needs major renovation. No ordinary homeowners would like to cook in that kitchen.

Offline Soylent Green Is People

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Re: Where the market is - Buyer Offers
« Reply #14 on: March 23, 2021, 03:04:13 PM »
Even with the $150-$200k of work needed, it's still not a $1.5 valued home given nearby comparables. Methinks it's going to be flattened and subdivided. Who knows!
My .02c

SGIP

 

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