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My Home Buying Experience in the month of April, 2012 in the East Bay
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2012 Apr 25, 2:23pm 47,445 views 119 comments
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freak80
2012 May 29, 1:54am
freak80
2012 May 29, 1:54am
My goodness, someone sees Realtors everywhere. It's like a paranoid delusion.
Realtors are living under my bed! Realtors are living in my closet! My mailman is secretly a Realtor!
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Background: I am house hunting for investment purposes (let's get that out of the way). 25% down, excellent credit, have cash to show...
Home #1 (REO): I am told by my agent (who is told by the listing agent) that there are 9 offers after the first three days on the market the bank is accepting offers only through the first week. No, I don't believe everything real estate agents say, but I decide what the house is worth to me and I offer $11K above asking price. I am told I was not even in the ballpark and my offer was declined.
Home #2 (REO): After just a few days on the market, I am told there are 25 offers on this house and the bank is not accepting offers after the first week on MLS. I submit my offer $20K above asking. I am told my offer is not even in the ballpark and I receive this in the mail:
Are you kidding me? 25 offers and instead of taking the highest/best offer, the bank scraps all offers and requests that everyone resubmit a higher offer? Really, this is actually legal? In any case, I refused to change my offer and expect that I will be notified that my offer was declined later this week.
Home #3 (REO): This one is a fixer upper that needs a solid $30K to be move-in ready. It was priced way too high and I offer $30K below asking. I get this in the mail from the listing agent:
"Counter Offer - Need Highest and Best, there are 10 offers at this time.
Please submit by email your client's best offer. Please send details. It might be price, contingencies, earnest amount, etc… The bank will require the price on the contract even if property doesn't appraise.
NEED YOUR CLIENTS RESPONSE BY TOMORROW THE 25th OF April, at Noon."
NOT AGAIN! Rat bastards toying with people's emotions. I did raise my offer by $11K however. Let's see what happens.
Home #4 (Short-Sale) - I offer $5K above asking and waiting to hear back. I expect more of the same bullshit.
It is a buyer's frenzy right now! If these don't go, I may just have to stand back and wait for inventories to increase because this is just crazy.
#housing