Artloversplus, awesome.
How many bids were there?
3 days buyer review and 30 day closing.
We only received 8 bids.
Well… That was enough!!!
Woohoo!
Congrats, artloversplus!!
Cbreeze, we’re in the DC area, so we know about expensive housing markets, too. Looks positively reasonable here compared to SV! S & DIL have talked about transferring within their company to a less expensive place so they can get a house and have options for grad school/kids/other things that don’t mandate they both keep working FT just to keep up with the mortgage.
Great job! Sounds like things are going very nicely for you!
Wow 8 bids and $228K over asking!! That is just… wow. Congrats! It’s been fun following this thread.
Based on my experience as a buyer, there is nothing to wow about. I am used to 28~40 bidders and 30~40% over asking. I even failed to buy a house that has flat roof, no kitchen cabinets, no bath fixtures and boarded up windows! And you think that house will get a BIG discount? Not a chance.
Talk about a seller’s market. Whew.
That is so totally foreign to me. We’ve never lived in an expensive RE market or one that’s so competitive. I’m fascinated by the difference.
@artloversplus, congrats, you got your price. Do you think the buyers are investors or they are going to live there?
Well, if I can rent out the condo, I would have done that 4 months ago. The HOA rules are:
- New owner must owner occupy the unit for 1 year, before it can be rented.
- There is a wait list for rental unit.
- No rental age restrictions.
Sigh… I hate to sell mom’s beloved home…
70% down, that really floors me. I wonder if there’s a crazier market. Singapore? London?
What? ALL my offers have been:
All Cash, no loans
No inspection contingency
AS IS where is
Close in a week to 10 days
I thought I gave the buyer a big favor…
DS and fiancee are putting in an offer. Its their 4th try. Prices are beyond ridiculous and they are competing with those cash only- no contingencies offers. This house currently has only one bathroom, with an unfinished garage/basement area that theyd consider doing something with. I think they are still a bit sad that they didnt get the last one-- but its really a crazy market in SF.
@artloversplus, I thought Cash = actual cash, or loan approval for a certain $, or any combination thereof. That’s what our last RE agent told us.
How do you get a loan in a week? When we make an all cash offer we have to proof of funds in an all cash offer, we have to send a copy of bank statement with an amount more than the offering total. If I did not have enough cash, I need to have an loan approval letter, that is not an all cash offer.
I was told it takes 21 to 25 days to get a loan.
I know experienced flippers can get a private loan in 3 days with 10% or more interest, they are more or less loan sharks they are called HARD MONEY lender, and it won’t be a 30 year or 15 year mortgage, its going to be one year or less.
Regardless, in CA, an all cash offer must be all cash already in the bank. Otherwise, what is a non-all cash offer? Because in any home transaction, at the end, you close the escrow with cash. Do you trade homes or the owner takes back paper?