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Tiered of getting overbid in all my offers


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2012 Jul 23, 2:56pm   49,110 views  130 comments

by peninsulabuyer   ➕follow (0)   💰tip   ignore  

I put $25,000 over the asking price for this one, still got overbid!!!
http://www.redfin.com/CA/Foster-City/679-Beach-Park-Blvd-94404/home/2041496

So out of sheer frustration, considering going for the new constructions (Fusion or 37 degrees north new Town homes in Sunnyvale). Any pros and cons for Fusion or 37 deg n?

I am totally frustrated and broken. Many months of open houses and offers and getting my a** kicked by some uber-frustrated buyers putting their offers way over asking price.

I know I should wait. But how long? When will my time come? If I wait and find out that houses will cost even more than what it is now, what then? This low inventory situation in bay area is killing me. Piece of garbage houses are selling for insane prices.

To make the matters worse my ***hole apartment complex (Lakeshore Landing, San Mateo, ***k you!) just increased my 2 bedroom piece of s*** condo to $2100 per month (with 1 year lease).

With $2100 rent, buying sure looks like a great option but I cannot overbid these other more desperate buyers. What's leftover of my sanity does NOT permit to put more than $25,000 over CMA (or fair market value).

Sorry for the rant. I am out of my wit. I have lost 1 whole year of my weekends house hunting and still in a crappy apt paying insane rent.

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92   FunTime   2012 Jul 31, 7:55am  

Redefining "best?" We're left with a short trip during Jul-Sept?

We probably have a different understanding of "best" but, indeed, I've watched several best friends move away just in the time I've been in San Francisco. Now that so many friends are procreating, I expect to see more go.

Portland is a really great city in many ways. I miss it. I enjoy visits. Although, my family there is considering leaving. Greener grass is everywhere.

93   bmwman91   2012 Jul 31, 7:57am  

I think hrhjuliet's definition of best is, "politically moderate and not willing to mortgage themselves to the max". That's my wild, totally arbitrary guess anyway.

94   Peter P   2012 Jul 31, 8:23am  

Portland is a nice place. Free trams in downtown. Good food. No sales tax. Perhsps living in Vancouver, WA is even better. No state income tax too!

95   FunTime   2012 Aug 1, 4:48am  

bmwman91 says

I think hrhjuliet's definition of best is, "politically moderate and not willing to mortgage themselves to the max". That's my wild, totally arbitrary guess anyway.

Makes sense, but I'm thinking hrhjuliet uses social and intuitive, less data-driven definitions, that might lead a person to just think, 'I like that person."

BTW, my BMW reference wasn't picking on just that car. They're great cars and I know you're a hobbyist! Cool! Sounds fun. i was really meaning "expensive cars bought to show socioeconomic status" which could be the entire range of cars depending on context.

96   hrhjuliet   2012 Aug 1, 4:51am  

bmwman91 says

I think hrhjuliet's definition of best is, "politically moderate and not willing to mortgage themselves to the max". That's my wild, totally arbitrary guess anyway.

Definitely qualities on my list. Good guess.

97   hrhjuliet   2012 Aug 1, 5:04am  

FunTime says

Makes sense, but I'm thinking hrhjuliet uses social and intuitive, less data-driven definitions, that might lead a person to just think, 'I like that person."

Yes, I also mean people that are easy to like. People that enhance their community by volunteering and making where they live more aesthetic, safe and clean. People that are genuine and do their best to not live selfish lives diseased with "affluenza" and materialism. People you can trust; trust what they say, and trust them not to hurt you or your property. People that would rather have health and happiness for everyone around them, instead of people who think it's okay to climb over every person in their way so they can have more and more stuff and comfort. I have a feeling Portland is going to get better and better, and the Bay Area is going to get more crime, gangs and McMansions and a lot of hurting people in between.

98   freak80   2012 Aug 1, 5:08am  

hrhjuliet says

Yes, I also mean people that are easy to like. People that enhance their community by volunteering and making where they live more aesthetic, safe and clean. People that are genuine and do their best to not live selfish lives diseased with "affluenza" and materialism. People you can trust; trust what they say, and trust them not to hurt you or your property. People that would rather have health and happiness for everyone around them, instead of people who think it's okay to climb over every person in their way so they can have more and more stuff and comfort.

I think that place is called "Canada."

99   bmwman91   2012 Aug 1, 5:10am  

FunTime says

BTW, my BMW reference wasn't picking on just that car. They're great cars and I know you're a hobbyist! Cool! Sounds fun. i was really meaning "expensive cars bought to show socioeconomic status" which could be the entire range of cars depending on context.

I agree 100%. Cars are popular status symbols. And most BMW drivers are douche bags anyway lol, don't worry about offending me. My '91 "doesn't count" as a BMW to the snobs. Then again, a big reason that I still drive the old one is the community. The old BMW enthusiast community is really solid.hrhjuliet says

Yes, I also mean people that are easy to like. People that enhance their community by volunteering and making where they live more aesthetic, safe and clean. People that are genuine and do their best to not live selfish lives diseased with "affluenza" and materialism. People you can trust; trust what they say, and trust them not to hurt you or your property. People that would rather have health and happiness for everyone around them, instead of people who think it's okay to climb over every person in their way so they can have more and more stuff and comfort. I have a feeling Portland is going to get better and better, and the Bay Area is going to get more crime, gangs and McMansions and a lot of hurting people in between.

