By EBGuy follow 2013 Jan 15, 4:57am 1 link 1,995 views 5 comments
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I personally heard of someone who got a house, despite being outbid, due to a letter that was submitted with an offer. This is a meme from the peak of the bubble last time around, and the Journal recently ran an article which documented a couple of cases in bubblicious California. Rob and Julia Israch won a fierce bidding war for a three-bedroom townhouse in Mountain View, Calif., late last year even though their $750,000 offer—while $92,000 above the asking price—was topped by 11 rivals and was several thousand dollars below the highest bid. See Can I Buy Your House, Pretty Please? in the Wall Street Journal.
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Overwhelmingly, these are people using a buyers agent which is kiss of death in bidding war except sometimes they get lucky.
The best way to beat a feed the squirles letter offer from a buyers agent is use the listing agent to double dip- they will pour scorn upon any and all letters and slam your offer to the top o pile.
the bubble in Santa Clara hasnt corrected.. yet!
its a funny article... of course spilling the same nonsense...
tech jobs and highly desirable area...
and the same question back to the buyers...
so why didnt we see such behavior in prior decades pre 2000.
It is my keen observation that East coast software engineers are more prudent with their money than West coast developers. I don't know one single SW developer that would ever live in a million dollar house, unless they just came from money and had it. But that would mean that weren't depending on a 100-150K salary to make mortgage payments on a 750K-1M spread.
In scenarios like that I think short sellers usually are waiting for a letter telling them they are getting a financial incentive under the table. No one really cares about the rodents anyway.
Mt View, Palo Alto, down to Saratoga and Los Gatos..
they are not squirrels.. they are rats.. BIG ones too.
suggest you get a pellet gun with a laser scope.
and not dont feed the neighbors cat.. because its a possum.