Author Topic: Where the market is - Buyer Offers  (Read 46137 times)

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Offline talkirvine

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Re: Where the market is - Buyer Offers
« Reply #255 on: June 07, 2021, 11:26:12 AM »
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Wow, very brave to be a buyer in today's market. What makes you decide to buy in today's market, which we all know is a seller's market. Don't you want to wait until the market cools down? I am just curious to know.

It's more of an issue for me finding the right unicorn home (single-story with a 3-car garage that has a larger lot in Irvine) and those homes ust don't come to market very often. The next home that I do purchase I plan on living there longer term home so I'm not overly concerned if we get a correction in pricing because I'm buying within my means. I honestly don't believe that you'll see much of a correction, if any, as this feels more like 2013 than 2006.

I remember you are going to have landscaping done on your current house. How is that going? If you buy a house now, won't that landscaping be for next owner's benefit?

Offline Sidehussle

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Re: Where the market is - Buyer Offers
« Reply #256 on: June 07, 2021, 03:43:51 PM »
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Offline zubs

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Re: Where the market is - Buyer Offers
« Reply #257 on: June 09, 2021, 02:38:56 PM »
King crab legs @ Costco is $33.99/ LB now.
It was $28.99/LB in JAN.
It was $19.99/LB in 2010.

That is some bullshit.  >:(

I'm getting priced out of crab faster than I am Orange County real estate!

To be fair,

CA min wage:
2010 ~ $8.00/hour
2021 ~ $14.00/hour
75% increase in wages!

King Crab legs only went up 70%...so we are copacetic.

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #258 on: June 10, 2021, 10:45:28 PM »
Martin Mania, CPA
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #259 on: June 11, 2021, 10:18:20 PM »
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980

My 15 Alba buyer didn't get it despite going up to $1,241,000 using an escalation clause. 
Martin Mania, CPA
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mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Ready2Downsize

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Re: Where the market is - Buyer Offers
« Reply #260 on: June 12, 2021, 10:32:24 AM »
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980

My 15 Alba buyer didn't get it despite going up to $1,241,000 using an escalation clause.

Is an escalation clause something like we will match or beat by x the best offer up to y amt?

Offline Ready2Downsize

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Re: Where the market is - Buyer Offers
« Reply #261 on: June 12, 2021, 10:47:10 AM »
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Are FCB in the equation here? I mean in general, not just for this home.
« Last Edit: June 12, 2021, 11:18:50 AM by Ready2Downsize »

Offline akula1488

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Re: Where the market is - Buyer Offers
« Reply #262 on: June 12, 2021, 12:36:18 PM »
Made offers and submitted best & final counters on these 2 homes for 2 buyers...

https://www.redfin.com/CA/Irvine/15-Alba-W-92620/home/4785616

https://www.redfin.com/CA/Irvine/102-Catalonia-92618/home/58551980

My 15 Alba buyer didn't get it despite going up to $1,241,000 using an escalation clause.

Is an escalation clause something like we will match or beat by x the best offer up to y amt?

Initial offer X, will beat the other best bona fide offer by Y amount up to Z. Usually ask seller to show proof of the bona fide offer.
However, unethical sellers or agents can easily create these bona fide offers to force escalation to maximum. So might as well as offer maximum without escalation clause.

Unless you want to do a escalation clause with all cash and without cap, waive all contingencies. Then you are very likely to win.

Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #263 on: June 12, 2021, 10:42:17 PM »
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Are FCB in the equation here? I mean in general, not just for this home.

In my transactions I would say very very few. Specially for China it is near impossible to get money out without a tremendous amount of fees and illegal activity. At this point too, I'm not sure any Chinese people want to buy in the US with COVID etc.

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #264 on: June 13, 2021, 12:52:39 PM »
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Man that's tough w/bid coming in 2 hours before offer deadline. reminds me of my many failed ebay bidding attempts but those were for small camera parts purchases, not $2M plus homes!

Are FCB in the equation here? I mean in general, not just for this home.

In my transactions I would say very very few. Specially for China it is near impossible to get money out without a tremendous amount of fees and illegal activity. At this point too, I'm not sure any Chinese people want to buy in the US with COVID etc.

