Countdown to IPO's sale

NEW -> Contingent Buyer Assistance Program
Clean, fixed, staged, properly priced and marketed.



Versus



Cluttered, crowded, family 'clean', old furniture, wishing priced and a MLS LISTING WRITTEN BY A 3RD GRADE EQUIVALENT EDUCATION WITH FOUR BLURRY CELL PHONE PICTURES OF THE HOA!!!





Frankly, for a professional, and IR2 IMHO, demostrated himself as a professional, it was like shooting fish in a barrel. IR2 did, again IMHO, the first thing a professional does, screened his client for those that get it, really want to sell and are willing to do what is needed to sell it at a price that will sell.



Around 200 homes are selling in Irvine every month. If you aren't one of them, what are you doing wrong?
 
[quote author="EvaLSeraphim" date=1217032307]More of what you said sank in overnight. *Seven* offers? In this down market when nothing is moving? Really? And for a price that doesn't fall into traditional conforming limits even with 20% down? Who was this miracle worker of a realtor? And kudos to you for executing on the advice received.



PS: Sorry Panda. I not only used up my question limit, I think I dipped into yours, too.</blockquote>


I take all the credit Eva... I am a dream seller! :)
 
[quote author="skek" date=1216989031]



...And congratulations, tenmagnet. I know you will enjoy living in Ipop's home.</blockquote>
Hahaha. Yeah. For real! Its really him huh!





[quote author="ipoplaya" date=1216982838] We have had 7 offers to purchase the house since we listed. ......Every offer was non-contingent and all were with 20% down payment I believe with the exception of one, which offered a 50% down.

</blockquote>


Now, to all the uber-bears....wtf? 7 offers? Isn't the sky supposed to be falling? Isn't Irvine <I>not</I> supposed to be different? Who are all these mysterious people who can afford this house? And all with down payments????
 
Haha I like the teal color on ipoplaya.com



I dont see that in the legend anywhere? I'm anxious to see the color when it is closed. My vote goes to hot pink!
 
Congrats Ipop!



I got lost in the long, drawn out update.

Is the buyer of Casa de Ipo a young, wealthy SC alum?

That doesn't make sense.
 
[quote author="tenmagnet" date=1217037546]Congrats Ipop!



I got lost in the long, drawn out update.

Is the buyer of Casa de Ipo a young, wealthy SC alum?

That doesn't make sense.</blockquote>


Indeed Magnet. He is a young, wealthy, SC alum... Maybe you guys can party together at the former Casa De IPO?!
 
[quote author="25w100k+" date=1217035644][quote author="skek" date=1216989031]



...And congratulations, tenmagnet. I know you will enjoy living in Ipop's home.</blockquote>
Hahaha. Yeah. For real! Its really him huh!





[quote author="ipoplaya" date=1216982838] We have had 7 offers to purchase the house since we listed. ......Every offer was non-contingent and all were with 20% down payment I believe with the exception of one, which offered a 50% down.

</blockquote>


Now, to all the uber-bears....wtf? 7 offers? Isn't the sky supposed to be falling? Isn't Irvine <I>not</I> supposed to be different? Who are all these mysterious people who can afford this house? And all with down payments????</blockquote>


Our offer demographics were as follows:



1 set of foreign-born african-american sisters

1 young caucasian male

1 mixed couple (white and asian - white male in commerical RE, asian female is school administrator)

1 out-of-area apparently single asian buyer

3 asian families (50% down buyer in this group)
 
[quote author="reason" date=1216984370]Where's the IHB gang? I have a feeling they're going to hi jack this thread. Hahaha!</blockquote>


Shrimp paste anyone?
 
It won't be a big surprise if Brazilians, Aussies, Central Europeans, Russians and lately Mexicans, start buying properties if the USD keeps sinking like <a href="http://finance.yahoo.com/q/bc?t=5y&s=USDBRL=X&l=on&z=m&q=l&c=USDEUR=X">this</a>.



Particularly for Brazilians, the USD has depreciated 50% vs the Brazilian Real in the last 5 years, US properties are getting cheaper and cheaper, like 2002 prices!
 
