usctrojancpa
Well-known member
A 3rd offer came in this morning from one of the buyers who saw the home yesterday.
New Listing - Campanile Plan 3 home in Northpark Square (15 Inglenook)
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Be picky about who you choose to be your agent and put trust in him.
There were 18 agents that showed the property from last Tuesday to yesterday along with 50+ perspective buyers coming to the open house this past weekend so most of the people that wanted to see it saw it. The first offer came in last week on Friday along with the other two came after so it really wasn't a good idea to stall those buyers. We responded with a best & final counter to all of them and they put their best feet forward. I believe that the process yielded the true market price as all of the best & final counters were within less than 2% of each other (they all increased their initial offers). In my opinion, the longer the property sits the worse position the seller will be in (especially once you get past 30 days on the market). Multiple offers give leverage to the seller and when a seller has leverage they should use it. Also, the seller already purchased a new property and will be moving into it soon so they wanted to minimize the time that they would have two mortgages. Remember....time = money.
Maybe 7-10 days is the magic time period then. I was thinking at least 2 weeks, but close enough.
This is very true, especially when you have little kids. Keeping the house in great show condition with little ones is a job in itself. The sellers are definitely glad they are done with showings.
A lack of good resale inventory is driving that. If not for the new home inventory, there would have been bidding wars on more listing and Irvine home prices would have been up even more.
I do agree with you that you need to have a home on the market long enough for perspective buyers to see the home (including open houses for buyers who aren't working with an agent or can't see the home during the week).
usctrojancpa
Well-known member
Seller selected on the buyers and we are opening escrow today.
irvinebullhousing
Well-known member
That was fast.
woodburyowner
Well-known member
I'm wondering if it's worthwhile to hold on and wait for other potential offers. There could be a handful of people who didn't see the listing within the week it was listed and might be missing out on bidding for the property. Just curious about this super fast strategy.
irvinebullhousing
Well-known member
woodburyowner said:
Be picky about who you choose to be your agent and put trust in him.
usctrojancpa
Well-known member
woodburyowner said:
There were 18 agents that showed the property from last Tuesday to yesterday along with 50+ perspective buyers coming to the open house this past weekend so most of the people that wanted to see it saw it. The first offer came in last week on Friday along with the other two came after so it really wasn't a good idea to stall those buyers. We responded with a best & final counter to all of them and they put their best feet forward. I believe that the process yielded the true market price as all of the best & final counters were within less than 2% of each other (they all increased their initial offers). In my opinion, the longer the property sits the worse position the seller will be in (especially once you get past 30 days on the market). Multiple offers give leverage to the seller and when a seller has leverage they should use it. Also, the seller already purchased a new property and will be moving into it soon so they wanted to minimize the time that they would have two mortgages. Remember....time = money.
woodburyowner
Well-known member
USCTrojanCPA said:
Maybe 7-10 days is the magic time period then. I was thinking at least 2 weeks, but close enough.
paperboyNC
New member
Also keeping a home in a condition where it is looking great is not easy. As soon as you go into escrow you have no more showings.
usctrojancpa
Well-known member
paperboyNC said:
This is very true, especially when you have little kids. Keeping the house in great show condition with little ones is a job in itself. The sellers are definitely glad they are done with showings.
usctrojancpa
Well-known member
eyephone said:
A lack of good resale inventory is driving that. If not for the new home inventory, there would have been bidding wars on more listing and Irvine home prices would have been up even more.
usctrojancpa
Well-known member
woodburyowner said:
I do agree with you that you need to have a home on the market long enough for perspective buyers to see the home (including open houses for buyers who aren't working with an agent or can't see the home during the week).
usctrojancpa
Well-known member
Got word from escrow that the loan has funded and that we are set to close and record this afternoon. The final closing price will be $1,110,000 or $10k above the list price from a financed buyer. Other two offers were at $1.09m (all cash) and $1.1m. Congrats to both the buyer and seller.