patrick.net

All low ball offers. I think I put one in. ;)

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.

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!!

If you have no proof, the offers didn't happen.

Think about it: who loses money if you believe the realtor? You do.

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.

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?

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.

I doubt it.

Same property that a Realtor told me had five offers - (all of which fell through) - is still on the market.

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.

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.

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.

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. :)

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.

out of those 6 "offers," 2 were low-balled, 3 were imaginary and one was dreamed up in his sleep.

69Charger says

your ass.

Easy Tiger... people are going to start taking you less seriously around here.

Tell the Realtard you want to see the offers before adding your's to the mix.

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.

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.