I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan.  Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).

usctrojanman29 - 06 September 2008 08:59 PM

I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan.  Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).

Congrats! And thanks for keeping us informed as to the progress

Good job!

I looked on Realtor.com and found the following condominium rentals in Quail Hill:

9 Tall Oak:$2,595 - 1,800 sq. ft. - 3/3

306 Quail Ridge: $2,750 - 1850 sq. ft. - 3/3

414 Quail Ridge: $2,800 - 1843 sq. ft. - 3/3

36 Tall Oak: $3,000 - 1800 sq. ft. - 3/3

Using the 160 multiplier, you get $415k - $480k…Seems like you will save at least $100k by selling in your asking range.

Roo - 07 September 2008 08:58 AM

Good job!

I looked on Realtor.com and found the following condominium rentals in Quail Hill:

9 Tall Oak:$2,595 - 1,800 sq. ft. - 3/3

306 Quail Ridge: $2,750 - 1850 sq. ft. - 3/3

414 Quail Ridge: $2,800 - 1843 sq. ft. - 3/3

36 Tall Oak: $3,000 - 1800 sq. ft. - 3/3

Using the 160 multiplier, you get $415k - $480k…Seems like you will save at least $100k by selling in your asking range.

Seems low.  Don’t the Quail Hill apartment homes rent for 2400 for a 1000 square foot 2/2?

25w100k+ - 07 September 2008 11:09 AM

Roo - 07 September 2008 08:58 AM

Good job!

I looked on Realtor.com and found the following condominium rentals in Quail Hill:

9 Tall Oak:$2,595 - 1,800 sq. ft. - 3/3

306 Quail Ridge: $2,750 - 1850 sq. ft. - 3/3

414 Quail Ridge: $2,800 - 1843 sq. ft. - 3/3

36 Tall Oak: $3,000 - 1800 sq. ft. - 3/3

Using the 160 multiplier, you get $415k - $480k…Seems like you will save at least $100k by selling in your asking range.

Seems low.  Don’t the Quail Hill apartment homes rent for 2400 for a 1000 square foot 2/2?

Those rents are low…my neighbor is renting her 2bd/2ba 1,470sf upstairs unit for $2,700.  1,100-1,200sf 2bd/2ba units at the IAC apartments go for $2,300 to $2,500.

zovall - 07 September 2008 05:09 AM

usctrojanman29 - 06 September 2008 08:59 PM

I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan.  Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).

Congrats! And thanks for keeping us informed as to the progress

Thanks…I’m hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment).  Interesting part is that both buyers have household incomes of over $13,000/month.

usctrojanman29 - 07 September 2008 11:53 AM

zovall - 07 September 2008 05:09 AM

usctrojanman29 - 06 September 2008 08:59 PM

I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan.  Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).

Congrats! And thanks for keeping us informed as to the progress

Thanks…I’m hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment).  Interesting part is that both buyers have household incomes of over $13,000/month.

do you think they are looking at your place as an investment property?

25w100k+ - 07 September 2008 02:04 PM

usctrojanman29 - 07 September 2008 11:53 AM

zovall - 07 September 2008 05:09 AM

usctrojanman29 - 06 September 2008 08:59 PM

I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan.  Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).

Congrats! And thanks for keeping us informed as to the progress

Thanks…I’m hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment).  Interesting part is that both buyers have household incomes of over $13,000/month.

do you think they are looking at your place as an investment property?

Would be surprised, $13k/month is probably what you need for a purchase like this.  $13k x 12 = $156k / year.  $156k x 4 = $624k, so $599 is right there.

25w100k+ - 07 September 2008 02:04 PM

usctrojanman29 - 07 September 2008 11:53 AM

zovall - 07 September 2008 05:09 AM

usctrojanman29 - 06 September 2008 08:59 PM

I received a 2nd offer earlier this evening in the low end of my range from a buyer who is pre-approved for an FHA loan.  Instead of subjecting the first perspective buyer to a multi counter offer situation, I have chosen to present the first buyer a Final Offer counter which expires on Monday so they have first dibs on the property since the offer came in on Friday morning (I have to respond to the second offer by Tuesday 5pm).

Congrats! And thanks for keeping us informed as to the progress

Thanks…I’m hoping that the first buyer accepts my final offer because they are a strong buyer that wants to close in 21 days (800+ FICO and 20%+ downpayment).  Interesting part is that both buyers have household incomes of over $13,000/month.

do you think they are looking at your place as an investment property?