Great description. This sums up many of my frustrations with the SFBA. I stick around mainly because 80% of my family is here. Being an avid hiker/climber/runner/biker also kicks ass with the total lack of weather we have here, too. Beyond that though, this place makes me cringe almost daily as I look around.

100   FunTime   2012 Aug 1, 5:17am  

bmwman91 says

this place makes me cringe almost daily as I look around

Haha. Well, I haven't found a way to be around a bunch of people and not end up cringing. I'm sure I must induce cringes too. I think you'd both like my block in the city. Sure, there's cringe induction, but there's also people who want to know their neighbors and live safely. Who knows, I might like a couple people building towers on my block too, if they ever look in my direction or make eye contact. ; )

101   freak80   2012 Aug 1, 5:20am  

bmwman91 says

Being an avid hiker/climber/runner/biker also kicks ass with the total lack of weather we have here, too. Beyond that though, this place makes me cringe almost daily as I look around.

You could try Reno, NV. Just avoid all of those "chain-link and Rottweiler" neighborhoods (as seen on Reno 9-1-1).

102   bmwman91   2012 Aug 1, 5:23am  

FunTime says

Haha. Well, I haven't found a way to be around a bunch of people and not end up cringing. I'm sure I must induce cringes too. I think you'd both like my block in the city. Sure, there's cringe induction, but there's also people who want to know their neighbors and live safely. Who knows, I might like a couple people building towers on my block too, if they ever look in my direction or make eye contact. ; )

Yeah, as easy as it is to be totally cynical, I know that most people are decent and probably little-to-no different than me, overall. The shitty individuals are just so...noticeable!

103   bmwman91   2012 Aug 1, 5:23am  

freak80 says

You could try Reno, NV. Just avoid all of those "chain-link and Rottweiler" neighborhoods (as seen on Reno 9-1-1).

Hey, I could just walk down the street to "invest" rather than use the stock market!

104   hrhjuliet   2012 Aug 1, 6:09am  

bmwman91 says

Great description. This sums up many of my frustrations with the SFBA. I stick around mainly because 80% of my family is here. Being an avid hiker/climber/runner/biker also kicks ass with the total lack of weather we have here, too. Beyond that though, this place makes me cringe almost daily as I look around.

Exactly how we feel.

105   freak80   2012 Aug 1, 6:11am  

hrhjuliet says

Exactly how we feel.

Reno it is!

106   hrhjuliet   2012 Aug 1, 6:40am  

freak80 says

Reno it is!

...or Canada. Maybe even Portland? (:

Yeah, too bad I can't force all of my family to move. ):

107   freak80   2012 Aug 1, 6:44am  

hrhjuliet says

...or Canada. Maybe even Portland? (:

I've heard Portland has high housing costs too because of their draconian land-use laws.

Then again, relative to SF it's probably cheap.

108   hrhjuliet   2012 Aug 1, 6:50am  

freak80 says

I've heard Portland has high housing costs too because of their draconian land-use laws.

Then again, relative to SF it's probably cheap.

I'm sure Portland is higher than Reno, but I don't drink, don't gamble and don't own a Rottweiler. (;

Portland made it to the top ten for overall happiness in the USA, and they have a lot of bike trials and a well attended ballet company, so I think my survival rate might be a little higher in Portland. (:

109   KILLERJANE   2012 Aug 1, 6:56am  

La dee daH

110   edvard2   2012 Aug 1, 7:29am  

I've been to Portland. Not my thing. It rains A LOT there. The whole area was totally soggy and you could tell it probably stays that way. It was overcast the entire time we were there. As someone who really like the sun, that to me would get realllll old, real quick.

111   Suyog   2012 Aug 1, 8:15am  

What about Northern Florida? No state tax and good weather

112   JodyChunder   2012 Aug 1, 8:24am  

Suyog says

What about Northern Florida? No state tax and good weather

I spent a summer in Vernon in '82 hunting turkey. Miserable humidity.

Portland is where all the bikers used to congregate. Good beer.

Indianapolis is home to the best looking women.

Downtown Victorville is where Jody lives. Nuff said.

113   groundhogdaze   2012 Aug 1, 10:21am  

How do you go from paying $2100 a month in rent to willing to pay almost $700k for a place with an exterior that looks like a storage rental unit?!? I've heard of apartments being converted into condo's but a storage unit into a house...

Get out before the umbrella virus takes over and infects you completely and before you become one of the zombie mob that are trying tooth and nail to claw your way into a house (where fresh brains are waiting I guess). Forget about trying to predict where the prices are headed and when to buy. If the water stinks, don't drink, if prices are too high, don't buy a Sty!

