patrick.net

I can only speak for myself. I have all cash in this range due to selling my RE in 2006 for a tax free massive gain.

Probably lots of buyers now sold during the peak and are now getting back in. Every single indicator you can name was screaming 'bubble! bubble! bubble!' for about 4 years. It was a HUGE window to sell (unlike stock market windows which are tiny and brief in comparison).

You weren't out bid. All the times I was outbid, when I house hunting, every single one I was outbid on, was never taken off the market. After I told the realtor, thanks but no thanks.

You should make time sensitive offers, I always offered asking price, if it was a house I was interested in and was in intentionally limited budget. How ever I never offered no more than the accessed value. And made it known I wont counter offer from the get go.

It saved me a lot of heart ache and at least 75K as the comparable started dropped that much while they were playing that multiple offer crap with me.

One of the first houses I bid, was just around corner from the house I bought. It was still unsold when I bought two years later. It finally sold last year, for 60K less than I bid on it.

I agree with TPB, I don't let stuff like this waver my sitting spirit. I keep monitoring it on Redfin and half of the time it is back on market or sold lower then what you were told about the all cash offer. What matters is when and what price did it sell for.

TPB says

You weren't out bid. All the times I was outbid, when I house hunting, every single one I was outbid on, was never taken off the market. After I told the realtor, thanks but no thanks.

Bingo! You have no way of knowing that the realtors are not lying under the current system.

Realtors have a huge motive to lie to get your money.
They have nearly no risk of being caught.
And even if they are caught, they can lie again and claim the previous all-cash buyer fell through or whatever.
And even if they're caught and can't get out of it, there is no punishment.

Therefore, they will lie.

They are either nigerian prince and princess or rich Chinese government officers.

1: Trusts. 2: Military Contractors. 3: Black Market Dealers. 4: Inheritance.

Last time I tried calling their bluff i ended up losing the house.

toothfairy says

losing the house.

HGTV speak.

xenogear3 says

They are either nigerian prince and princess or rich Chinese government officers.

I am waiting for some one to tell,they are Apple guys. :)

Most Apple guys don't live in Bay Area.

Also we are educated to diversify, and never buy own company's stock.

I know of at least four and am related to one military contractor. These fellows made 400K a year in Iraq. That will buy a lot of rentals!

toothfairy says

Last time I tried calling their bluff i ended up losing the house.

No, you ended up saving the money.

And are you really sure it sold, and what it sold for? How are you sure?

Its pretty easy to know if it sold for cash. The status changes to pending instead of pending wo release. Then it changes to sold. This one sold for full price. There were 3 other people at the house the day it was listed.

Realtors may be bluffing in some cases but some realtors wont even give you the time of day if you require financing and will hold out for the all cash offer

Especially with new listings that are priced well.