[urbanrealtor]

[quote=Sandiagon]
Did you ask closing cost from seller or bank? Banks looks at net income on the sale. Corruption and collusion is possible in any transaction including real estate transaction. [/quote]

Nope.
I think they just took the first offer in front of them. I have seen it happen before.

Also, it appears the house on gran viaduct was purchased without a mortgage.

That means they either had cash or another property to borrow against.

[urbanrealtor]

[quote=Sandiagon]
Did you ask closing cost from seller or bank? Banks looks at net income on the sale. Corruption and collusion is possible in any transaction including real estate transaction. [/quote]

Nope.
I think they just took the first offer in front of them. I have seen it happen before.

Also, it appears the house on gran viaduct was purchased without a mortgage.

That means they either had cash or another property to borrow against.

[urbanrealtor]

Please post the address.
Also, the asking price has only a passing relationship to sale price.

I have a client who has a rule that he will offer 10% below asking. That is not a good strategy because asking can be high or low of the actual market price.

Eg:
1264 Essex, 92103

Sold for 273k in 6 days (I suspect the offer was submitted the first day).

Market price for comparables was like $350k.

My buyer offered $300k but the bank went with the first one in front of them.

The trouble is that if that person wants to sell soon (I have heard they do), their purchase at $273k will be the best comp. Ironic.

[urbanrealtor]

Please post the address.
Also, the asking price has only a passing relationship to sale price.

I have a client who has a rule that he will offer 10% below asking. That is not a good strategy because asking can be high or low of the actual market price.

Eg:
1264 Essex, 92103

Sold for 273k in 6 days (I suspect the offer was submitted the first day).

Market price for comparables was like $350k.

My buyer offered $300k but the bank went with the first one in front of them.

The trouble is that if that person wants to sell soon (I have heard they do), their purchase at $273k will be the best comp. Ironic.

[urbanrealtor]

Please post the address.
Also, the asking price has only a passing relationship to sale price.

I have a client who has a rule that he will offer 10% below asking. That is not a good strategy because asking can be high or low of the actual market price.

Eg:
1264 Essex, 92103

Sold for 273k in 6 days (I suspect the offer was submitted the first day).

Market price for comparables was like $350k.

My buyer offered $300k but the bank went with the first one in front of them.

The trouble is that if that person wants to sell soon (I have heard they do), their purchase at $273k will be the best comp. Ironic.

[urbanrealtor]

Please post the address.
Also, the asking price has only a passing relationship to sale price.

I have a client who has a rule that he will offer 10% below asking. That is not a good strategy because asking can be high or low of the actual market price.

Eg:
1264 Essex, 92103

Sold for 273k in 6 days (I suspect the offer was submitted the first day).

Market price for comparables was like $350k.

My buyer offered $300k but the bank went with the first one in front of them.

The trouble is that if that person wants to sell soon (I have heard they do), their purchase at $273k will be the best comp. Ironic.

[urbanrealtor]

Please post the address.
Also, the asking price has only a passing relationship to sale price.

I have a client who has a rule that he will offer 10% below asking. That is not a good strategy because asking can be high or low of the actual market price.

Eg:
1264 Essex, 92103

Sold for 273k in 6 days (I suspect the offer was submitted the first day).

Market price for comparables was like $350k.

My buyer offered $300k but the bank went with the first one in front of them.

The trouble is that if that person wants to sell soon (I have heard they do), their purchase at $273k will be the best comp. Ironic.

[urbanrealtor]

Ditto.
Need more info.

Here are the only versions of that I have seen.
Your example might be different but this is my experience(s).

I have seen a bunch of places go for more than asking or more than upper end of the range recently.

Usually its an reo that was deliberately under priced by the bank or a short that had a super-low sticker price to attract buyers (and then had a bidding war).

During the boom this was usually a sign of either irrational buyer exuberance or straw buyers pretending to be irrationally exuberant.

The straw buyers buy at 100% (or as close as possible) for over asking and get a fat rebate back and then never make a payment. The rebate is the bounty. These days, most straw-buyer crews are mobbed up (according to my friend working with the DOJ).

[urbanrealtor]

Ditto.
Need more info.

Here are the only versions of that I have seen.
Your example might be different but this is my experience(s).

I have seen a bunch of places go for more than asking or more than upper end of the range recently.

Usually its an reo that was deliberately under priced by the bank or a short that had a super-low sticker price to attract buyers (and then had a bidding war).

During the boom this was usually a sign of either irrational buyer exuberance or straw buyers pretending to be irrationally exuberant.

The straw buyers buy at 100% (or as close as possible) for over asking and get a fat rebate back and then never make a payment. The rebate is the bounty. These days, most straw-buyer crews are mobbed up (according to my friend working with the DOJ).

