I keep mentioning the bidding wars that have been breaking out, here’s a specific example:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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When will you know what the Bressi Ranch Bomber goes for?
Not for a while, they withdrew the listing due to a lawsuit filed by the neighbor for “C,C, & R violations”, and are going to wait until it’s cleared up before accepting an offer.
This society has gone bonkers with lawsuits.
I wouldn’t be surprised that the neighbor was the one who made a bid and lost…
What would it take to fix the ‘permit’ issue for that little Master Bedroom extension? How do you handle that in your bid? Can you put a contingency to have the seller clear all the permits or does the appraisal guy come back with the list of illegal permitted add-ons?
CC&R’s? Cute. Did you happen to hear what those purported violations were?
I guess you can build up to get a better view.
lawsuits are a joke in CA.I think I should have been an attorney, job security.
Happy new year to you all! Rain here in n.Cali today.Rose bowl on sometime today.
Favorite bowl-game quote:
Lou Holtz, on being pelted with oranges when his Arkansas team was in the Orange Bowl:
–“I’m glad we’re not going to the Gator Bowl.”
No report on the violations, but I’d guess it could be that the fountain and BBQ/bar were done without HOA permission.
It’s a sensitive bunch in Bressi. The last time it was featured here a realtor who lives in the BR called me and tore my head off. I hope she is still reading?
Success is the best revenge
These HOAS remind me of commies.
Happy New Year to all the BubbleInfo addicts and especially JtR who goes to so much effort every day of the year to bring us fantastic, diverse, inquisitive, provocative information, data, and videos.
This post to me is quite provocative in that isn’t this the same behaviors by sellers, buyers, banks, etc. that got us into this mess in the first place? That we’re possibly starting to climb out of? I didn’t catch the address so I can’t do my du diligence of a neophyte CMA, but I can only hope that the appraisers show some sanity. Speaking of which, and understanding that appraising is possibly more art than science, wouldn’t it make sense for appraisers to not have the contract price? Does anyone else think this could introduce real unbiased appraisals in my mind? Granted it would make the appraisers the good or bad guy, but lenders want to lend money to make money, sellers want the highest price they can get, but somewhere sanity needs to enter into the picture. So be it if a cash buyer wants to throw their money away, they’re less likely to walk away and strategically default. But I can just see this buyer walking away if some calamity occurs and the property is suddenly takes a 30% value hit.
Apologies for being a whiney potential buyer! We were out in SD 2 days ago, looking at a single property of interest after seeing pretty much everything in the $450k-$550k range in the last 3 months. 800 miles round trip, wasted again.
First thing an appraiser asks is, “what was the contract price?”
An appraisal is no better than a CMA from a good broker.
“So be it if a cash buyer wants to throw their money away”
There are certainly cases that we have seen where cash buyers end up overpaying. JTR has shown us numerous examples … that house on Lynwood comes to mind. However, I would not automatically assume that all cash buyers are patsies.
Bidding ???? Let them bid it up…I will not bid for anything if I were a buyer.
NEC #13-I agree, but as a buyer, I’ve been screwed or benefited depending upon the perspective multiple times.
Pameliza #12-I never assume anything, including that cash buyers have or have not done their homework. But if they have not, and did plunk down the cash without doing the homework, they deserve what they get.
By simple definition, a “Cash” buyer CAN NOT overpay. In a free marketplace, value is determined by how much an able buyer is willing to pay.