Tiered of getting overbid in all my offers
invite response
2012 Jul 23, 2:56pm 50,294 views 130 comments
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REpro
2012 Aug 2, 11:29am
Recently I made an offer on tiny condo down of south bay.
There were only two offers, mine 72K cash and from another investor offered 95K cash.
Comps were 69-78K. He won, but how smart is it???... 23K over. LOL
Peter P
2012 Aug 2, 12:32pm
Portland is a nice place. Free trams in downtown. Good food. No sales tax. Perhsps living in Vancouver, WA is even better. No state income tax too!
Yes Portland is lovely. But one must learn to love the rain, cloud and lack of sunshine-save a very few months.
I hate sunshine. But I don't like downpour either.
He won, but how smart is it???... 23K over. LOL
not very smart.. he "paid himself" for several years of income returns.
B.A.C.A.H.
2012 Aug 2, 3:25pm
There are some things, like arguments with the spouse or "Moore's Law" race to the bottom, even if you win, you lose.
REpro
2012 Aug 2, 3:40pm
not very smart.. he "paid himself" for several years of income returns
In this case, 4 years of net cash flow to the drain.
We call it panic syndrome.
REpro
2012 Aug 2, 4:04pm
What somebody paid or what is listed for doesn’t matter.
In business cash/cash return, net ROI or IRR is what stimulate purchase price. If one area cannot produce satisfy numbers, move to another area. This is why manufacturing was moved from US to China.
We call it panic syndrome.
yep! didnt do the numbers.. as your further comments on ROI.IRR states..
REpro
2012 Aug 2, 5:54pm
It’s better to submit 30 calculated offers (cost nothing), than take one shark bite wondering what a hell I just swallowed. IMO
If you can get out of the Bay Area, get out. All the sane people are leaving, which can only make this area worse. We can't, but if we could we'd be flying out tomorrow. That's my heart felt advice.
One should preach what he practices :) , otherwise people call you a hypocrite
All the best people seem to be moving to Portland. ):
More power to em'. All I know is that I've been to portland 3 times and its definitely not my favorite place. Its sort of boring, small, and the rain is relentless. It feels like one big wet sponge.
MAGA
2014 Jul 22, 5:53am
Foster City? Isn't that area built on land fill? Will all those overpriced houses fall when we have the next big quake?
Dan8267
2014 Jul 22, 8:19am
Tiered of getting overbid in all my offers
Think of it this way... Every time you are outbid, it's some fool preventing you from overpaying.
Heraclitusstudent
2014 Jul 22, 8:36am
Tiered of getting overbid in all my offers
Think of it this way... Every time you are outbid, it's some fool preventing you from overpaying.
... And you forcing a fool to pay more.
Thanks for the good work!
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I put $25,000 over the asking price for this one, still got overbid!!!
http://www.redfin.com/CA/Foster-City/679-Beach-Park-Blvd-94404/home/2041496
So out of sheer frustration, considering going for the new constructions (Fusion or 37 degrees north new Town homes in Sunnyvale). Any pros and cons for Fusion or 37 deg n?
I am totally frustrated and broken. Many months of open houses and offers and getting my a** kicked by some uber-frustrated buyers putting their offers way over asking price.
I know I should wait. But how long? When will my time come? If I wait and find out that houses will cost even more than what it is now, what then? This low inventory situation in bay area is killing me. Piece of garbage houses are selling for insane prices.
To make the matters worse my ***hole apartment complex (Lakeshore Landing, San Mateo, ***k you!) just increased my 2 bedroom piece of s*** condo to $2100 per month (with 1 year lease).
With $2100 rent, buying sure looks like a great option but I cannot overbid these other more desperate buyers. What's leftover of my sanity does NOT permit to put more than $25,000 over CMA (or fair market value).
Sorry for the rant. I am out of my wit. I have lost 1 whole year of my weekends house hunting and still in a crappy apt paying insane rent.