Profile picture for dollcity

we have put in over 14 offers with an 800 credit score and high income.

we also have a large income. are the houses really for sale?? we heard the banks are keeping them cause they are getting subsidized by the gov. what is really going on??B.N.
  • October 15 2009 - Rancho Cucamonga
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Answers (9)

If you are putting in offers on short sales it is highly competitive multiplied buy the number of people trying to take advantage of the tax credit.
  • November 01 2009
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  The houses that you are bidding on must have multiple offers or a couple of all-cash offers. I was looking at a couple of cities like Corona and Rialto and it is hard to get your offers accepted because some of these houses have over 45 offers.

   My suggestion is to look at a different city or if you could wait, then wait for a few more months. I believe a lot of buyers are rushing to buy because of the $8000 credit. Once that is gone, hopefully it would ease up a bit. 

   I would also ask your agent to find out why your offers are not being accepted by the seller. At least that would give you more clue of why your offers are not being accepted. 
  • October 19 2009
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Profile picture for nealadler
I can sympathize with you.  I list foreclosures and most of the time they sell with over 20 offers.  It also depends on where you are.  In the Los Angeles area inventory levels are way down and there are more buyers than properties.  It may also have something to do with how your offer is structured.  With a good income and a high fico score that should be attractive.  It may also have something to do with your offer.  Are you competitive with your offer?  How much is your down payment? This can affect your chances.
  • October 18 2009
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I have found that foreclosed homes are attractively prices in order to grab the attention of the potential buyers.  But you must take into consideration factors like condition and location of the home.  Be willing to place a competitive offer.

Short sales can be a lenghty process and both the seller and the bank must agree on the offer. 

Since your desired area is a competitive one, you may have to up your offering price if you truly want these homes.  You stated that you are working with a Realtor which is good.  Your Realtor should be able to let you know what comparable homes sold for.  But always do your own homework and dont be afraid to ask your Realtor questions.  They may not have all the answers but they have resources from which to get those answers. 
  • October 18 2009
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Profile picture for dollcity
Thank you for answering, but yes my offers were always above what was asking, finding out later,most were short sales.my realtor didn't explain short sales in the beginning. Rancho Cucamonga is extremley competitive so I will just keep trying or look out of that area.
  • October 17 2009
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Profile picture for wetdawgs
Yes, out of 14 houses I suspect most of them really are for sale.

Are your offers competitive?   Are you offering on short sales or foreclosures?    Perhaps your buyer's agent can give you some feedback on why you aren't winning with your offers.   Perhaps you are offering too low, or perhaps giving deadlines that don't work with short sales or foreclosures.  Perhaps all cash offers are winning and you have financing contingencies.   Without more details, it is hard to speculate.
  • October 16 2009
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I assume you are being represented by a competent local Realtor.  While I am a lender, I keep hearing that the foreclosures and short sales are taking tremendously long times to get feedback from the lenders.

Combine that with multiple offers.

If that is your case, you may have to focus on what normal resales are available in your area.

Good luck, and consult your Realtor.
  • October 16 2009
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Profile picture for falcon62
Are all your offers on short sales? It takes a long while to get an answer on your offer and way longer to actually complete the purchase.
  • October 16 2009
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Are your offers way below the asking prices?
  • October 15 2009
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