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NWR: buying a house (vent)

nilaniluvnilaniluv
100 Comments
in California-Northern
I am so angry at this housing market right now I could just scream! So FI and I are trying to buy a house and we have been looking at a ton of forclosures with our realtor since the homes are very low in price. We have put in over 5 offers and they either say it was not accepted or "cash offer" I find it hard to believe that all of these people have that much cash just laying around to buy a house. Or they tell us they already accepted an offer. We even went on the day this house was listed and put in an offer the same day within 2 hours!!! its insane they told us we were number 4 on the list. I loved this house so much and was so disappointed that we didn't get it. I was just surfing the net and looking at more homes when low and behold the house we put in the offer for (that I loved) is BACK ON MARKET!!! WTF?!?! did they not contact their other offers? i sent my realtor a very long e-mail telling her my frustrations but this is starting to get ridiculous. It's like a weird silent auction We even offered thousands above asking price.... Has this been happening to any of you? am I not alone in this situation?
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Re: NWR: buying a house (vent)

  • mkorba439mkorba439
    10 Comments
    edited December 2011
    We bought our first house/condo last year, and although it wasnt as frustrating as your we did have issues. Try not to get frustrated the right hosue will come along . we had put an offer on a nice condo down the street from where we were renting and we were paying cash (thanks to my dad). And the offer was rejected since they had four other bidders. On the second house it was a 4 bedroom torn up bank foreclosure we put an offer down it was about to be accepted we found out the people who had rented the house prior to foreclosure had used the house as a meth lab. The last house we bid on my dad is a realtor so he was able to push things along we got. I think the answer is jsut try to be patient. As for the other house you loved rebid it the contract probably was null because of non loan approval or something similar.
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  • **Mutley****Mutley**
    1000 Comments
    edited December 2011
    We are house hunting as well.  My best advice is to try to not fall in love with any house.  Look at it as a business transaction.  Luckily, my FI used to flip houses, so he keeps me grounded.  While we have to like the house, we know that eventually we will love 'our house.'  It is more important for us that the house meets certain requirements in a more business sense. (We are also only looking at fixer-uppers.) I sympathize with your frustration.  I have become that freak person who is the first to know when a house is on the market.  I search redfin, zillow, and prudential properties almost every hour.   If I was in your position, my frustration would be with my realtor.  She/he should be able to get a good guage on what type of offer would be accepted.  Also, he/she should be on top of any houses you put offers in to see if they fell out of escrow.  Right now, about 1 out of 2 houses falls out of escrow. Houses go back on the market after they fall out of escrow and they are not required to contact the other offers.  Often foreclosures are listed at low prices in order to bring people in.  However in several cases, the bank does not plan on selling it at the asking price and instead expects a higher offer.  They would always prefer a cash offer.  Good luck!
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  • nilaniluvnilaniluv
    100 Comments
    edited December 2011
    Yeah its gotten to the point where I don't even care. The funny thing is all of these houses are fixer uppers. Its just that I loved the layout. I am doubting my realtor at this point and think we should go elsewhere. My only concern is that our loan is through her financial people... I guess we will just keep on looking... and DAMN! a methlab? good thing you steered clear of that one!
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  • Lindze75Lindze75
    500 Comments
    edited December 2011
    FI and bought our first house in Feb and I totally know how you feel.  The first place we put an offer on was a townhome and it was a shortsale which was a joke cause they NEVER responded to our offer.  The I fell in love with a house that had major foundation problems and fell out of escrow several times while we were house hunting.It finally came down to two finalists.  The bank foreclosure didn't work out.  The bank rejected our offer for one of two other offers because the others agreed to buy it without an inspection contingency.  After that, the house also went on and off the market.  Most likely due to issues that caused other buyers to back out or because thier financing wasn't approved.We finally got a house but didn't go with a foreclosure or short sale - it was too much of a headache for us...GOOD LUCK though it will all work out.
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  • gfoak3gfoak3 member
    First Comment
    edited December 2011
    I bought a house before the bust. I made offers on EIGHT houses, bidding an average of 100k over asking and didn't get a single one. Finally scored on a house in Oakland. Out of all those houses, the last one - the one I got - was really the best - the biggest, in the best condition. The right house will come, but I agree it is VERY frustrating. There was one ugly ranch house (but on a beautiful lot with a three bridge view) that had 24 offers. TWENTY-FOUR! Boom or bust, real estate out here is very weird. Where I grew up, no one would ever bid over asking.
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  • karma007karma007 member
    500 Comments
    edited December 2011
    We're so frustrated by it all, we're setting the whole thing aside until buying slows down, in the fall. I won't even go see one now, until FI has put in an offer (which we've been outbid on, every time). We have a sincere distrust of the whole process and everyone involved at this point. It's a lot of $ to plunk down on a moments notice, which is what we've been asked to do.
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  • nilaniluvnilaniluv
    100 Comments
    edited December 2011
    Ok I feel better that I am not alone. gfoak3! we were probably in the same boat looking for houses in the same area. I was looking in Oakland but then the ones we put in offers for in the seemingly nicer areas did not work out. So now I am branching out to San Pablo, El Sobrante and even Richmond (eek!) but the nicer part of Richmond near the hills. I was telling FI "oh no one would put in bids on Richmond because of the crime and its reputation" WRONG. My ideal place is berkeley but that will never happen until one of us starts raking in the big guns haha. Yeah I think I am going to wait until it slows down. We really wanted to get into a house by August before I start school. Yeah I got over it, I spoke to my realtor and she told me more things will come up. I just want a regular sale! with regular people trying to sell their house so they can buy a new one like old times!! thats all I ask!
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  • karma007karma007 member
    500 Comments
    edited December 2011
    Amen, sistah! No banks making back deals, swindling realtors, under pricing to start a bidding war...just sell me a house!
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  • nilaniluvnilaniluv
    100 Comments
    edited December 2011
    Oh I know the investors, the brokers, the banks, the underpricing!!! its too much.
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