I've seen a handful of offers from FCBs on my listings but the money was already sitting in Chinese friendly US banks (Cathy Bank, Sterling Bank, East West Bank, etc). 
Martin Mania, CPA
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Ready2Downsize

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Re: Where the market is - Buyer Offers
« Reply #265 on: June 13, 2021, 04:29:53 PM »
I was wondering if they were even here due to Covid. So do you think it will be hard in the future to get the cash here after they return post covid? Could REALLY make the market difficult for others.

Offline sleepy5136

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Re: Where the market is - Buyer Offers
« Reply #266 on: June 13, 2021, 06:53:04 PM »
I was wondering if they were even here due to Covid. So do you think it will be hard in the future to get the cash here after they return post covid? Could REALLY make the market difficult for others.
I can speak from my relatives experiences who bought a home recently and have outside $$ from China. But keep in mind this is only related to $$ from Macau and not mainland China. In a nutshell, depending on what bank you have, they have different rules/policies. For example, one bank only allowed deposits of < 50k. If it exceeds, one will need to provide proof on what the funds will be used for. If it's to buy a home, they will need a letter from escrow. So as you can see, it wouldn't be possible to do that in this market. You could probably do multiple transfers of increments of $45k or something but it could look suspicious and the donors accounts may be flagged. Bank of China also had a 50k limit before needing to provide proof of purchase.

I would say it would be even more strict if you're trying to transfer from mainland China to the US. It's already hard right now so I don't see this changing in the near future.

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #267 on: June 13, 2021, 10:42:03 PM »
I was wondering if they were even here due to Covid. So do you think it will be hard in the future to get the cash here after they return post covid? Could REALLY make the market difficult for others.
I can speak from my relatives experiences who bought a home recently and have outside $$ from China. But keep in mind this is only related to $$ from Macau and not mainland China. In a nutshell, depending on what bank you have, they have different rules/policies. For example, one bank only allowed deposits of < 50k. If it exceeds, one will need to provide proof on what the funds will be used for. If it's to buy a home, they will need a letter from escrow. So as you can see, it wouldn't be possible to do that in this market. You could probably do multiple transfers of increments of $45k or something but it could look suspicious and the donors accounts may be flagged. Bank of China also had a 50k limit before needing to provide proof of purchase.

I would say it would be even more strict if you're trying to transfer from mainland China to the US. It's already hard right now so I don't see this changing in the near future.

There are ways around those limits but it costs money and takes effort...think Hong Kong and/or HSBC.  Also, many FCBs use those chinese US banks to get asset based loan (LTV < 50%) with 3-5 ARM loans with interest rates around 2% higher than market.  My guess is that within that time period they can transfer over enough cash to pay off the loan in full.
Martin Mania, CPA
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #268 on: June 14, 2021, 01:48:21 PM »
Put in offers for

https://www.redfin.com/CA/Irvine/28-Fanpalm-92620/home/28931864
Rejected off the bat because sellers are looking for asking price or higher. This is a vacant vacation home for them and they are pretty wealthy and don't need to sell. They are holding out for the right price.

https://www.redfin.com/CA/Irvine/29-Cassidy-92620/home/28931872
Working on counters right now.

https://www.redfin.com/CA/Irvine/75-Crater-92618/home/167386296
House is well maintained and tastefully upgraded but highly overpriced. Offered under asking, let's see how it goes.

20 Gazebo is still sitting there on the market with the agent stubbornly telling everyone to raise their price but never went into escrow for 1 month now.

Offline irviniteeee

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Re: Where the market is - Buyer Offers
« Reply #269 on: June 15, 2021, 12:07:51 PM »
Put offers on these two homes this week...

This was for my myself, I put in an offer of $2,205,000 and I was the highest offer until they got a last minute offer at $2,230,000 came in 2 hours before the offer deadline and I'm the first back-up buyer.  Home was being sold "as-is" with no repairs and no termite repairs.  I was going back and forth on whether to offer $2,250,000 or not but the home needs a full gut remodel so I opted for $2,205,000 instead.  The search continues for me.

https://www.redfin.com/CA/Irvine/5722-Kingsford-Ter-92603/home/4741419

For one of my clients, I put a full priced offer on this Eastwood detached condo and we signed the seller counter today so we'll be opening escrow on Monday.

https://www.redfin.com/CA/Irvine/52-Gust-92602/home/143912144

Oh come on! That Kingsford Ter situation really sucks. I love that tract too. Maybe you'll find another one up there!

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