So much for a down market (real estate, buying a house, buying)

cgarcia112 · 08-02-2011, 07:07 PM

Or also titled: Buying a house Suck$!

Had a horrible time with a recent offer on a home.
Really wanted this one. Perfect location, schools, etc. In Vistas with huge lot. REO.
Asked 400ish, we offered 469. They accepted 17 offers, bank sent out a highest and best not once, but twice! An just learned today that we got beat out.
Just stings so bad because this looks like the last one in that area with a large lot that is reasonably priced.
Missed out on 4 other large lot homes there... Just seems like ya can't win sometimes.

Scott456 · 08-02-2011, 07:17 PM

you should be happy that you lost on a bidding war. The bidding games are one of the reasons that got people in trouble with the real estate before. Perhaps the buyer of this property you wanted is regreting it now.

olecapt · 08-02-2011, 07:24 PM

Quote:

Originally Posted by cgarcia112

Or also titled: Buying a house Suck$!

Had a horrible time with a recent offer on a home.
Really wanted this one. Perfect location, schools, etc. In Vistas with huge lot. REO.
Asked 400ish, we offered 469. They accepted 17 offers, bank sent out a highest and best not once, but twice! An just learned today that we got beat out.
Just stings so bad because this looks like the last one in that area with a large lot that is reasonably priced.
Missed out on 4 other large lot homes there... Just seems like ya can't win sometimes.

That is good short country. And go to the north and a little east as well.

REO in that area can be contentious. But shorts you get the inside early and have only to deal with the bank if it pops. The banks will counter. But not harshly.

cgarcia112 · 08-02-2011, 07:52 PM

Yeah, all I can do is hope.
Trying to get into some shorts but just very little when looking at the specific area (between charleston/farhills) zoned for Givens, etc. That have lots 10k+.

May just get out of the market all together at this point. Doesn't seem worth heartache

logline · 08-02-2011, 08:10 PM

Scott is right. You bid WAY over the asking price and should be happy you dodged a bullet. Imagine what that "winner" is feeling right now: realizing that 16 other independent bidders all agreed that it's not worth what they paid for it. Talk about buyer's remorse! In all my years of real estate investing, I've come to learn that there are multiple "dream homes". You will find another, don't worry.

ScoopLV · 08-02-2011, 08:36 PM

I'm sure I have the "oddball" opinion here.

Find the house you want and buy it. Don't sweat the cost -- it's only money. (As long as you can afford it, of course. For instance, I'd love to live in MacDonald Highlands. But the seven-figure prices are out of my reach.)

If you pay a few thousand too much, what difference does it really make? At the end of the day, you have to live there -- day in and day out.

Mark Twain once wrote that the difference between a word and the right word was like the difference between a lightning bug, and lightning.

Same thing with the right house.

cgarcia112 · 08-02-2011, 08:59 PM

I hope you all are right.
WA not "investment" on the speculating sense. Would have been the family home for years to come.

Was in the VISTAS and on a 16k lot.
Pebbletech pool, totally finished yard with unopposed strip views etc. Basically a 150k yard easy.

jerseynurse · 08-02-2011, 09:17 PM

What about the new homes being built by Toll brothers off Alta? Do they offer large lots? Seems like at your price pint, you could build new and pt in your own amazing backyard oasis. The views from that area are amazing,too. Good luck in your journey.

olecapt · 08-02-2011, 09:58 PM

Quote:

Originally Posted by cgarcia112

I hope you all are right.
WA not "investment" on the speculating sense. Would have been the family home for years to come.

Was in the VISTAS and on a 16k lot.
Pebbletech pool, totally finished yard with unopposed strip views etc. Basically a 150k yard easy.

If it is that BofA house it may well have gone over $500K.

Suggestion - If you must work that area only drop your size spec to greater than 10,000 SF. You open your options by a factor of 5. There is one in there right now way overpriced. You might take a look and make a rational offer...it is in Paradisio.

cgarcia112 · 08-02-2011, 10:02 PM

Looked into those. They base around 390 and a lot in upgrades. Then 40k+ for pool and more for yard.
The lots say 10k "but" I talked with them and the large lots are layer out in a way where the "useable" lot is 8k however that goes.

I gues there is always hope