Not a Typo: Foreclosed Home Gets 135 Offers
By: Diane Tuman, Zillow Content Manager | July 13, 2009
Tap012 started quite a buzz with this Zillow Advice thread titled,
“CA home buying frenzy continues — Orange County house gets 135 bids.”
It looks like a Garden Grove, CA home sold for $760K at the peak of the boom, then went on the market this year for $386,100. In three days, 135 buyers entered bids and a deal was signed for $501,000, according to OCRegister.
Sounds like the feeding frenzy on foreclosures has gone to a new level — at least in Orange County.
- Stumble it!
- Categories: Foreclosures
Comments
5 Comments so far
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Kevin Schmidtchen on July 14, 2009 3:31 am
I don’t understand these types of listings and the publicity they make sometimes. Obviously if these #’s are true on the amount of offers, then the bank and the agent did a horrible job at pricing.
Sure there is the argument to price it low and let the market decide the value…but this could be done with as little as 2-3 offers and a lot less effort and headache/disappointment for many of those involved.
I think that any home that gets more than 10-15 offers has to look at who/how the price was decided to start with.
Loan Modification on July 14, 2009 1:31 pm
great information
abe vigoda on July 17, 2009 9:55 am
Wow Diane. Another great piece of cheerleading. 500K for a place in Garbage Grove? Are you for real? Have you ever been there?
Here’s a few facts for you Diane.
1. Even at the 500k price, that is 35% LESS than the last price. And that’s a good thing?
2. You can RENT a house in that neighborhood all day long for about $2k a month. These idiots bought at 250 times rent. Yeah, a great buy.
Come back next year when prices are 10-20% lower and tell us what a great deal this was.
mortgage loan modification on August 13, 2009 2:45 pm
Kevin, it could have just been that the agent did a superb job of advertising
loan modification on September 8, 2009 1:44 am
Hahaha yeah lets say its the agent doing a great job