Where the market is - Buyer Offers

[The Motor Court Company]

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

damn Irvine housing market is not that hot. slightly above listing can get you a house nowadays?

Where have you been the last 3 years?

 

[talkirvine]

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

damn Irvine housing market is not that hot. slightly above listing can get you a house nowadays?

Where have you been the last 3 years?

This is BSO. And you pick on IHO.

 

[usctrojancpa]

I made offers for 2 buyers for the following 2 homes on Sunday evening....
https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862
https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

 

[irvinehomeowner]

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

So Texas then?

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement.

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).

 

[The Motor Court Company]

No still west coast and one may argue the location has better weather than Irvine.  And yes inspired by you I really started to appreciate 3CWG house with wide lot (once we are in the position to buy 3CWG, 2CWG houses just look a lot less appealing)....the curb appeal, extra flexibility and distance to your neighbor.s..no more 10 ft rear or 3 ft side setback craps like in new Irvine builds.

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

So Texas then?

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement.

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).

 

[trematix]

where is this mythical place!

No still west coast and one may argue the location has better weather than Irvine.  And yes inspired by you I really started to appreciate 3CWG house with wide lot (once we are in the position to buy 3CWG, 2CWG houses just look a lot less appealing)....the curb appeal, extra flexibility and distance to your neighbor.s..no more 10 ft rear or 3 ft side setback craps like in new Irvine builds.

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

So Texas then?

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement.

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).

 

[usctrojancpa]

I made offers for 2 buyers for the following 2 homes on Sunday evening....
https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862
https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

My client offered $2m with over 50% down on Interlude but the seller accepted a higher offer without a counter.

 

[sleepy5136]

We are still in Irvine for the next few months but has not followed real estate until recently. We are about to move to a much bigger house with 3CWG on a quiet cul-de-sac with mountain views, and it is in similar school district as IUSD and easy access to freeways (no, not Johns Creek). So I am deciding whether to keep our smaller house in Irvine or rent it out as the rent seems to be higher than the PITI we are paying.

How about you? have you found your 3CWG house yet?

So Texas then?

We were actually thinking about looking again but seeing how crazy Irvine prices are... may need to reconsider.

With remote work being way more acceptable now, it expands where we can look but SoCal (and Irvine) is just superior to us. Maybe NorCal or Seattle suburbs... or San Diego area to stay close to family.

Going to give it a a few years for the kids to be out of the basement.

If you haven't had a 3CWG... you will love it... we've been compromising long enough to not really "need" one but it will always be on my list (I am fine with tandem but much prefer the wider driveway).

Texas has low property prices but high property taxes. Keep in mind property tax is a lifetime thing and high purchase price is a one time thing.

 

[qwerty]

I made offers for 2 buyers for the following 2 homes on Sunday evening....
https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862
https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

My client offered $2m with over 50% down on Interlude but the seller accepted a higher offer without a counter.

It?s interesting to see how the price gaap between these larger homes and cheaper 2,000 sq ft homes seems to be narrowing.

 

[DBtoOC]

I made offers for 2 buyers for the following 2 homes on Sunday evening....
https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862
https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

My client offered $2m with over 50% down on Interlude but the seller accepted a higher offer without a counter.

It?s interesting to see how the price gaap between these larger homes and cheaper 2,000 sq ft homes seems to be narrowing.

Good time for move-up buyers!

 

[The Motor Court Company]

So the market I was looking, and about to moved to, is extremely hot. Buyers have to remove all contingencies (appraisal, inspection, loan) , 3% earnest money deposit, short close window, using buyer agent commission rebate to pay seller's closing cost, up to 60 days free rent back (owner in possession), on top of bidding minimum 10% above asking to have a chance to be invited into the 2nd round of bidding or receiving counters.
What's the situation like in Irvine?

 

[Kick53rv3]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

 

[Dr. CA Real Estate]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

Depends on your price point. I routinely get contingent offers accepted for my buyers. That said most of my buyers are not in the bloodbath low 1m and under bracket where its far more difficult to get any kind of offer accepted.

 

[Kick53rv3]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

Depends on your price point. I routinely get contingent offers accepted for my buyers. That said most of my buyers are not in the bloodbath low 1m and under bracket where its far more difficult to get any kind of offer accepted.

Unfortunately we are in the even lower 800-900k bracket, so probably no shot for contingent offers.

 

[Cares]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

Depends on your price point. I routinely get contingent offers accepted for my buyers. That said most of my buyers are not in the bloodbath low 1m and under bracket where its far more difficult to get any kind of offer accepted.

Unfortunately we are in the even lower 800-900k bracket, so probably no shot for contingent offers.

Sub $800-900k is definitely a tough price range to be in for Irvine. It's not quite high enough to be competitive for 3BR detached homes but "too high" for attached homes.

 

[Cornflakes]

Is it possible to make an ebay style bid on a house.

Say a buyer really really must have the 800k listed home. Can he/she make an offer of "Lower of the $1M or highest offer+$1000" - subject to successful verification of the legitimacy of the highest offer?

 

[usctrojancpa]

I made offers for 2 buyers for the following 2 homes on Sunday evening....
https://www.redfin.com/CA/Irvine/64-Interlude-92620/home/51684862
https://www.redfin.com/CA/Placentia/224-Blanquita-Way-92870/home/4177900

The Placentia home is on hold as the seller is reviewing offers on Monday at 5pm.

Didn't even get a counter on my client's offer of $921,100 along with waiving loan and appraisal contingencies along with removing all contingencies in 10 days on the Placentia home, looks like they just selected the highest offer.

 

[usctrojancpa]

Is it possible to make an ebay style bid on a house.

Say a buyer really really must have the 800k listed home. Can he/she make an offer of "Lower of the $1M or highest offer+$1000" - subject to successful verification of the legitimacy of the highest offer?

What you suggest is a different style of writing up an escalation clause. They do work sometimes.

 

[usctrojancpa]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

 

[Kick53rv3]

I am in a situation where my house in Seattle is in escrow and moved to Irvine. At this point should I even bother looking at houses in Irvine as sellers probably won?t consider the contingency for the pending sale? On one hand I don?t want to waste money continuing the short term rental but also don?t want to waste time if no one would even entertain any offers?

It really depends on where you are in the sale of your home.  Has your buyer lifted all contingencies?  How much longer before you the transaction closes?  Has your escrow company provided you a detailed estimated seller closing statement showing your estimated net seller proceeds once the sale is closed?

Yup all contingencies were waived, closing on the 24th of may. I already received the earnest money in my account and they are approved for double the selling price from their lender (very reputable lender in this area).

I tried to buy Brisa this weekend and they flatly rejected us for not having the sale closed, while Lennar said they dont take contingency either. So we were told by our agent that resale homes will not accept any either and we should just wait until the money hit our account before looking.