No, I can tell that it would be a primary residence for both as that’s what both loan pre-approval letters indicate.

Looks like you have a model-match neighbor trying to sell now, too, starting for a little more than you did. Who knows - they might get it. Honestly, I think their place shows better than your’s does - neutral paint colors and uncluttered (although they should have put some chairs around their dining room table).

376 Quail Ridge, Irvine.

Anon. - 08 September 2008 07:24 AM

Looks like you have a model-match neighbor trying to sell now, too, starting for a little more than you did. Who knows - they might get it. Honestly, I think their place shows better than your’s does - neutral paint colors and uncluttered (although they should have put some chairs around their dining room table).

376 Quail Ridge, Irvine.

I’m not too worried…they don’t have the cabinet upgrade (white was standard), they don’t have stainless steel appliances, they have carpet in all of the rooms, and they don’t have a 2-car driveway like I have.  The other problem with that unit is that they paid over $600k for their unit so they may not be willing to discount much off their list price.  I think 55 Duet shows a lot better than the property you listed.

I looked at the pictures closer just now…I don’t see any crown moldings and that place looks so empty (that make-shift home office of the downstairs bedroom doesn’t help.  Those paint colors in the bathrooms are very dark and nasty.

Is there any difference between the units on Quail Ridge and Tall Oak?

Would you know of a website I could find the various homes that have been built in Quail Hill?

Roo - 08 September 2008 10:44 AM

Is there any difference between the units on Quail Ridge and Tall Oak?

Would you know of a website I could find the various homes that have been built in Quail Hill?

All QH floorplans here.

Roo - 08 September 2008 10:44 AM

Is there any difference between the units on Quail Ridge and Tall Oak?

Would you know of a website I could find the various homes that have been built in Quail Hill?

The main difference between the Quail Ridge properties and Tall Oak properties is that the Quail Ridge condos are attached while the Tall Oak condos are detached.  I also believe that most, if not all, of the Tall Oak properties are “tall and skinnies” or in other words 3 stories.  Based upon my sales comp analysis in QH, detached condos have about 6-8% premium in per SF pricing to attached condos.

usctrojanman29 - 08 September 2008 09:09 AM

Anon. - 08 September 2008 07:24 AM

Looks like you have a model-match neighbor trying to sell now, too, starting for a little more than you did. Who knows - they might get it. Honestly, I think their place shows better than your’s does - neutral paint colors and uncluttered (although they should have put some chairs around their dining room table).

376 Quail Ridge, Irvine.

I’m not too worried…they don’t have the cabinet upgrade (white was standard), they don’t have stainless steel appliances, they have carpet in all of the rooms, and they don’t have a 2-car driveway like I have.  The other problem with that unit is that they paid over $600k for their unit so they may not be willing to discount much off their list price.  I think 55 Duet shows a lot better than the property you listed.

I looked at the pictures closer just now…I don’t see any crown moldings and that place looks so empty (that make-shift home office of the downstairs bedroom doesn’t help.  Those paint colors in the bathrooms are very dark and nasty.

Let’s hope yours doesn’t fall out of escrow. I don’t mean to sound rude but 376 Quail Ridge shows better hands-down. You can tell they are conscientious about making the place seem open and larger. Dark cabinets / wall colors only work if you have sufficient natural light to pull it off. These townhomes are sandwiched together so that you lose things like windows on all sides. Good luck and keep us posted.

“...and that place looks so empty.“

That’s called uncluttered. It doesn’t look empty nor is it crowded with personal “stuff” that gets in the way of buyers trying to figure out whether or not their furniture will fit into a room.

What else would you have done with the very small room that they designated as an office? I really don’t think it’s large enough to be a bedroom. Having a desk and chair there (or maybe making it into a little sitting/reading area) was a good idea to show what can be done with a small space. The only other suggestion I could make is that they remove the second chair, because that reinforces the idea that the room is rather small.

IrvineRealtor - 08 September 2008 10:52 AM

Roo - 08 September 2008 10:44 AM

Is there any difference between the units on Quail Ridge and Tall Oak?

Would you know of a website I could find the various homes that have been built in Quail Hill?

All QH floorplans here.

Thanks!  I guess there’s no easy way to know what layout a unit might be?

USC, do you know which plan is yours?

Roo - 08 September 2008 02:27 PM

IrvineRealtor - 08 September 2008 10:52 AM

Roo - 08 September 2008 10:44 AM

Is there any difference between the units on Quail Ridge and Tall Oak?