[quote author="ipoplaya" date=1217045051]

Our offer demographics were as follows:



1 set of foreign-born african-american sisters

1 young caucasian male

1 mixed couple (white and asian - white male in commerical RE, asian female is school administrator)

1 out-of-area apparently single asian buyer

3 asian families (50% down buyer in this group)</blockquote>


Ipop, I am curious how you know these details on the potential buyers. I?ve bought three houses in the past ten years. I never knew what the seller?s demographics were before closing, and then only once when the sellers were actually at the title co. at closing. I am confident my realtors on the buying side did not discuss my demographics with the seller?s agent outside the fact I was a pre-approved buyer. One realtor I used, I never met before closing and did all the negotiating on the phone/FedEx.



Of the two houses we've subsequently sold, I think the only factor revealed was that we were corporate relocations to another area. I never thought to inquire into the buyer?s race or personal info. I doubt any of the realtors I?ve used would have discussed it with me.



I can see how this info could be known if all the buyers were dealing directly with your selling agent, but in my experience that is fairly uncommon. Just curious if things like this are different in California from the other states I?ve owned in. I consider buying a house a pretty private matter.



Congratulations on getting your asking price. Truly good marketing skills in today?s market.
 
[quote author="ConsiderAgain" date=1217145773][quote author="ipoplaya" date=1217045051]

Our offer demographics were as follows:



1 set of foreign-born african-american sisters

1 young caucasian male

1 mixed couple (white and asian - white male in commerical RE, asian female is school administrator)

1 out-of-area apparently single asian buyer

3 asian families (50% down buyer in this group)</blockquote>


Ipop, I am curious how you know these details on the potential buyers. I?ve bought three houses in the past ten years. I never knew what the seller?s demographics were before closing, and then only once when the sellers were actually at the title co. at closing. I am confident my realtors on the buying side did not discuss my demographics with the seller?s agent outside the fact I was a pre-approved buyer. One realtor I used, I never met before closing and did all the negotiating on the phone/FedEx.



Of the two houses we've subsequently sold, I think the only factor revealed was that we were corporate relocations to another area. I never thought to inquire into the buyer?s race or personal info. I doubt any of the realtors I?ve used would have discussed it with me.



I can see how this info could be known if all the buyers were dealing directly with your selling agent, but in my experience that is fairly uncommon. Just curious if things like this are different in California from the other states I?ve owned in. I consider buying a house a pretty private matter.



Congratulations on getting your asking price. Truly good marketing skills in today?s market.</blockquote>


I agree, it's not common to have as much information as we have. The sisters wrote a letter describing themselves and part of their situation and other info re: them came from our neighbors who met them when they came to see the house. Info on our buyer, the younger male, came via the internet. When someone plays collegiate sports at a big college, you can find quite a lot about them. The mixed couple rents in the neighborhood and I have met them previously. Asian buyer supposition is based off first and last names.



I would guess the buyer knows little to nothing about us besides our name unless IR2 shared some details with them. It is becoming more common I think for buyers agents to write a paragraph or two about their buyers when making offers...
 
Good news and bad news for ole IPO. Our buyer is signing his docs and escrow may close tomorrow... Woohoo!



Bad news is that he didn't want the <a href="http://orangecounty.craigslist.org/spo/770225082.html">home gym I left in the garage </a>and its received zero action on craigslist. Looks like I am going to have to take it apart tonight and ditch it in a dumpster. Argh, such a waste.



If anyone happens to want it, <a href="http://www.62knollwood.com/">call IR2 </a>and he can tell me to stand down with my ratchet.
 
[quote author="ipoplaya" date=1217494113]Good news and bad news for ole IPO. Our buyer is signing his docs and escrow may close tomorrow... Woohoo!



Bad news is that he didn't want the <a href="http://orangecounty.craigslist.org/spo/770225082.html">home gym I left in the garage </a>and its received zero action on craigslist. Looks like I am going to have to take it apart tonight and ditch it in a dumpster. Argh, such a waste.



If anyone happens to want it, <a href="http://www.62knollwood.com/">call IR2 </a>and he can tell me to stand down with my ratchet.</blockquote>


Sorry buddy; I just bought one on Ebay on Thursday.
 
Well, La Casa De IPO is no more... We are officially closed and have fully joined the rootless renter population. No check in hand yet, but the sale got recorded today for the sum of $604,000.



