Congrats! I wish you the best of luck.

We are experiencing the same thing in South West Riverside County, CA (SoCal). Although there are MANY properties on the market, the best ones, at the best prices, will have multiple offers and even sell for more than listed price. While waiting to see what happens....keep looking and you may find something even better if you keep a close eye on the market.

Sat Feb 23 2008, 12:54

Our offer has been accepted for back-up. We figured it was a long shot, but might as well give it a try.

From reading all the posts on Trulia, it seems like the Bay Area may be one of the few places in the US where houses are still being sold with multiple offers and over asking price within days of being listed. At least, the nice homes that are priced appropriately are...

Sat Feb 23 2008, 12:40

In this market, most responsible agents will make certain that their buyers are very well qualified and...making the right decision based on their specific needs. There are cases where this is not the situation and, in those cases a back up offer may come in to play and be the one who ultimately get the home. Back up offers can be worth a try in any scenario. If it is a bank owned property, the lender will not typically be presented with a back up offer. The offer will be held in case the first position offer falls out. And, only if the agent who presented the back up is in contact periodically with the selling agent to express you continued interest in the property.

When you do find a house you love, is well within your means, and simply must have.....Be ready, be first and make an offer that makes it hard for the owner or bank to refuse. If it is an investment property, you have to take an entirely different approach and emotions should rarely be anything other than a negligible part of the decision. Good luck to you in any case. SF bay area agents have a reputation of being some of the best in the state so....you should be in good hands!

Sat Feb 23 2008, 11:50