We received 16 written offers on the Bluff Ct. property – here are notes:
Five agents were from the LA/OC area. Because their MLS (CRMLS) covers most of the rest of Southern California, they were used to traveling to sell a house. San Diego home sellers want these LA/OC buyers to come here, because our prices look cheap to them.
The first three offers were all below list price. When it came time for the highest-and-best round, all three withdrew. I would have thought that the first offers submitted would be from the most motivated buyers?
The average down payment was 33%. There was one cash offer, and four that had less than a 20% down payment.
Five of the financed offers didn’t include a pre-qual letter.
Five buyers increased their offer during the highest-and-best round, by an average of $21,000.
List price was $749,000 – three H&B offers came in at $799,000 and higher.
My youtube video of the home’s defects is up to 335 views!
The most shocking thing above is that in 2016 anyone would submit an offer contingent on financing without a pre-qualification letter. Is that really a thing that happens? I couldn’t imagine accept an offer like that – and if the market sucked I’d demand it before actually accepting an offer. Did they include proof they had the down payment or is that on faith also?