The transaction was quite smooth with one exception. The appraisal our buyer's lender (US Bank) ordered came in at $585K and the contract purchase price was $610K. We learned of this tidbit on July 17th or so. IR2 immediately went to work blasting away at the comps they used and offering a different set of comps with reasons as to why they were more appropriate. This hurdle was primarily due to the model match REO sale a few months ago at $552K. After a week of waiting, we learned that the appraiser, despite new and different information, was unwilling to revise the appraisal upward...



This put our buyer into a bit of a pickle as he was going to have to come up with more cash to close the deal. Once we got past the 14-day mark, which was originally supposed to be when we would close (they offered a 14-day close), we served them with a notice to perform re: removing all contingencies. We had planned to give them until Friday, July 25th, to commit or cancel. As I predicted to Deuce, they used the low appraisal to push us on price via an amendment. They offered to move the transaction forward for $600K.



During the two or so weeks we were in escrow, the prospective buyers that did an offer of $615K (coming in after we opened escrow at $610K) had gone forward on another property, so we were left with a solid backup at $605K with the next best a mediocre quality offer at $600K. I felt comfortable with the $605K buyers, but was leery about another multi-week cycle with a new buyer taking us too close to the end of the summer season. I figured that at a price of $605K with the backup offeror and additional 30-days of carrying the property, I would really be getting a price of around $603K relative to the first buyer. With this in mind, we elected to counter their amended price up to $604K with the conditions that they would close by 7/31, immediately remove all contingencies, and pay us $150/day for late closing beyond 7/31. Fortunately, this was low enough to hook them and we moved it quickly forward to closing today.



The house just like mine down the street is in escrow at a price of $606K with a $5K credit to the buyer so we beat their price by a few thousand. Mentally and/or emotionally, I was looking for $600K, so we were able to beat that by a bit... We did 28 days list to close and around 45 days from decision to sell to close. Those stats are truly a testament to the skills and intelligence of IR2. He works hard, provides great information and feedback, and lets his buyers and sellers stay in command/control of their transactions. Many many thanks Deuce.
 
Congrats!



Question for you or IR2. I'm curious why you didn't get the check in hand yet. If they can walk into the house and call it their house, shouldn't you have the check? You are missing out on some valuable daily interest.



Just curious how this all works in California.



Congrats again.
 
[quote author="CalGal" date=1217577484]Congrats!



Question for you or IR2. I'm curious why you didn't get the check in hand yet. If they can walk into the house and call it their house, shouldn't you have the check? You are missing out on some valuable daily interest.



Just curious how this all works in California.



Congrats again.</blockquote>


This is the only house I have ever sold so I have zippo experience with this... They did their part, i.e. funded escrow, so they probably should be able to walk into the house.
 
[quote author="CalGal" date=1217577484]Congrats!



Question for you or IR2. I'm curious why you didn't get the check in hand yet. If they can walk into the house and call it their house, shouldn't you have the check? You are missing out on some valuable daily interest.



Just curious how this all works in California.



Congrats again.</blockquote>


If the funding goes to escrow to do the payoff, then you can instruct escrow to wire the extra funds to your bank once you give them wiring instructions. I would think. I have seen this in a commercial transaction, so I don't know why it would be different in a residential one.
 
Congratulations Ipo and IR2. From an armchair vantage point, it appears that both of you did an excellent job marketing Ipo's property. I was a bit skeptical about staging a used home, but you can't argue with the results. Thank you both, and Mrs. Ipo, for keeping us informed during all stages of your sales process and giving us the chance to learn details from your experience. I hope your new home is working out for you, even if it is rented, and you profit from your real estate market timing. Again, congratulations.
 
[quote author="EvaLSeraphim" date=1217587995][quote author="CalGal" date=1217577484]Congrats!



Question for you or IR2. I'm curious why you didn't get the check in hand yet. If they can walk into the house and call it their house, shouldn't you have the check? You are missing out on some valuable daily interest.



Just curious how this all works in California.



Congrats again.</blockquote>


If the funding goes to escrow to do the payoff, then you can instruct escrow to wire the extra funds to your bank once you give them wiring instructions. I would think. I have seen this in a commercial transaction, so I don't know why it would be different in a residential one.</blockquote>
When we sold our house in Mass, we had the money wired directly to our bank - on the day we closed. I guess I just found it odd that a check or wire doesn't take place immediately on the day of closing here in CA. This could potentially be a lot of lost interest for the seller. I'm just trying to figure out the CA process. It's so different than Mass.
 
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