Home Buying in Burbank>Question Details

Pollito, Home Buyer in Burbank, CA

More than 20 offers in different properties and no luck!

Asked by Pollito, Burbank, CA Thu Jul 16, 2009

My husband and I have placed over 20 offers in different properties and no luck! We have been approved for 295k. And we are looking for an FHA, condo or house: 2bd and 2baths in Burbank, Sherman Oaks, Studio City or Valley Village, now we have expanded to Glendale. Our offers have not been low and all properties are within our budget...but it seems everyone else find a property except us. Is it the market? We have offered on to REO, short sales and nothing! Any advise it is very frustrating and our agent says it is a matter of time but how long does this really take? Are we doing something wrong?

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Rebecca Chambliss’ answer
FHA condos are almost non existant in that price range, so my advice would be stick to single family homes. This is not an uncommon story in that price range. There have been 25+ offers on some properties in that area which runs the price over what they are listed for.

Have your agent go back and see what each of the 20 properties sold for and how much above your offering price they sold for. Keep in mind there are many investors out there paying with cash and so often the sellers take a lower price to do a cash deal.

I would suggest you look at properties listed between $225,000 and $250,000 if you can really afford $295,000 since you will need to likely overbid quite a bit to actually aquire a property.

Best Wishes.

Rebecca Chambliss
Keller Williams
(310) 989-4466
1 vote Thank Flag Link Thu Jul 16, 2009
Hello Mr. and Mrs. Frustrated Buyer:
First ..there are lots and lots of buyers looking for discounted properties. Banks have lots of offers.

Check back on prior offers and see what they eventually sold for..ie I suspect if they did sell then maybe your offer was far too low...but dont trust what the banks say...go to the coutrhouse records and pull up the owners tax records and see what it sold for.

If your agent is not doing his or her homework..find another..there are lots of agents in California who are anxious to find a client.

Troy in Texas, formerly from San diego.
0 votes Thank Flag Link Tue Jul 28, 2009
Pollito,

Very common! Especially in those areas. I agree that you should expand your search and stick to single family homes. You will also find more 2 bedroom 1 bath homes than 2 bath homes in those areas however I haven't seen any single family homes in that price range. You may want to consider another area that is adjacent such as Sunland. Many more single family homes in that range in Sunland, Tujunga and even some nicer areas of North Hollywood. You could also look for homes that have been sitting on the market for awhile. These homes would be more willing to take a lower offer if they have nothing on the table.
0 votes Thank Flag Link Fri Jul 17, 2009
How frustrating for you, Pollito! You've gotten some great answers below. You are doing the right thing by expanding your search area. Don't be discouraged. Just keep on looking daily! New listings pop up throughout the day.
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Fri Jul 17, 2009
Dear Polito,
No you probably are not doing anything wrong..and you can see from your personal experience that the Real Estate Market is a bit different then the "Media" has portrayed it..at least here in Southern California.
Sorry to say that if you cannot offer over asking price on these REO & Short-Sale properties, you probably will not get the house. Everything we have bid on recently, in Short-Sale had stacks of offers..and only the highest offers were being accepted.
0 votes Thank Flag Link Thu Jul 16, 2009
Pollito
There is a lack of inventory in the areas that you are looking, so contrary to media reports, it is common to have multiple offers for attractive properties, particularly in your price range.

Offers must be complete and presented in a way that will get a counter offer if not acceptance. Does your Realtor call the listing agent and ask for an idea of the seller's expectations so the offer is tailored to their needs?

Just faxing over an offer is not really the best method to get your offer accepted.
0 votes Thank Flag Link Thu Jul 16, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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