If you are picky about what you’re going to buy, and will only offer on quality properties that are priced attractively, then you need to have an effective bidding-war strategy.Â
Practice on this one!
Leave your guess on what the sales price will be in the comment section. The closest guesser will receive dinner for two at the oceanfront Marine Room down the street!
Here is the link to our previous full tour of the property.
Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
CA DRE #01527365, CA DRE #00873197
Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell âas isâ and just get it over with. They gave us a selling price for âas isâ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldnât be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends â in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass â we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jimâs first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You canât make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the âcan doâ attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donnaâs organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
830,000 is my WAG. đ
909K (there’s a minimum size limit on the comment?)
$892,000 will take it.
$891,000 is what I’m guessing. This was the corner where I had my first car crash at 16. I had just gotten my driver’s license and took my Dad’s car to go look at homes in La Jolla.
Well, I took that turn too fast, ended up crossing the double yellow and into a Toyota Tundra.
The car? Totaled. My Dad? Happy that I wasn’t injured….but not pleased. At all…I got one big lecture after that incident.
959,000 nice kitchen
$888,001. If I win, Jim, I’ll give you the name of my friend (who lives in La Jolla).
“How do you win a bidding war with 17 other offers in?” – JtR
Oh, that’s easy! First call JtR to represent you. With Jim’s 25+ years of experience + negotiating expertise, the other 17 will be left in the dust. (Just ask shadash).
$902,500…all cash…30 day close.
So is this Price of Right rules? If so I bid $1
$ 853,000 If it rents to college students, will it be worth more or less when it resells?
$845k going low
855k should do it. No view, busy street.
$917k – its a big lot in La Jolla. They ain’t making more of those
With 18 offers, how does a buyer differentiate themselves!?! Based on my recent understanding it doesn’t seem like the highest number is what will win or is the strategy likely to win.
– Is cash best, and will only cash offers win (or be the finalists)?
– Will a large down payment make a difference (and will that help with contingencies)?
– Will a no-contingent offer make a difference?
– Proof to the seller you will be able to get the loan?
– Will this go to a builder/developer (and will dual agency help)?
– etc.
Or a combination! How does the buyer get to the right ‘combination’? What combinations are important and what combinations do sellers like to see? What combination do you think will ultimately win in this example/instance since with such a large pool, there will be many combo’s?
Am I wrong that there is far more depth than just a number (especially with 18 offers)!?!
(my number is 857K in the spirit of the contest)
P.S. Enjoyed the broadcast! Thank you. I think you said there were 11K listeners!?! Serious or JtR humor?
My guess is $860,000
$865 000.00 cash
$789.000.00 all cash.
My guess is $856,000
Thanks big perm, and yes, examining the different variables is part of this exercise.
There are many angles, but let’s start with seller ID.
This is a bank deal. In my experience, the asset managers don’t get so enamored with cash deals if there is a financed deal that is much higher. With long-time owners or estate sales where there are boatloads of equity, the decision-maker might think a cash deal sounds sexier, and leave money on the table. But not the banks – if they can get at least 5% more on a financed deal.
If there is an appraisal issue, it is a different story. If the house is busted up or has bad comps around it, everyone takes a quick cash deal.
Next stop: Listing agent.
You need to check their sales history to know who you are dealing with.
REO listing agents typically don’t mess around, because they are loyal to their seller no matter what. They will play it straight even if they have their own buyer, because they would never want to jeopardize their gravy train with the bank. So don’t think that going direct to the listing agent will clinch it – the highest and best offer will win.
More later.
I would say $805,0000
$901,400
(hard to believe it sold for $1.2M in 2005)
911,000.00……………
Typical strategy on the commercial side in a bidding war is 1) bid too high and get the seller excited as we know they are all greedy; 2) make it all cash; 3) re-trade them down to market price at the end.
We’ve lost out to people many times who end up trading the price down to our original offer price. Its frustrating as we were honest/legitimate in our original offer and the winning party just BS’d their way….but it appeals to the seller’s greed.
Thus, winning offer will be $1,050,000+ and it will close for:
$960k
Hmm… I’ll take a WAG at 925,000.
$925,000, but someone snagged that one. I’ll outbid him to $936,000 cash, 15 day escrow.
$900k on the dot!
$929,000.
Clearfund and Jtr: Are buyers allowed to submit a very high offer to entice the buyer and then negotiate/work their way down to a more realistic price in order to be the winning bidder? It doesn’t seem ethical to me and if I were a seller, I wouldn’t appreciate someone tying up my property like that.
$858,000 all cash
$849,000 14 days escrow all cash
$810,000 based on comp on Bremerton. But, will buyers get caught up in the frenzy of the bidding war and pay more?
