In three days, 135 buyers had entered bids. By the end of the week, a deal was signed  for $501,000 — $115,000 over the asking price. 

The bank wanted to move the four-bedroom, three-bathroom house quickly. So the listing company recommended that it be “aggressively priced” at $386,100.

So many bids come in after just the first day that agents set a three-day deadline for additional offers. Buyers were so eager, they overlooked the dated fixtures and the need for new paint and carpeting. Ten bids came in at more than $100,000 above the asking price. The highest bid was $525,000. The weakest offer? A low-ball bid of $380,000.

About 25 of the buyers were willing to pay cash. And the bank ended up picking the highest all-cash offer to avoid the need for a loan appraisal that, if it came in too low, could hold up the deal.

I have access to REO's, ShortSales, Equity sellers and homes not on the market yet.

Len Malena

949-459-6752