114   Facebooksux   2012 Aug 1, 11:11am  

There's nothing wrong with the PNW. I spent 3 years in Seattle and I think it's prettier than SF, although I concede that it's subjective.

It doesn't rain a large AMOUNT per se, although it is constant drizzle mostly. The place is absolutely gorgeous and you can't beat it in the summer.

There is definitely a better sense of community and the whole rat-race isn't as espoused.

Plus, you can grow lots of yams.

115   freak80   2012 Aug 1, 3:22pm  

edvard2 says

I've been to Portland. Not my thing. It rains A LOT there. The whole area was totally soggy and you could tell it probably stays that way. It was overcast the entire time we were there. As someone who really like the sun, that to me would get realllll old, real quick.

Try living where I live! ;-)

Our summers are nice though. And thanks to global warming, we didn't even have winter last year!

116   lostand confused   2012 Aug 1, 8:58pm  

Peter P says

Portland is a nice place. Free trams in downtown. Good food. No sales tax. Perhsps living in Vancouver, WA is even better. No state income tax too!

Yes Portland is lovely. But one must learn to love the rain, cloud and lack of sunshine-save a very few months.

117   FunTime   2012 Aug 2, 5:28am  

Facebooksux says

It doesn't rain a large AMOUNT per se, although it is constant drizzle mostly.

I lived up there almost ten years and never understand why people make this point. What's the difference? Isn't the constant, dark, drizzle worse on your mood? Your point is made well here, though.

http://www.todayifoundout.com/index.php/2010/04/seattle-doesnt-get-that-much-rain/

Anyway, it rains there more days than almost anywhere else. I've ended up showing people this kind of data several times and used to carry printouts in a bag, because people were so set on thinking things like, "It rains in San Francisco almost as much as it does in Portland and Seattle."

http://www.weather.com/weather/wxclimatology/monthly/graph/USWA0395
http://www.weather.com/weather/wxclimatology/monthly/graph/USOR0275
http://www.weather.com/weather/wxclimatology/monthly/graph/USCA0987

118   REpro   2012 Aug 2, 11:29am  

Recently I made an offer on tiny condo down of south bay.
There were only two offers, mine 72K cash and from another investor offered 95K cash.
Comps were 69-78K. He won, but how smart is it???... 23K over. LOL

119   Peter P   2012 Aug 2, 12:32pm  

lostand confused says

Peter P says

Portland is a nice place. Free trams in downtown. Good food. No sales tax. Perhsps living in Vancouver, WA is even better. No state income tax too!

Yes Portland is lovely. But one must learn to love the rain, cloud and lack of sunshine-save a very few months.

I hate sunshine. But I don't like downpour either.

120   thomaswong.1986   2012 Aug 2, 2:54pm  

REpro says

He won, but how smart is it???... 23K over. LOL

not very smart.. he "paid himself" for several years of income returns.

121   B.A.C.A.H.   2012 Aug 2, 3:25pm  

There are some things, like arguments with the spouse or "Moore's Law" race to the bottom, even if you win, you lose.

122   REpro   2012 Aug 2, 3:40pm  

thomaswong.1986 says

not very smart.. he "paid himself" for several years of income returns

In this case, 4 years of net cash flow to the drain.
We call it panic syndrome.

123   REpro   2012 Aug 2, 4:04pm  

What somebody paid or what is listed for doesn’t matter.
In business cash/cash return, net ROI or IRR is what stimulate purchase price. If one area cannot produce satisfy numbers, move to another area. This is why manufacturing was moved from US to China.

124   thomaswong.1986   2012 Aug 2, 4:45pm  

REpro says

We call it panic syndrome.

yep! didnt do the numbers.. as your further comments on ROI.IRR states..

125   REpro   2012 Aug 2, 5:54pm  

It’s better to submit 30 calculated offers (cost nothing), than take one shark bite wondering what a hell I just swallowed. IMO

126   cloud15   2014 Jul 22, 1:22am  

hrhjuliet says

If you can get out of the Bay Area, get out. All the sane people are leaving, which can only make this area worse. We can't, but if we could we'd be flying out tomorrow. That's my heart felt advice.

One should preach what he practices :) , otherwise people call you a hypocrite

127   edvard2   2014 Jul 22, 1:52am  

hrhjuliet says

All the best people seem to be moving to Portland. ):

More power to em'. All I know is that I've been to portland 3 times and its definitely not my favorite place. Its sort of boring, small, and the rain is relentless. It feels like one big wet sponge.

128   MAGA   2014 Jul 22, 5:53am  

Foster City? Isn't that area built on land fill? Will all those overpriced houses fall when we have the next big quake?

129   Dan8267   2014 Jul 22, 8:19am  

peninsulabuyer says

Tiered of getting overbid in all my offers

Think of it this way... Every time you are outbid, it's some fool preventing you from overpaying.

130   Heraclitusstudent   2014 Jul 22, 8:36am  

Dan8267 says

peninsulabuyer says

Tiered of getting overbid in all my offers

Think of it this way... Every time you are outbid, it's some fool preventing you from overpaying.

... And you forcing a fool to pay more.
Thanks for the good work!

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