Author Topic: Where the market is - Buyer Offers  (Read 57240 times)

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Offline Kick53rv3

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Re: Where the market is - Buyer Offers
« Reply #285 on: July 14, 2021, 03:05:54 PM »
With this hot market how are the appraisals? We had our offer accepted but it was $80k higher than the same floor plan sold 3 month ago. Now worried about appraisal not keeping up with the market  :(

Offline irvineband

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Re: Where the market is - Buyer Offers
« Reply #286 on: July 14, 2021, 04:53:06 PM »
Do you mean you continued to increase your offer from your original contract? Are you seeing more negotiation occurring vs sellers just taking the highest offer straight away?


Submitted an offer on this home for one of my buyers yesterday...

https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507

Got this one into escrow after a few counters.

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #287 on: July 14, 2021, 05:04:56 PM »
Do you mean you continued to increase your offer from your original contract? Are you seeing more negotiation occurring vs sellers just taking the highest offer straight away?


Submitted an offer on this home for one of my buyers yesterday...

https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507

Got this one into escrow after a few counters.

Seller sent out best and final counters, we replied back asking if we can go higher and my client decided to bump the price up a little more.
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Offline Cares

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Re: Where the market is - Buyer Offers
« Reply #288 on: July 14, 2021, 08:39:58 PM »
With this hot market how are the appraisals? We had our offer accepted but it was $80k higher than the same floor plan sold 3 month ago. Now worried about appraisal not keeping up with the market  :(

A good/smart appraiser understands the market and usually will make an appraisal "work" unless the price is just too far out of the tolerance level.

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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #289 on: July 20, 2021, 08:29:05 PM »
With this hot market how are the appraisals? We had our offer accepted but it was $80k higher than the same floor plan sold 3 month ago. Now worried about appraisal not keeping up with the market  :(

A good/smart appraiser understands the market and usually will make an appraisal "work" unless the price is just too far out of the tolerance level.

The problem is that there is a lack of good/smart appraisers. I find that I have to lead them by the hand by giving them the appropriate comps as well as providing them detailed cost summary of upgrades on a home that has been remodeled.
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #290 on: July 20, 2021, 08:30:36 PM »
Got this home into escrow for a buyer with an unlimited price escalation clause during counters...

https://www.redfin.com/CA/Irvine/22-Entrada-E-92620/home/4785789
Martin Mania, CPA
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Offline akula1488

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Re: Where the market is - Buyer Offers
« Reply #291 on: July 20, 2021, 09:03:50 PM »
Does the seller disclose the bona fide offer that triggers the escalation? Hopefully the bona fide offer is real not from seller agent's friend

Got this home into escrow for a buyer with an unlimited price escalation clause during counters...

https://www.redfin.com/CA/Irvine/22-Entrada-E-92620/home/4785789

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #292 on: July 20, 2021, 09:26:48 PM »
Does the seller disclose the bona fide offer that triggers the escalation? Hopefully the bona fide offer is real not from seller agent's friend

Got this home into escrow for a buyer with an unlimited price escalation clause during counters...

https://www.redfin.com/CA/Irvine/22-Entrada-E-92620/home/4785789

Yes, the listing agent sent me the highest offer that came in and then we replied with a new counter with the exact price (required for the lender and escrow). 
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Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #293 on: July 29, 2021, 09:57:40 AM »
Not Irvine but I ran into an interesting situation on this Tustin Legacy listing that I submitted an offer for on behalf of my buyer.

https://www.redfin.com/CA/TUSTIN/7-VICTORY-RD-92782/home/112720405

The home was listing for $1.75m and we submitted an offer offer of $1.76m then countered back with $1.78m along with an unlimited price escalation clause.  Apparently there was another buyer who also submitted a counter with an unlimited price escalation clause so the listing agent instructed myself and the other agent to come back with a max price for the escalation.  Well, we ended up getting the home for $1.805m as that was the escalated amount above the other buyer's maximum amount. 
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Offline irvinehomeowner

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Re: Where the market is - Buyer Offers
« Reply #294 on: July 29, 2021, 05:25:41 PM »
Man... the phrase "escalation clause" would cause riots on the IHB 15 years ago. Their favorite phrase was "falling knife".
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Offline daedalus

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Re: Where the market is - Buyer Offers
« Reply #295 on: July 29, 2021, 09:39:48 PM »
Don't forget the "unlimited" part.  That's the bigger WTF here.

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Re: Where the market is - Buyer Offers
« Reply #296 on: July 29, 2021, 10:01:28 PM »
Don't forget the "unlimited" part.  That's the bigger WTF here.
2020 stock market gains and the government bailout of the housing market created this.

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Re: Where the market is - Buyer Offers
« Reply #297 on: July 30, 2021, 08:37:18 AM »
Don't forget the "unlimited" part.  That's the bigger WTF here.

Well it's limited in the sense that another legitimate party has to have made an offer to beat. It's not that they would pay $3M for a $1.5M home.

Offline USCTrojanCPA

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Re: Where the market is - Buyer Offers
« Reply #298 on: July 30, 2021, 11:09:59 AM »
Don't forget the "unlimited" part.  That's the bigger WTF here.

Well it's limited in the sense that another legitimate party has to have made an offer to beat. It's not that they would pay $3M for a $1.5M home.

Yeah, my client had a limit in their head for the home and that was $1.84m.  First time I ran into a situation where there were 2 buyers with unlimited escalation clauses. 
Martin Mania, CPA
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Offline Compressed-Village

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Re: Where the market is - Buyer Offers
« Reply #299 on: July 30, 2021, 11:11:42 AM »
Don't forget the "unlimited" part.  That's the bigger WTF here.
2020 stock market gains and the government bailout of the housing market created this.


FED induced assets hyper inflated. End the FED puts and you will begin to start a normalize markets. Will it happen? I don’t think so.

Good, until seller turn to buyers. More and more sellers pulled their listing because for what they sell , can’t buy back without a blacked eyes or getting their teeth knock out.


 

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