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Guide to Real Estate in Los Angeles

Top Selling Agent, Specializing in Real Estate in LA and the Valley

By Richard Schulman | Agent in Los Angeles, CA

Observations: Multiple Offers

I am noticing an increase in properties going into multiple offers.  This is especially prevalent in properties at the entry price point in their neighborhood. 

Comments

By Arlene Garcia Hanner,  Wed Feb 18 2009, 09:13
I agree. That is certainly the case here in Los Angeles county - South! I have clients who have offered $30,000 above asking price that were outbid! Ultimately, the property went for $45,000 above asking price and I am not talking million dollar properties here. Entry level in this area is mid $300k-400k range...
By Richard Schulman,  Wed Feb 18 2009, 09:26
I've seen it consistent from $200K condos, to over $500K houses, depending on where that particular market begins.
By davidwbrower,  Wed Feb 18 2009, 09:39
Don't forget to disclose the fact to all parties. With my REO property listings, we notify all parties and ask for their highest and best. We don't go back to the parties after they've submitted highest and best and ask for even higher offers - that would be shopping offers. I have seen multiple offer situations regularly. Especially with my REO listings and also when representing buyers who are purchasing REO properties. It seems that when the price of any home get's to a certain level, then everyone seems to want it. Which only goes to show you the market isn't that bad.. if you can afford to price your home to sell.
By Christine Minutoli,  Wed Feb 18 2009, 09:44
We are seeing the same thing in Montgomery County MD

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