[urbanrealtor]

Ditto.
Need more info.

Here are the only versions of that I have seen.
Your example might be different but this is my experience(s).

I have seen a bunch of places go for more than asking or more than upper end of the range recently.

Usually its an reo that was deliberately under priced by the bank or a short that had a super-low sticker price to attract buyers (and then had a bidding war).

During the boom this was usually a sign of either irrational buyer exuberance or straw buyers pretending to be irrationally exuberant.

The straw buyers buy at 100% (or as close as possible) for over asking and get a fat rebate back and then never make a payment. The rebate is the bounty. These days, most straw-buyer crews are mobbed up (according to my friend working with the DOJ).

[urbanrealtor]

Ditto.
Need more info.

Here are the only versions of that I have seen.
Your example might be different but this is my experience(s).

I have seen a bunch of places go for more than asking or more than upper end of the range recently.

Usually its an reo that was deliberately under priced by the bank or a short that had a super-low sticker price to attract buyers (and then had a bidding war).

During the boom this was usually a sign of either irrational buyer exuberance or straw buyers pretending to be irrationally exuberant.

The straw buyers buy at 100% (or as close as possible) for over asking and get a fat rebate back and then never make a payment. The rebate is the bounty. These days, most straw-buyer crews are mobbed up (according to my friend working with the DOJ).

[urbanrealtor]

Ditto.
Need more info.

Here are the only versions of that I have seen.
Your example might be different but this is my experience(s).

I have seen a bunch of places go for more than asking or more than upper end of the range recently.

Usually its an reo that was deliberately under priced by the bank or a short that had a super-low sticker price to attract buyers (and then had a bidding war).

During the boom this was usually a sign of either irrational buyer exuberance or straw buyers pretending to be irrationally exuberant.

The straw buyers buy at 100% (or as close as possible) for over asking and get a fat rebate back and then never make a payment. The rebate is the bounty. These days, most straw-buyer crews are mobbed up (according to my friend working with the DOJ).

[urbanrealtor]

[quote=LAAFTERHOURS]Sorry if previously covered but I have only owned a home in the state of virginia so I am not familiar with the time it takes in CA to close on a home on a resale.

Could someone tell me typically how long from the time an offer is accepted until the time keys can be in your possession for

Regular homeowner not under water
[/quote]
15-45 days

You can, of course, specify a different number in your offer.
[quote=LAAFTERHOURS]

REO
[/quote]
30-45 days
Of the types of distress sales, these are the most similar to normal sales. There are differences.
The reason I describe this time frame is that the seller is often unable to perform in less than 4 weeks. I have tried with all-cash buyers.
[quote=LAAFTERHOURS]
I know it can vary but just looking for avg times. Thanks[/quote]

The really weird time frames, in my experience, arise in short sales and in new construction sales. That can be 4 days or 6 months (yes I have seen both).

[urbanrealtor]

[quote=LAAFTERHOURS]Sorry if previously covered but I have only owned a home in the state of virginia so I am not familiar with the time it takes in CA to close on a home on a resale.

Could someone tell me typically how long from the time an offer is accepted until the time keys can be in your possession for

Regular homeowner not under water
[/quote]
15-45 days

You can, of course, specify a different number in your offer.
[quote=LAAFTERHOURS]

REO
[/quote]
30-45 days
Of the types of distress sales, these are the most similar to normal sales. There are differences.
The reason I describe this time frame is that the seller is often unable to perform in less than 4 weeks. I have tried with all-cash buyers.
[quote=LAAFTERHOURS]
I know it can vary but just looking for avg times. Thanks[/quote]

The really weird time frames, in my experience, arise in short sales and in new construction sales. That can be 4 days or 6 months (yes I have seen both).

[urbanrealtor]

[quote=LAAFTERHOURS]Sorry if previously covered but I have only owned a home in the state of virginia so I am not familiar with the time it takes in CA to close on a home on a resale.

Could someone tell me typically how long from the time an offer is accepted until the time keys can be in your possession for

Regular homeowner not under water
[/quote]
15-45 days

You can, of course, specify a different number in your offer.
[quote=LAAFTERHOURS]

REO
[/quote]
30-45 days
Of the types of distress sales, these are the most similar to normal sales. There are differences.
The reason I describe this time frame is that the seller is often unable to perform in less than 4 weeks. I have tried with all-cash buyers.
[quote=LAAFTERHOURS]
I know it can vary but just looking for avg times. Thanks[/quote]

The really weird time frames, in my experience, arise in short sales and in new construction sales. That can be 4 days or 6 months (yes I have seen both).

[Author]

Posts