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- CA home buying frenzy continues - Orange County house ...
CA home buying frenzy continues - Orange County house gets 135 bids
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"So when the two-story house on Mary Hill Avenue went back on the market this year for just $386,100, offers came pouring in. In three days, 135 buyers had entered bids. By the end of the week, a deal was signed for $501,000 — $115,000 over the asking price.
"Some properties, you recommend prices, and they sit on the market for a month or so," he said, noting the only thing close to this experience was a home in Downey that recently drew about 100 bids.
So many bids came in after just the first day that agents set a three-day deadline for additional offers. Buyers were so eager, they overlooked the dated fixtures and the need for new paint and carpeting. Ten bids came in at more than $100,000 above the asking price. The highest bid was $525,000. The weakest offer? A low-ball bid of $380,000.
About 25 of the buyers were willing to pay cash. And the bank ended up picking the highest all-cash offer to avoid the need for a loan appraisal that, if it came in too low, could hold up the deal."
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