Would you know of a website I could find the various homes that have been built in Quail Hill?

All QH floorplans here.

Thanks!  I guess there’s no easy way to know what layout a unit might be?

USC, do you know which plan is yours?

Yeah, look under “Ambridge” and my floorplan is the “ambridgeH1843.jpg” one.  The small 3bedroom without the driveway is “ambrigeG1843.jpg”

Anon. - 08 September 2008 12:30 PM

“...and that place looks so empty.“

That’s called uncluttered. It doesn’t look empty nor is it crowded with personal “stuff” that gets in the way of buyers trying to figure out whether or not their furniture will fit into a room.

What else would you have done with the very small room that they designated as an office? I really don’t think it’s large enough to be a bedroom. Having a desk and chair there (or maybe making it into a little sitting/reading area) was a good idea to show what can be done with a small space. The only other suggestion I could make is that they remove the second chair, because that reinforces the idea that the room is rather small.

I disagree with you, the room is 11’ x 12’ and you can comfortably fit a twin or full sized bed in it with 2 nightstands and a dresser.

UPDATE….

I just got a call from the first buyer’s agent indicating that the buyer is driving down from Las Vegas (they are relocating to Orange County by the end of the month) to see my place again and sign my final counter offer so we should be in escrow tomorrow morning.  From what the buyer’s agent told me, the decrease in mortgage rates today erased the $10k difference between my final counter offer price and what they wanted to spend.

Ok, the property is officially in contract and off the market, I got word escrow officially opened this morning…MLS listing has been updated as contingent/back-up offers.  I’ll give you guys some more details on the buyer and transaction (I’ll give more when we go pending).  The buyer is a middle-aged divorced woman from Las Vegas who is relocating to Orange County to work at a biotech company and wanted to live in Quail Hill.  She was the third person that viewed my property and loved almost everything about it.  The final agreed upon price is in the middle of the range with no seller credits and I will be keeping the refrigerator and washer/dryer (I’m giving it to my mom and her bf as an early X-mas present).  Closing will occur by Sept. 30th….IAC rental living, here I come. 

Congrats TM! Hope escrow goes smoothly

morekaos - 09 September 2008 11:10 AM

Congrats TM! Hope escrow goes smoothly

Thank you, I think it will too as the seller and buyer’s agent are really nice and easy to work with.

usctrojanman29 - 09 September 2008 10:58 AM

Ok, the property is officially in contract and off the market, I got word escrow officially opened this morning…MLS listing has been updated as contingent/back-up offers.  I’ll give you guys a little more details (I’ll give more when we go pending).  The buyer is a middle-aged divorced woman from Las Vegas who is relocating to Orange County to work at a biotech company and wanted to live in Quail Hill.  She was the third person that viewed my property and loved almost everything about it.  The final agreed upon price is in the middle of the range with no seller credits and I will be keeping the refrigerator and washer/dryer.  Closing will occur by Sept. 30th….IAC rental living, here I come. 

Congrats SC.  Anything over $600K on your place is a coup…  Good luck on a smooth escrow.  Nice timing re: mortgage rates probably helped a bunch.  With rates below 6% on 30-years, I can see people not bargaining as hard.

ipoplaya - 09 September 2008 11:18 AM

usctrojanman29 - 09 September 2008 10:58 AM

Ok, the property is officially in contract and off the market, I got word escrow officially opened this morning…MLS listing has been updated as contingent/back-up offers.  I’ll give you guys a little more details (I’ll give more when we go pending).  The buyer is a middle-aged divorced woman from Las Vegas who is relocating to Orange County to work at a biotech company and wanted to live in Quail Hill.  She was the third person that viewed my property and loved almost everything about it.  The final agreed upon price is in the middle of the range with no seller credits and I will be keeping the refrigerator and washer/dryer.  Closing will occur by Sept. 30th….IAC rental living, here I come. 

Congrats SC.  Anything over $600K on your place is a coup…  Good luck on a smooth escrow.  Nice timing re: mortgage rates probably helped a bunch.  With rates below 6% on 30-years, I can see people not bargaining as hard.

Thanks, the timing of the mortgage rate drop couldn’t have been any better.  I may have been able to squeeze out another $5k-$10k on the sales price due to the significant drop in rates, but I thought the price on my final counter offer was fair for both sides.  The property should have no problem appraising as it’s 3-4% recent attached condo comps in QH (excluding one short sale and one REO).