|
Redfin Real Estate Forums :
Bay Area :
Re: Redfin's Example of Multiple Offers
|
|
|
|
|
|
|
Redfin's Example of Multiple Offers
[ Edited ]
|
|
Bargain_Hunter
Regular Contributor
Posts: 361
Registered: 05-14-2009
Message 1 of 16
Viewed 1,275 times
|
|
|
How do you think this guy won with an offer 20+% over list and only 10% down payment against 16 other offers? Union City: Single-Family House - 3 beds, 2 baths
- 1,250 sq. ft.
- Listed on June 25th for $289,000
- Bank-owned property, listed with no reports or disclosures and “as-is,” meaning the buyer is responsible for any repairs
- The bank received 17 offers by June 29th
Our client offered $350,000 with a 10% down payment. The Result
Our client won the property, but just barely. There were two other offers around $350,000. Message Edited by Bargain_Hunter on 08-19-2009 12:16 AM Message Edited by Bargain_Hunter on 08-19-2009 12:17 AM
|
|
|
|
08-19-2009 12:15 AM
|
|
|
|
|
|
|
|
|
|
|
|
|
Re: Redfin's Example of Multiple Offers
|
|
Bargain_Hunter
Regular Contributor
Posts: 361
Registered: 05-14-2009
Message 5 of 16
Viewed 1,189 times
|
|
|
IntegraACR, when you close, can you send us the property listing? The win with 20% down sounds a little more believable. Winning with 10% down on a mult-offer REO just didn't sound likely to me.
|
|
|
|
08-19-2009 07:35 AM
|
|
|
|
|
|
|
|
|
|
|
Re: Redfin's Example of Multiple Offers
|
|
RMS
Regular Contributor
Posts: 458
Registered: 06-07-2009
Message 8 of 16
Viewed 798 times
|
|
|
Yes but they did know what the house was worth, what they listed it for. If they bid it up in a war, thats on the buyer. Top offer may have not appraised. I have heard they toss the high offers with little down away, they know what is coming. Your all cash was a sure deal and you should get a deal for all cash and quick close.
|
|
|
|
08-20-2009 05:48 AM
|
|
|
|
|
|
|
Re: Redfin's Example of Multiple Offers
|
|
Miawand
Redfin Lead Agent
Posts: 12
Registered: 10-15-2008
Message 9 of 16
Viewed 701 times
|
|
|
Hello All, I hope everyone is doing well! Looks like we finally got our transaction closed. (Integra, thanks for all the patience and I'm glad that after your long and arduous searches, tours and research we were able to finally pin down a home!) With all the multiple offers in the bay area, aggressive listing agents, and of course the lovely REO bidding wars it can be very difficult to offer and win the bid on many of these listings. Moreover, as a client how can you decide what to offer on your desired listing when your agent tells you that there are 15+ offers already on the home...? All you can hope for is an honest and experienced agent. One who is working for your best interests and provides you with all of the data available to help make an educated decision. At Redfin we strive to provide our clients with great service but also make sure we complement our service with current market data, additional resources, comparables, and experience. With this specific example in Union City, we were able to make a decision on our offer price based on the comparable data, recent REO sales in the area, some information from the listing agent, and of course setting parameters based on our client's budget and price points. At the initial offer stage we were discussing 350K with 10% but decided to offer 350K with 20% down. The property did appraise for the price with no problems indicating that the home did warrant a current market value of 350K. Luckily for Integra, after inspections, we were able to have the seller agree to a price reduction (quite uncommon with REO listings). After all was said and done our wonderful client ended up with the property at 337,500! Congrats Integra!!! -Miawand P.S. I had a client recently inquire about a property listed in the south bay, it was only the market for 6 days as an REO and it already had over 45 offers! Ahhhh the wonderful dynamics of the bay area real estate market... 
|
|
|
|
08-21-2009 09:08 AM
|
|
|
|
|
|
|
|
|
|
|
