Jennifer, Other/Just Looking in Ralph Bunche, Oakland,...

I recently purchased a short sale property in Ralph Bunche area. I paid 11,3000 over the asking price. Since

Asked by Jennifer, Ralph Bunche, Oakland, CA Fri Jul 24, 2009

there were over 20 offers. Can any body advice me about this area. The asking price was 150,000 Thanks
Jennifer

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Lisa Cartola…, Agent, Oakland, CA
Fri Jul 24, 2009
Jennifer,

Hello. What you are experiencing is not totally uncommon, especially in the last few months. In June existing home sales were up 3.6%, the third consective month of increase. With home prices lower, a decrease in the inventory of homes on the market and with FHA financing as well as the tax credit for first time home buyers, there is a lot more competition for properties.

In addition, keep in mind, that often times the stradegy of used by agents listing short sales is to price the property under market value to enourage buyers to write offers. Short sale cannot be negoatiated with the banks until there is an offer in hand.

Hope this helps!
Lisa Cartolano
Alain Pinel Realtors
Web Reference:  http://www.LisaCartolano.com
0 votes
Kamal Randha…, Agent, El Sobrante, CA
Fri Jul 24, 2009
Hi Jennifer,

You are not alone in overbidding on a home...its' just the way the market is right now. You should ask your Realtor to get you comps on what recent properties have actually sold for in that area so you'll know if your offer is at market price even though you are over bidding. Good luck

Kamal Randhawa
Broker
510-932-1066
0 votes
Pacita Dimac…, Agent, Oakland, CA
Fri Jul 24, 2009
Jennifer

YOUR REALTOR IS YOUR FIRST RESOURCE
Presumably, you were represented by a realtor who helped you write the offer. Was your offer accepted (by the lender) and have you closed escrow already?:

Your own realtor is your first resource who can give you information on comps for your properties. Depending on the list price, the condition of the property and number of other similar properties that have already sold in this area, you may have gotten a good deal.

The internet is a good resource for knowing as much as possible about this area, such as: http://en.wikipedia.org/wiki/West_Oakland,_Oakland,_California

What I like about this location is its proximity to some of the good hubs for shopping, restaurants and other amenities. Easy access to public transportation. It's definitely more affordable than other other parts of the city, and close enough to commute to jobs in San Francisco, Walnut Creek, Berkeley, Emeyville etc.

The are is seeing a resurgence in development, as epitomized by several live/work lofts that seem to be sprouting in different parts of West Oakland.

Although it has not "arrived" yet like some parts of Emeryville near the Powell shopping area, it is certainly destined for future and potential growth.

MULTIPLE OFFERS
Although some agents may quote a number to indicate how many offers were submitted on a property, i'd like to believe that they are telling the truth, especially now that the market is heating up in certain prices brackets and in certain neighborhoods.

Note to other realtors from other parts of the country: yes, it's happening here. We have run into REOs that have received 60-80 offers. This could back fire on them if there are this many offers. Some buyers may choose not to write an offer. The agents create more work for themselves, weeding through offers to find the best and highest to submit to the lender. It behooves the agents to price their listings right the first time.
0 votes
Bill Eckler, Agent, Venice, FL
Fri Jul 24, 2009
Jennifer,

What matters is if this is the right place for you for your future home. There must have been something that brought you to the point of making an offer prior to asking this question much earlier.

Hold onto whar attracted you to the property and your visions for the future here. What good will second guessing yourself do?

Best wishes,
The Eckler Team
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jul 24, 2009
a) how do you know there are 20 offers? Many listing agents will mislead state they have 100's offers submitted get mine in NOW ... WHEN there are no offers.
Direct link of a my blog post about subject matter: http://activerain.com/blogsview/1145775/are-you-one-of-those…

b) Why would you purchase a home in area you don't know?

c) Buyers agent best resource for any and all of your questions.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
Web Reference:  http://www.lynn911.com
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