Where the market is - Buyer Offers

socal007 said:
So the market is not cooling off anytime soon. ?Siri. Remind me to check Redfin in 6 months?
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Doesn't appear to be cooling off but I am seeing more inventory hit the market though.  Unfortunately that new inventory is getting bought up quickly.
 
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  :(
 
irvineband said:
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?


USCTrojanCPA said:
USCTrojanCPA said:
Submitted an offer on this home for one of my buyers yesterday...
https://www.redfin.com/CA/Irvine/124-Cardinal-92618/home/51682507
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Got this one into escrow after a few counters.
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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.
 
Kick53rv3 said:
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  :(
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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.
 
Cares said:
Kick53rv3 said:
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  :(
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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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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.
 
akula1488 said:
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

USCTrojanCPA said:
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
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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). 
 
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. 
 
daedalus said:
Don't forget the "unlimited" part.  That's the bigger WTF here.
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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.
 
Cares said:
daedalus said:
Don't forget the "unlimited" part.  That's the bigger WTF here.
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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.
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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. 
 
sleepy5136 said:
daedalus said:
Don't forget the "unlimited" part.  That's the bigger WTF here.
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2020 stock market gains and the government bailout of the housing market created this.
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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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