[quote=Scarlett]I understand that I have to act very quickly when/if something like that appears in UC. The slim inventory in our range means there is a lot of competition. This better Ramsay property has been on the market 50+ days (surprising, huh? It looked quite good on paper, with decent room sizes, 2 car garage, yard), and they lowered their price last month from 525K to under 500K. I wonder if it was something that maybe was not quite right or appealing in the house. I’d be surprised if there weren’t many offers on it.[/quote]
[quote=sdrealtor]The second 3BR property on Ramsey is far superior. Its a probate sale with tons of equity . . .[/quote]
If 4636 Ramsay Ave was listed before the heirs obtained a needed court confirmation, then it may have gotten a good bonafide offer shortly after it came up on the market but did not go “pending” until the court confirmation was (recently) obtained. It could have stayed “active” so backup offers could be obtained in case the buyers with the accepted offer backed out waiting for the confirmation. Back a few years ago, a “court confirmation” probate listing in my area took 4 months to obtain AFTER it was already listed so “50+” days is really not that long.
There are generally less offers on an older home than a newer one. A “traditional sale,” probate or not, with “tons of equity,” is exactly the type of property you HOPE you can strike a deal on, Scarlett!
Just ask yourself if you want to be 12th in line after offering list price for an REO (cleaned up or not). Or if you want to wait 3-5 months for a lender to decide if they will accept your “short” offer (or not), that “underwater sellers” have already accepted … lol. Meanwhile, your earnest money check, although not yet deposited in escrow, has been presented with your offer and “earmarked” for a property that could take you months to find out if you even have a chance at purchasing it and you are NOT available to continue making offers. If you find another property in the interim that you want to place an offer on, you will have to cancel your short-sale transaction to get your earnest-money check back. By that time, your “interim” property could go pending (to someone else).
The above paragraph describes typical scenarios when you attempt to place an offer on a *newer* property which is either an REO or “wishful short-sale.” :={
