banked owned is so competitive!

L

littlekitty_IHB

New member
I offered $5700 more than the asking price on a SFH in woodbridge. asking price is 456K. My offer is 20% down, and I have pre-approval of 650K loan from countrywide, but my realtor told me, the bank chose someone else last week, there were 11 offers in 2 days. :down: while everyone is saying the housing price is still going down, but in Irvine, good deals are still so hard to get. I am wondering how much more I have to offer for bank owned.
 
My $.02 - 1.) Be patient 2.) Deals will be here for a long time 3.) No need to pay over list price in this market REO or non REO, period. Keep your 20% and pre-qual recent and just be patient from now until a long time for more deals to pop up, and they will.
 
[quote author="littlekitty" date=1226979926]I offered $5700 more than the asking price on a SFH in woodbridge. asking price is 456K. My offer is 20% down, and I have pre-approval of 650K loan from countrywide, but my realtor told me, the bank chose someone else last week, there were 11 offers in 2 days. :down: while everyone is saying the housing price is still going down, but in Irvine, good deals are still so hard to get. I am wondering how much more I have to offer for bank owned.</blockquote>
Kitty, let the prices come to you...don't chase them. In the next few years, prices in Irvine will probably be down 20-30% from current levels, just be patient. To make yourself feel better, check out the rental parity on that property. Add up all of your expenses if you had bought the house (mortgage, hoa, property taxes, insurance, etc) and compare that what the rent you'd be paying if you rented a similar home. I'll bet you that the cost of ownership is still significantly greater than renting.
 
$460k for a place in Woodbridge will most likely be under $400k within a year or two. I know it is difficult, but patience is the best course of action.
 
I, too, am feeling impatience nagging at me. But then I remind myself of how much extra dough I am pocketing each month by renting instead of owning, and it restores my patience.
 
My co-worker made an offer for a bank owned property in Northwood few months ago. The asking price was $689k. His offer was $750k. There were 11 offers in all, and the final winning bid was $869k. He was told that's 10k more than what was owed to the bank. Go figure that! :roll:
 
[quote author="Allison C." date=1226995409]My co-worker made an offer for a bank owned property in Northwood few months ago. The asking price was $689k. His offer was $750k. There were 11 offers in all, and the final winning bid was $869k. He was told that's 10k more than what was owed to the bank. Go figure that! :roll:</blockquote>


so what is the place worth now? do you have the address? Can you get the address? lets look it up.
 
[quote author="jbatzmaru" date=1226996728][quote author="Allison C." date=1226995409]My co-worker made an offer for a bank owned property in Northwood few months ago. The asking price was $689k. His offer was $750k. There were 11 offers in all, and the final winning bid was $869k. He was told that's 10k more than what was owed to the bank. Go figure that! :roll:</blockquote>


so what is the place worth now? do you have the address? Can you get the address? lets look it up.</blockquote>


Is it 26 shadowplay that IR profiled back in July?
 
[quote author="High Gravity" date=1226996905][quote author="jbatzmaru" date=1226996728][quote author="Allison C." date=1226995409]My co-worker made an offer for a bank owned property in Northwood few months ago. The asking price was $689k. His offer was $750k. There were 11 offers in all, and the final winning bid was $869k. He was told that's 10k more than what was owed to the bank. Go figure that! :roll:</blockquote>


so what is the place worth now? do you have the address? Can you get the address? lets look it up.</blockquote>


Is it 26 shadowplay that IR profiled back in July?</blockquote>


No, it is in the little patch- intersection Irvine Blvd. and Yale, before Culver. I don't have the exact address. Sorry.
 
[quote author="No_Such_Reality" date=1227008987]REOs are trendy.



Just like flipping was trendy.



Give it time.</blockquote>


I think you have a good point, NSR. It seems like they are the novelty item of the day. Let's see what happens once the "perceived value" wears off.
 
[quote author="No_Such_Reality" date=1227008987]REOs are trendy.



Just like flipping was trendy.



Give it time.</blockquote>


Hehehe... <a href="http://cowles.econ.yale.edu/P/cp/p09a/p0909.pdf">herd behavior</a>?
 
Graph,

I almost thought you said "Nerd Behavior".... :lol:



Yes, it is almost herd behavior, just because it's down right now doesn't mean it won't go lower. It will, just give it time. I've looked at places and I bring cash.... still i get turned away. Believe me, 6 months from now they won't be laughing.



-bix
 
[quote author="graphrix" date=1227012870][quote author="No_Such_Reality" date=1227008987]REOs are trendy.



Just like flipping was trendy.



Give it time.</blockquote>


Hehehe... <a href="http://cowles.econ.yale.edu/P/cp/p09a/p0909.pdf">herd behavior</a>?</blockquote>


Remember the lemming. ;)
 
Wait until it comes to you and literally begs for you to buy. Look at 35 calaveras, the house that's on the blog. I looked at this house in Spring of 2004 and it was sold so fast for $900K. In Fall 2004, similar house in the neighborhood came down slightly and it was sold 5% less but I was not convinced it was a good buy. I want to pay lower property tax. Today in 2008, it is nearly $200K off. Much more affordable and I have saved a lot since then by not buying. This neighborhood will come down to 2001 prices and then you can put in 50%. Patience has never been my virtue but it's look like I might have to embrace it.
 
There's an interesting article in the <a href="http://www.latimes.com/business/la-fi-santaana18-2008nov18,0,3551566.story">LA Times</a> today about people who are scooping up foreclosures in Santa Ana. Apparently paying $270,000 for a two-bedroom, 910-square-foot house and $400,000 for a loft are excellent deals
 
I think you guys are right - its become trendy. A sure sign, they even show it on tv dramas. This past weekend it was the topic of "Brothers & Sisters". One of the main characters bought a "mansion" in a foreclosure sale. The funny thing is the house was supposed to be in the greater Pasadena area (I assume as that is where the show is set) and they bought this enormous house for 700k.
 
[quote author="WestparkRenter" date=1227052598]Wait until it comes to you and literally begs for you to buy. Look at 35 calaveras, the house that's on the blog. I looked at this house in Spring of 2004 and it was sold so fast for $900K. In Fall 2004, similar house in the neighborhood came down slightly and it was sold 5% less but I was not convinced it was a good buy. I want to pay lower property tax. Today in 2008, it is nearly $200K off. Much more affordable and I have saved a lot since then by not buying. This neighborhood will come down to 2001 prices and then you can put in 50%. Patience has never been my virtue but it's look like I might have to embrace it.</blockquote>


35 Calavera is a low lister and will sell for much more, definitely over $850K, maybe over $900K.
 
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