126 Arden in Northwood Pointe...the frustration continues!

usctrojanman29_IHB

usctrojanman29_IHB

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As I'm sure most of you guys know that IR profiled <a href="http://www.irvinehousingblog.com/blog/comments/126-arden-65-northwood-irvine/#more">126 Arden in Northwood Pointe</a> on the blog. Last week I put an offer in for one of my buyers a good bit above the asking price (based upon closed comps). So fast forward to this morning....I get a call from the listing agent. She has good news and some bad news for me. The good news, my buyers had the highest offer on the property. The bad news, the seller (the bank) decided to accept the 5th highest offer which was an all cash offer and that puts my buyers's offer as the back-up offer. First my buyers get outbid and now this...wow, just wow.
 
[quote author="SoCal78" date=1254309974]Were your buyers going to use financing?</blockquote>
Yes, pre-approved with a direct lender and putting a large down payment in. I even included a 28 day close.
 
[quote author="USCTrojanCPA" date=1254308388]As I'm sure most of you guys know that IR profiled <a href="http://www.irvinehousingblog.com/blog/comments/126-arden-65-northwood-irvine/#more">126 Arden in Northwood Pointe</a> on the blog. Last week I put an offer in for one of my buyers a good bit above the asking price (based upon closed comps). So fast forward to this morning....I get a call from the listing agent. She has good news and some bad news for me. The good news, my buyers had the highest offer on the property. The bad news, the seller (the bank) decided to accept the 5th highest offer which was an all cash offer and that puts my buyers's offer as the back-up offer. First my buyers get outbid and now this...wow, just wow.</blockquote>


Must be FCB, can you confirm this?
 
[quote author="irvinebullhousing" date=1254311991][quote author="USCTrojanCPA" date=1254308388]As I'm sure most of you guys know that IR profiled <a href="http://www.irvinehousingblog.com/blog/comments/126-arden-65-northwood-irvine/#more">126 Arden in Northwood Pointe</a> on the blog. Last week I put an offer in for one of my buyers a good bit above the asking price (based upon closed comps). So fast forward to this morning....I get a call from the listing agent. She has good news and some bad news for me. The good news, my buyers had the highest offer on the property. The bad news, the seller (the bank) decided to accept the 5th highest offer which was an all cash offer and that puts my buyers's offer as the back-up offer. First my buyers get outbid and now this...wow, just wow.</blockquote>


Must be FCB, can you confirm this?</blockquote>
I can check the last name after the property closes.
 
With inventory so low in Irvine, REO properties are getting multiple bids. IMHO, I would not want to play in a multiple bid scenario, given future REO activity coming to the city. Hopefully by this time next year there will be significantly more REO inventory in Irvine and no need to clamor for an REO property.
 
[quote author="koolrans" date=1256264450]This property closed for 700K. Can anyone confirm this?</blockquote>
Yes, the property closed for $700k on 10/16/09 to a CASH buyer. My buyer's offer was for $735k.
 
700k cash..wow..what will be the net worth of an individual(not a flipper) willing to put 700k cash, atleast 2 million? The reality would be that the owner must have put more than 50 - 70% of his life savings to buy the house(or as some of the blogs mention that the certain communities pool resources to help buy a house)...college savings, rainy day funds etc have lost their meaning.



[quote author="USCTrojanCPA" date=1256268702][quote author="koolrans" date=1256264450]This property closed for 700K. Can anyone confirm this?</blockquote>
Yes, the property closed for $700k on 10/16/09 to a CASH buyer. My buyer's offer was for $735k.</blockquote>
 
[quote author="mike in irvine" date=1256339473]700k cash..wow..what will be the net worth of an individual(not a flipper) willing to put 700k cash, atleast 2 million? The reality would be that the owner must have put more than 50 - 70% of his life savings to buy the house(or as some of the blogs mention that the certain communities pool resources to help buy a house)...college savings, rainy day funds etc have lost their meaning.



[quote author="USCTrojanCPA" date=1256268702][quote author="koolrans" date=1256264450]This property closed for 700K. Can anyone confirm this?</blockquote>
Yes, the property closed for $700k on 10/16/09 to a CASH buyer. My buyer's offer was for $735k.</blockquote></blockquote>
My guess would be that they depleted 70-80% of their cash reserves.
 
[quote author="USCTrojanCPA" date=1256339590][quote author="mike in irvine" date=1256339473]700k cash..wow..what will be the net worth of an individual(not a flipper) willing to put 700k cash, atleast 2 million? The reality would be that the owner must have put more than 50 - 70% of his life savings to buy the house(or as some of the blogs mention that the certain communities pool resources to help buy a house)...college savings, rainy day funds etc have lost their meaning.



[quote author="USCTrojanCPA" date=1256268702][quote author="koolrans" date=1256264450]This property closed for 700K. Can anyone confirm this?</blockquote>
Yes, the property closed for $700k on 10/16/09 to a CASH buyer. My buyer's offer was for $735k.</blockquote></blockquote>
My guess would be that they depleted 70-80% of their cash reserves.</blockquote>


what's the basis for your guess? Ill will?
 
[quote author="tkaratz" date=1256456348][quote author="USCTrojanCPA" date=1256339590][quote author="mike in irvine" date=1256339473]700k cash..wow..what will be the net worth of an individual(not a flipper) willing to put 700k cash, atleast 2 million? The reality would be that the owner must have put more than 50 - 70% of his life savings to buy the house(or as some of the blogs mention that the certain communities pool resources to help buy a house)...college savings, rainy day funds etc have lost their meaning.



[quote author="USCTrojanCPA" date=1256268702][quote author="koolrans" date=1256264450]This property closed for 700K. Can anyone confirm this?</blockquote>
Yes, the property closed for $700k on 10/16/09 to a CASH buyer. My buyer's offer was for $735k.</blockquote></blockquote>
My guess would be that they depleted 70-80% of their cash reserves.</blockquote>


what's the basis for your guess? Ill will?</blockquote>
Just a guestimate on my part for 2 reasons....1) They would have bid higher if they had more cash and 2) They would have bought an SFR instead of this detached condo if they had more cash
 
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