How to know where value lies today

sleepy5136 said:
i wish bidding wars were live. so whoever is interested attends and with covid be 6 ft apart. As a buyer, I would hate to give my "best" offer knowing I am only competing against myself. The fact that there is no transparency in this I feel is quite shady.
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I heard that in Australia, only live auction is allowed. Interested buyers have to appear in person to bid and they stand in a circle with the listing agent sitting or standing in the middle. The auction can finish in 10 minutes.
 
talkirvine said:
sleepy5136 said:
i wish bidding wars were live. so whoever is interested attends and with covid be 6 ft apart. As a buyer, I would hate to give my "best" offer knowing I am only competing against myself. The fact that there is no transparency in this I feel is quite shady.
Click to expand...

I heard that in Australia, only live auction is allowed. Interested buyers have to appear in person to bid and they stand in a circle with the listing agent sitting or standing in the middle. The auction can finish in 10 minutes.
Click to expand...

Sounds like Storage Wars. Check this out:https://youtu.be/GmGxzvq4tbs

 
aquabliss said:
talkirvine said:
sleepy5136 said:
i wish bidding wars were live. so whoever is interested attends and with covid be 6 ft apart. As a buyer, I would hate to give my "best" offer knowing I am only competing against myself. The fact that there is no transparency in this I feel is quite shady.
Click to expand...

I heard that in Australia, only live auction is allowed. Interested buyers have to appear in person to bid and they stand in a circle with the listing agent sitting or standing in the middle. The auction can finish in 10 minutes.
Click to expand...

Sounds like Storage Wars. Check this out:https://youtu.be/GmGxzvq4tbs
Click to expand...

Reminds me of the foreclosure auctions at the Orange County courthouse back in 2009-2011.  Maybe once covid is behind us and if the market is still as hot as it is I'm gonna talk to sellers to see if they'd be interested in doing a similar type of auction style sale of their home.
 
irvinenative1995 said:
Wanted to pop on and thank everyone for their thoughts/expertise. We ended up in escrow on a nice property in Aliso. It's not Irvine.. But it's still OC!
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Congrats on the purchase. 
 
Update on my offers....

My buyer got 103 Weathervane, we signed a minor seller counter for a 2-week rent back.  On the other 3 homes we got a multiple seller counter offer basically asking for best and final offers.  I'll be submitting all 3 of those tomorrow.
 
USCTrojanCPA said:
Update on my offers....

My buyer got 103 Weathervane, we signed a minor seller counter for a 2-week rent back.  On the other 3 homes we got a multiple seller counter offer basically asking for best and final offers.  I'll be submitting all 3 of those tomorrow.
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More updates...

Offered $1.35m on 9 Clockwork and got a multiple seller counteroffer (along sent to 7 other buyers) with $1.35m with no loan, no appraisal, and 7 days to remove all contingencies.  My buyers accepted that but we lost out becacuse a cash buyer accepted the counter as well.  I think we might have gotten it if the seller would have asked for best & final offer instead of calling out the price that my buyer offered.

Still waiting on Alcott and Elm as those counters were due by 5pm today.
 
$70K over on a 1.2 home seems reasonable in this market. Surprised it didn't go for more.

Thanks for all the updates! Super interesting to keep tabs on how market is shifting.
 
More updates...

Got outbid on the Laguna Niguel home, my buyer went to $2.105m on an escalation clause...no dice.  My Elm buyer who went to $1.2m on an escalation clause got outbid by a cash buyer.  So only got 1 of 4 homes.
 
irvinenative1995 said:
$70K over on a 1.2 home seems reasonable in this market. Surprised it didn't go for more.

Thanks for all the updates! Super interesting to keep tabs on how market is shifting.
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I'll be writing up a few more offers tomorrow so I think I'll create a new thread on how these offers go for my buyers.  I think it'll be very enlightening for everyone on here.
 
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