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The party was over even before you are got the invite.

Profile picture for White Picture
Contributions: 1897
Zillow All-Star

Since March 2009

About a month and half ago I post on the other thread that my sister go look for the house.
http://www.zillow.com/hom ... 379_zpid/
The house was sold to a flipper for $350k
2 weeks later, the house go back on the market $450k, I advised to my sister that, places the offer no more than $400k due to I do the comp on the area, that house's value is around $390k-$410k.
A few days later the house goes pending to another buyer.
I just find out, the house was sold for $490k, $40k more than the asking price.(must be cash buyer, since close escrow lesser than 2 weeks)
Until now, my sister was loss in 3 offers, which are the others buyer offer $50k over the asking prices.
If you check on any city of Los Angeles zip codes on www.realtor.com, at least 50% are pending sell (these houses are in good shape and priced correctly)
Still I tell to my sister need not to worry, since there will be more houses going to the market.
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July 03 - US

Replies (3)

Profile picture for MikeEmery
Real Estate Agent
Contributions: 2298
Zillow All-Star

Since December 2008

Still more proof that well over 100 years after the death of P.T. Barnum, his words still hold true.

There's a sucker born every minute.

Apparently these buyers have not learned from the mistakes of others.
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July 03
Profile picture for White Picture
Contributions: 1897
Zillow All-Star

Since March 2009

This house was foreclosure on 12/18/2008 at $417k (1st lien), I don't know how much for the 2nd mortgage.
http://www.zillow.com/hom ... 292_zpid/

Listed last 2 months at 385k, my sister's husband wants to offer $420k, I tell to him offer no more than $390k, since the house need $50k more for repair to livable.
Last I was told from my agent, there are multi offers on the house, that one from the other buyer from same real estate company (different agent) was $425k.
$40k over the asking price, I still don't know, if the bank will accept that offer or my sister's offer, since my sister is also a cash buyer, and she may have more chance then the others buyers
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July 03
Profile picture for nvchaz
Contributions: 1617
Same is true on the low-end here in Reno. Possibilities have dried up. They are starting to flip, some with low margins ($20K).
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July 03
 

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