Where the market is - Buyer Offers

[Irvinehomeseeker]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.

When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

 

[Kick53rv3]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.

When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

I think it is your existing property must be sold. At least that is what cal pacific told me as mine is closing next month and their new build isn?t expected to finish until November. I said given I got 14 offers I am fully confident that it?ll sell way before October escrow start date. But nope, they got too many buyers so I must have fully closed the sale and have money sitting in my account for next 6 month to buy their new build.

 

[Irvinehomeseeker]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.

When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

I think it is your existing property must be sold. At least that is what cal pacific told me as mine is closing next month and their new build isn?t expected to finish until November. I said given I got 14 offers I am fully confident that it?ll sell way before October escrow start date. But nope, they got too many buyers so I must have fully closed the sale and have money sitting in my account for next 6 month to buy their new build.

Thanks for sharing! I thought with a 6 months window, there would be enough time to sell before the new construction move in.

 

[usctrojancpa]

Made an offer on this Costa Mesa Back Bay home earlier this afternoon for a client (it already has a few offers after 2 days of showing)....
https://www.redfin.com/CA/Costa-Mesa/2401-Tustin-Ave-92627/home/4634182

 

[Cares]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.

When buying new construction, does anyone know timeframe by when the builder expects one to sell existing property ?

I think it is your existing property must be sold. At least that is what cal pacific told me as mine is closing next month and their new build isn?t expected to finish until November. I said given I got 14 offers I am fully confident that it?ll sell way before October escrow start date. But nope, they got too many buyers so I must have fully closed the sale and have money sitting in my account for next 6 month to buy their new build.

This is not true in all cases. I have helped a buyer buy new construction while contingent on current home sale. They have to get an exception from management and likely your buyers have to have all purchase contingencies removed and only a week or 2 out from closing.

 

[usctrojancpa]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

 

[Cares]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

 

[usctrojancpa]

Made an offer on this Costa Mesa Back Bay home earlier this afternoon for a client (it already has a few offers after 2 days of showing)....
https://www.redfin.com/CA/Costa-Mesa/2401-Tustin-Ave-92627/home/4634182

Didn't get this home, my buyer submitted a counter of $2.25m.  The home had a total of 4 offers and went for above my buyer's amount (my guess around $2.3m).

 

[usctrojancpa]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

 

[Cares]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

 

[usctrojancpa]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

I had a buyer a few months back who thought that listing agents were lying about the number of offers the homes had, I thought that was kind of funny.  Buyers like you and I describe will have to learn the hard way.  The only buyers that are buying homes are those that bid aggressively and are underbuying (aka look very strong to a seller on paper). 

 

[Cares]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

I had a buyer a few months back who thought that listing agents were lying about the number of offers the homes had, I thought that was kind of funny.  Buyers like you and I describe will have to learn the hard way.  The only buyers that are buying homes are those that bid aggressively and are underbuying (aka look very strong to a seller on paper).

Yea I agree this has been the case for me but it's a harsh reality for buyers that can "afford" $x price but are being told to only look at listings at $x minus $50k-$100k

 

[potsticker]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

Saw this one too. Not a bad space. 3 bedrooms detached under $1m with low HOA makes this really attractive. Thought some buyers may be turned off with the murder on Red Apple...but I guess not.

 

[sleepy5136]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

Having a difficult time wrapping my head around a ~1m condo. Crazy market we are in.

 

[Kenkoko]

At least this one?s got a decent backyard and a good driveway

Just saw an attached condo with no yard and no driveway in Aliso Viejo sold for 1.04 million.

Tough to be a buyer these days

 

[Cares]

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

Having a difficult time wrapping my head around a ~1m condo. Crazy market we are in.

Cypress Village detached 3 and 4 BR condos have been going around $1.1m right now.

 

[Sidehussle]

Why is your buyer difficult if offering the seller full asking price?  I think a difficult buyer would be trying to get a discount from ask.

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

 

[Cornflakes]

It is almost like...

you have 300k for down pmt
keep aside 100k
with 200k remaining, at 25% down, look for properties that are listed at 800k or below.
bid agressively using your 100k war chest.
with 900k purchase price, 300k down payment, you look stonger to both lender and seller, and beat competition out of water.

 

[akula1488]

It is almost like...

you have 300k for down pmt
keep aside 100k
with 200k remaining, at 25% down, look for properties that are listed at 800k or below.
bid agressively using your 100k war chest.
with 900k purchase price, 300k down payment, you look stonger to both lender and seller, and beat competition out of water.

.
Lol I don't think 300k down on $900k is that strong and beat competition out of water. Try $1M cash with all contingencies waived.

I seen houses in other desirable areas got 25% over asking closed with cash time line (7 day close final price 1.5M)

 

[usctrojancpa]

Why is your buyer difficult if offering the seller full asking price?  I think a difficult buyer would be trying to get a discount from ask.

Put an offer on this smaller Oak Creek home last last night for a buyer...
https://www.redfin.com/CA/Irvine/10-Dahlia-92618/home/5483429

I visited this one. The backyard condition is vastly different than the pictures. These pictures must have been when they first bought the home.

Yeah, my client thought it was a bit of a catfish with those pictures.  haha  Here's the email that I got from the listing agent to my client's best and final offer of $921,000...

Good morning Martin,

The seller finally came to a decision last night and accepted another agent's offer.  FYI: There were a total of 15 offers on this property.

Just under $1M, As Is, cash purchase.

This is indeed a very challenging market for buyers.

Thank you, and your client, for your strong effort.

I'm dealing with some difficult buyers that have a hard time believing that homes are selling way above list regardless of comps. They are asking to look at homes beyond their max budget thinking they can negotiate it down. As an example, this home at $900k is their max but they believed they could be competitive at asking price. So difficult.

Because most times the listing price is too low of a price and in many occasions the seller will accept the highest offer right off the bat or only counter the top buyers.