$915,000
Id do some research to see who else is there…
$819,000, 30 day close, waive inspection.
$775, cash, no contingencies, 10 day close
912K.
It’s a good size lot in LaJo and you can walk to campus.
Agree with collegejoe – that street is nasty out there and it is crazy with drivers and cyclists.
$840K…waiving the inspection is key
Are buyers allowed to submit a very high offer to entice the buyer and then negotiate/work their way down to a more realistic price in order to be the winning bidder?
Not usually, but it doesn’t stop buyers from trying. I have seen counters come back from banks that specifically state that they will not re-negotiate the deal later, so if you don’t like what you find during inspections, your only recourse is to cancel.
When you see known bidding-war escrows cancel and come back on the market, that is the usual cause.
Buyers who get caught up the the excitement end up cooling off in a hurry, and the agents need to be good to navigate that – it happens on most every deal.
$790k is my guess…
Can you trust the listing agent?
Those that are open and honest about all details are trustworthy – they are doing their best for the seller.
The listing agents who you can’t get on the phone, won’t return calls, or get cagey, vague, and evasive if you do speak with them – those are the ones that will stab you in the back.
It’s unfortunate because these types of agents are screwing their own client – think of what they will do to you.
Take your best shot and hope.
Tom Tarrant was tempted to go straight to the listing agent on the Bay Park deal – he knows his way around a transaction, and used to be a licensee.
But once we talked, he agreed he would have a better shot with me representing him.
Why?
Because I am an experienced veteran of bidding wars, and you saw my last scorecard: 17-2.
Not only do I utilize tricks of the trade, but I also stress that the listing agent check the sales history of each buyer’s agent to ensure that they can close a deal. It is quite a trump card.
There were cash offers higher than Tom’s, yet we won.
All cash, $955k.
The average rate for a 30-year fixed-rate mortgage during the week ending Jan. 12 slid two more basis points to 3.89% with an average of 0.7 of a point. A year ago, this rate averaged 4.71%.
$837500 is my guess
SP – $849,000.
1. have an experienced buyer’s agent that answers their phone / email promptly and can succinctly convey the strength of the offer and their buyer’s qualifications and motivation. Buyer’s agent should find out what the seller (bank) specifically requires regarding purchase contracts and documention prior to submitting and include those terms / items – communication and professionalism is vital.
2. have cash, or complete loan approval (pending only on the buyer’s choice of a property) with a minimum 30% down from a very trustworthy source. Have that lender contact the listing agent offering to be available to answer questions and provide any follow up documentation the seller (bank) desires that was not previously provided 3. is the buyer able to purchase the property if it appraises lower than the contract price? If so, provide proof of that and take out the appraisal contingency. Write in the bank’s preferred title and escrow servicers
4. offer to complete inspections in 3 – 5 days
5. minimize any costs to the seller (bank) where feasible (do not ask for a home warranty!) and state in the contract that the buyers will NOT be asking the seller to pay for any repairs – they truly are taking the property “as is”
6. submit, pray, and follow up.
$979k cash & a smile!
Funny on how many people are willing to contribute and add to the blog when free food is offered. đ
$853K
$835,000 cash, no inspection, 15 day escrow.
1 million, might as well guess higher than everyone else!
$937,000 will get this deal closed!!
$878,000! Foreign buyer for sure.
How ’bout 1,075000?
$774,000. More than 20% down.
$799,000 all cash.
$862,000 sell price
$843,000. Cash or no loan contingency. Builder or contractor buys and waives inspection.
$985,000. The rental unit will bring in $1000 itself and the lot has room to expand.
The rental unit will bring in $1000 itself and the lot has room to expand. $985,000 wins it.
Jim, listing agents that won’t return your call is my #1 complaint. And poor communications is the #1 complaint of customers about their agents. I have noticed that if a property has been on the market a long time and especially if it has fallen out of escrow that the listing agent has simply become frustrated and just wants the property to go away. The deal will be a PITA for the buyer’s agent in that case, but you might get a great deal for your buyer. Might. There’s a reason it fell out of escrow.
$880k, All Cash, 30 day escrow. Inspection is the only contingency.
$850,500 cash
The potential extra unit is gold.
$865,000. Convenient location, Nice lot, extra unit, decent finishes. downside: road noise, curb appeal not great. Overall, sharp list price.
$899. Great location, some traffic noise
$943 sell price
$905,000 It would have to be cash as I can’t see it appraising for that price. Not really worth it but to someone connected to UCSD that REALLY wants it…maybe. Foreign buyer perhaps.
My guess is $999k …..
My strategy is to add a couple zeros to the end of the address, 9477, so my bid is $947,700.