Challenges with REOs/Shortsales in SoCal? Sneaky agents??

Profile picture for rachelbross

We've offered on 7 properties, good, solid offers. (pre-qual'd, 10-20% down, some at or above asking, some within 7%) On all of these only ONE was a typical experience where the seller countered, to us and some others, and we lost. No biggie we knew what we had to offer to get it, and weren't willing to go that high. The others have been a nightmare. 1 the listing agent never replied to our agent, despite numerous calls and emails - that one we were above list and supposedly competing against FHA's so according to the showing agent at the open house we should have been in there at least get a reply. Another one, an REO that's been on the market for 150 days, and is supposed to be going back to auction in late Jan, had no offers according to the listing agent last Sat. We made an offer on Monday and now apparently we're competing with 4 other buyers - what, everyone got houses for Christmas??? Several other "odd" experiences, but I'd rather hear from you all, and get some tips on how to navigate this weird market, or at least some moral support :-) We know part of the challenge is we don't believe the market has bottomed so when a bidding war breaks out, we walk. Maybe we just need to get back up on the fence!

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 04 2009 - US

Replies (1)

Profile picture for jkonstant

The good news is you have not become so attached to any home (7 offers) that you cannot be happy with another.

The bad news is, the market has not bottomed and until it does, there will this sort of chaos for some time.

There will continue to be bidding wars no matter the market and depending on the property. I am in a similar situation, but am lowballing my way through the listings. When I find myself in a bidding war, I stick with my offer or raise it to where I would have gone to begin with.

Be patient, 2009 is expected to be a bit worse nationally than 2008 was. Many more homes coming on the market and many others fallng behind on their mortgages.

Interest rates are good now (though they inched up a bit as a few more buyers came in) but will probably drop back late this month.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
January 05 2009
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

E-mail successfully sent!Submission failed!

Related Discussions
Profile picture for Tug of War
DiscussionZillow Announces Zestimate Improvements
  • Last reply by Tug of War
  • 6 days ago
Profile picture for SoCal_Engr
DiscussionZestimates: Price History + Tax History
  • Last reply by SoCal_Engr
  • December 11 2011
Profile picture for Michael Emery
DiscussionScams and Fraud
  • Last reply by Michael Emery
  • October 14 2010
Profile picture for JAKE Home Inspection
DiscussionShould You Use an Agent's Recommended Home Inspector?
  • Last reply by JAKE Home Inspection
  • 3 hours ago
Compare Mortgage Rates
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy