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mutex
Posts: 14
Registered: ‎09-19-2012
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A lot of Pendings and back to market with higher prices. What is going on?

In the area I am focusing on, I recently saw many pending listings come back to market with higher prices.  What is going on?  Can a seller back-off from accepted offer?

 

Some examples

http://www.redfin.com/CA/Fremont/3360-Rockett-Dr-94538/home/1922289

http://www.redfin.com/CA/Fremont/41848-Maywood-St-94538/home/2028724

http://www.redfin.com/CA/Fremont/41441-Fremont-Blvd-94538/home/1231134

 

 

Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
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Re: A lot of Pendings and back to market with higher prices. What is going on?


mutex wrote:

In the area I am focusing on, I recently saw many pending listings come back to market with higher prices.  What is going on?  Can a seller back-off from accepted offer?

 

Some examples

http://www.redfin.com/CA/Fremont/3360-Rockett-Dr-94538/home/1922289 (You have this industry-looking high-voltage tower on the back for $380k on a shack?)

http://www.redfin.com/CA/Fremont/41848-Maywood-St-94538/home/2028724 ($650k for only 1,100 sf of 1959 ranch? I don't care Irvington high or not)

http://www.redfin.com/CA/Fremont/41441-Fremont-Blvd-94538/home/1231134 (asking too much on a shack; I don't care if it is inside Irvington high area)

 

 


See my respond in red above. I believe they asked too much and buyers has to desperated to chew on them.

Silver Regular Contributor
Fishmarty
Posts: 681
Registered: ‎08-25-2012
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Re: A lot of Pendings and back to market with higher prices. What is going on?


mutex wrote:

In the area I am focusing on, I recently saw many pending listings come back to market with higher prices.  What is going on?  Can a seller back-off from accepted offer?

 

Some examples

http://www.redfin.com/CA/Fremont/3360-Rockett-Dr-94538/home/1922289

http://www.redfin.com/CA/Fremont/41848-Maywood-St-94538/home/2028724

http://www.redfin.com/CA/Fremont/41441-Fremont-Blvd-94538/home/1231134

 

 


Sure I backed out many times. Just use one of your contingencies, like inspection: "I don't like what I see". That is, you get your deposit back right away.

Gold Regular Contributor
sheriff
Posts: 2,050
Registered: ‎06-01-2012
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Re: A lot of Pendings and back to market with higher prices. What is going on?

[ Edited ]

A seller can't back off from an accepted offer as long as the buyer meets the terms of the contract.  The seller has some outs too, though.  I think he can back out if the buyer doesn't remove the contingencies on a timely basis or doesn't meet the contract date for closing if the delay is not his fault.  Many times the buyers ask for extensions for financing, etc.  The seller can refuse the extension.

 

Also, just because it is listed at a higher price now doesn't mean it did not go pending at a similar high price.

Silver Contributor
malkito
Posts: 499
Registered: ‎04-07-2010

Re: A lot of Pendings and back to market with higher prices. What is going on?

I bet they priced it at X,  the winning bid was X + Y but the buyer couldn't pay Y and 20% of X in order to get the financing.   Sellers might have gotten greedy taking the highest bid instead of the highest bid where financing wasn't going to be an issue. The sellers are now convinced they can sell it for X + Y but since it's only going to appraise at X, so they need someone who agrees with their price and also as Y + 20% of X in cash.

Contributor
landlord_newbie
Posts: 29
Registered: ‎11-17-2012
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Re: A lot of Pendings and back to market with higher prices. What is going on?

I agree with the x + y, appraised at x.

The house i offered ended up appraised less than x, and i had the appraisal contingency in. The seller threatened to forfeit our earnest money. I told the seller i was going to cancel the offer since it's only appraised at much lower than X, and i had the appraisal contingency plus a specific statement in the addendum saying so. Ended up the seller agreed to lower the selling price to what I was willing to pay.

These days, sellers were thinking like they could always get what they wanted, even threatening to forfeit deposit. It's true it's a seller market, but it doesn't equate to irrational sellers getting whatever they wanted. There are the contract and the contingencies to protect the buyers too.

For as much as buyers are willing to buy, they still have other choices.

Contributor
LurkieLoo
Posts: 30
Registered: ‎02-18-2013

Re: A lot of Pendings and back to market with higher prices. What is going on?


mutex wrote:

In the area I am focusing on, I recently saw many pending listings come back to market with higher prices.  What is going on?  Can a seller back-off from accepted offer?

 

Some examples

http://www.redfin.com/CA/Fremont/3360-Rockett-Dr-94538/home/1922289

http://www.redfin.com/CA/Fremont/41848-Maywood-St-94538/home/2028724

http://www.redfin.com/CA/Fremont/41441-Fremont-Blvd-94538/home/1231134

 

 


I've seen this too.  Probably low life real estate agents trying to manipulate the emotions of anyone possibly interested in the property.   I've even seen properties sit on the market for weeks, delisted, then relisted at a higher price.

 

The ultra-emotional house buyer these days is easily manipulated.  They think "OMG!  This is such a hot market the prices are going up right before our eyes!  We must buy now or be priced out forever!"

 

BS feature articles on in the media only serve to stoke the fire, "Buy now!! Real estate only goes up and up!!  They aren't making any more land.  Now is your last chance!"  :smileyhappy:

Regular Visitor
iman_ewbie
Posts: 6
Registered: ‎02-22-2013
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Re: A lot of Pendings and back to market with higher prices. What is going on?

so algebra was useful after all...

Gold Trusted Contributor
Jil
Posts: 2,747
Registered: ‎10-24-2011
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Re: A lot of Pendings and back to market with higher prices. What is going on?

[ Edited ]

Fishmarty wrote:

mutex wrote:

In the area I am focusing on, I recently saw many pending listings come back to market with higher prices.  What is going on?  Can a seller back-off from accepted offer?

 

Some examples

http://www.redfin.com/CA/Fremont/3360-Rockett-Dr-94538/home/1922289 (You have this industry-looking high-voltage tower on the back for $380k on a shack?)

http://www.redfin.com/CA/Fremont/41848-Maywood-St-94538/home/2028724 ($650k for only 1,100 sf of 1959 ranch? I don't care Irvington high or not)

http://www.redfin.com/CA/Fremont/41441-Fremont-Blvd-94538/home/1231134 (asking too much on a shack; I don't care if it is inside Irvington high area)

 

 


See my respond in red above. I believe they asked too much and buyers has to desperated to chew on them.


Edited: Like Fishmarty said they are not worth! The reason for TFT is  here ==>


malkito wrote:

I bet they priced it at X,  the winning bid was X + Y but the buyer couldn't pay Y and 20% of X in order to get the financing.   Sellers might have gotten greedy taking the highest bid instead of the highest bid where financing wasn't going to be an issue. The sellers are now convinced they can sell it for X + Y but since it's only going to appraise at X, so they need someone who agrees with their price and also as Y + 20% of X in cash.


 Sellers increased the price and these homes may likely stay for a long as the people started knowing the worth/cash!

 

Homes must have real value for the cash people pay!!

 

Contributor
mutex
Posts: 14
Registered: ‎09-19-2012
0

Re: A lot of Pendings and back to market with higher prices. What is going on?

Thanks everyone for providing comments.  I think it must be x + y, appraised at x.