Why do people need hard deadlines to get stuff done? It’s just so amazing to me that I can find a property and get an accepted offer and then wait around for a couple of months to see if the buyer’s loan will get accepted. It’s only when the escrow’s about to get canceled when I finally start to see movement on the loan approval.
Archive for July, 2009
It’s been crazy for a while, but it’s getting even more insane. Two weeks ago we wrote an offer for a client in East Salinas. This is not the pretty part of town. The home was priced at 119,000. Our buyer offered 150,000. Not good enough. Why? Because 21 other offers were received on the same house and the only ones considered were the 5 all cash offers.
This week the same buyer picks another East Salinas house to make an offer. This one should be easy. It’s an REO, but the bank is having trouble kicking the owners out of the house, so it’s for sale “subject to inspection”, meaning whomever buys it will not be able to examine the interior until after the offer is accepted by the bank and the previous owners have been removed. That should keep most buyers away, right? Nope, 7 offers in 2 days! It’s not uncommon to talk with people that have written 20 plus offers and STILL don’t have a house. With the deadline coming up on December 1st for the first time home buyer credit, people are getting panicky about finding a home and closing escrow.
Featured Properties
- $450,000
- Beds: 3
- Baths: 2+
