scaredy, I know some of the active agents here would probably disagree with me, but whatever and wherever the property is, DO NOT OVERBID ON IT. Do not, under any circumstances, get emotionally attached to a property before closing escrow on it. Have a ceiling and always be willing to walk away. If you find yourself making full-price offers and constantly losing to overbids, shore up your position with more cash down and a higher FICO score, whatever it takes, so that you can obtain a property at a decent, fair price (which is 2002 level or before in most zips). This is absolutely necessary because we are in a FALLING market and will be for some time to come.
These banks want to get the property off their books ASAP. A buyer with no lending issues and no contingencies is what they want more than getting a certain price.
It’s just like a asking for a raise, the best salary deals are made BEFORE you accept the job.
IMO, there are a very few exceptions to this rule: properties in 92118, 92106, 92107, 92109 and 92037 with unobstructed views of downtown SD or a whitewater view from INSIDE the property (NOT views of Mission Bay or SDGE/phone line easements). I would surmise that listed properties in these locales don’t typically have multiple bids coming in all at once, anyway due to their prohibitive price ranges.
Can’t comment here on any desirable locations in North County where overbidding may be a necessary evil but maybe some other Pigg can.
