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6 offers in a week?

By xenogear3   Follow   Mon, 5 Mar 2012, 5:56pm   3,573 views   19 comments
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Try to buy a house in Fremont CA.
They listed last week, and already have 6 offers.

Should I believe it?

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1. RentingForHalfTheCost Follow Befriend (8) 38 threads 2,014 comments Pleasanton, CA Premium

   1   5:59pm Mon 5 Mar 2012   Share   Quote   Permalink   Like (3)   Dislike   Protected   All low ball offers. I think I put one in. ;)

2. pkennedy Follow Befriend (8) 28 threads 1,341 comments Redwood City, CA

   2   6:02pm Mon 5 Mar 2012   Share   Quote   Permalink   Like (4)   Dislike   Why does it matter? If you're interested, put in an offer for the value of the house based on whatever factors you want. If there are 6 offers, you'll lose, but you shouldn't be offering more than it's worth anyway. If you win, you've got yourself a house that you see as fair value.

3. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   3   6:12pm Mon 5 Mar 2012   Share   Quote   Permalink   Like   Dislike   xenogear3 says Try to buy a house in Fremont CA. They listed last week, and already have 6 offers. Should I believe it? it certainly explains why prices have declined double digit over last year... 10-30% down ! http://dqnews.com/Charts/Monthly-Charts/SF-Chronicle-Charts/ZIPSFC.aspx Realtors Are Liars says Realtors Are Liars. Naaaa! thats just a myth.... wink wink!!

4. Patrick Follow Befriend (54) 5,188 threads 6,158 comments 46 male Menlo Park, CA

   4   6:57pm Mon 5 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   If you have no proof, the offers didn't happen. Think about it: who loses money if you believe the realtor? You do.

5. thomas.wong1986 Follow Befriend 16 threads 4,426 comments

   5   8:00pm Mon 5 Mar 2012   Share   Quote   Permalink   Like   Dislike   Patrick says If you have no proof, the offers didn't happen. Think about it: who loses money if you believe the realtor? You do. But who was told its a game of poker ... "Jokers are wild" and Bluffing is expected.

6. robertoaribas Follow Befriend (23) 55 threads 3,801 comments Scottsdale, AZ robertoaribas's website

   6   8:25pm Mon 5 Mar 2012   Share   Quote   Permalink   Like   Dislike (2)   Patrick says If you have no proof, the offers didn't happen. And patrick lets his own bias drive him to make idiotic comments...

7. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   7   10:36am Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   What matters is price. Are prices falling or creeping up? Why do you care if there six or sixty offers? There will always be buyers from top to bottom. Were there not buyers in 2006? 2007? 2008? etc., and where are the prices now? Let there be six offers at a home priced today at 150K. Would you like to offer 155K and seal the deal today or you'd like to offer 105K for the same shit box priced at 100K 4 years later?

8. gregpfielding Follow Befriend (9) 43 threads 288 comments Danville, CA gregpfielding's website

   8   11:12am Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   xenogear3 says Should I believe it? I'd believe it. Right now there are only 273 active properties in Fremont, with 465 pending and 144 sold since Feb 1. That's less than 2 months of supply with a lot of momentum. 58 homes went "pending" in the last week. If the home was priced well, 6 offers doesn't surprise me one bit.

9. joshuatrio Follow Befriend 41 threads 703 comments Monterey, CA

   9   11:21am Tue 6 Mar 2012   Share   Quote   Permalink   Like (2)   Dislike   I doubt it. Same property that a Realtor told me had five offers - (all of which fell through) - is still on the market.

10. calicant Follow Befriend 1 comments Camarillo, CA

    10   11:49am Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   I think the few buyers out there are submitting multiple offers for homes listed for sale. They know they can drop out of during contingencies if need be. If I found a home I wanted to buy, a pending notice would not discourage me from making an offer, although it would please me if I could find out who the lending bank was and inform them that I made a bid.

11. pkowen Follow Befriend 30 threads 555 comments San Carlos, CA

    11   12:27pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   gregpfielding says there are only 273 active properties in Frem I'm not "real estate professional", but Redfin shows 377 active and 124 pending (all types, not counting land/lots). MLS listed only. Average days on market 68. And 45 pending in the last week.

12. CrazyMan Follow Befriend 449 comments Boulder Creek, CA

    12   12:30pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   And the vast majority of "pending" will return to "active". I see them every day in the redfin reports. The actual sold will be a fraction of the pending.

13. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

    13   1:11pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   CrazyMan says And the vast majority of "pending" will return to "active". Exactly. "Back up offers accepted" --> back on market --> relisted at lower prices and repeat this as many times you want until some clueless Chinese buyer steps in to rescue bank/seller from its misery. :)

14. gregpfielding Follow Befriend (9) 43 threads 288 comments Danville, CA gregpfielding's website

    14   1:42pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   pkowen says gregpfielding says there are only 273 active properties in Frem I'm not "real estate professional", but Redfin shows 377 active and 124 pending (all types, not counting land/lots). MLS listed only. Average days on market 68. And 45 pending in the last week. I'm no tthe best spller when typng fast. :) I just pulled my numbers from directly from the MLS as I typed in the post. Redfin pulls their data from the MLS as well, but like all of the other sites, it's never perfect. Different sites reflect things like "active contingent" and "pending subject to lender approval" differently.

15. Mark D Follow Befriend 64 threads 486 comments Simi Valley, CA

    15   2:00pm Tue 6 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   out of those 6 "offers," 2 were low-balled, 3 were imaginary and one was dreamed up in his sleep.

16. gregpfielding Follow Befriend (9) 43 threads 288 comments Danville, CA gregpfielding's website

    16   3:17pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   69Charger says your ass. Easy Tiger... people are going to start taking you less seriously around here.

17. jvolstad Follow Befriend (4) 992 threads 1,125 comments San Antonio, TX jvolstad's website

    17   3:23pm Tue 6 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Tell the Realtard you want to see the offers before adding your's to the mix.

18. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

    18   3:31pm Tue 6 Mar 2012   Share   Quote   Permalink   Like   Dislike   Protected   gregpfielding says 69Charger says your ass. Easy Tiger... people are going to start taking you less seriously around here. East Bay Real Estate Agent and Blogger 69 has been on my ignore list for a while now.

19. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

    19   5:04pm Tue 6 Mar 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Helloeeze says I have noticed on Redfin homes go "pending" on a short sale, but I think they were just bought by the bank. Then they come back a few months later as a REO. Hmmm... yes I have seen that as well. I always just assumed that it was a sale that fell through.