We’ve discussed Real Bay Area cred many times here, and one way to tell you’re dealing with the RBA is that of course your property should attract plenty of overbidding. Burbed reader steve writes in to let us know about a blog post that discussed what the sellers are thinking when getting those bids.
This couple traded up from Mountain View to Palo Alto, rebuilding their house as well. But it’s this piece on the sale of their Mountain View house that we think Burbed readers would find intriguing. What kind of bids go straight into the trash, never to be considered? Which bids made it to Round 2 of overbidding? And do you consider the “winner” of this process to be the Stupidest Person Left Standing, or the Lucky Owner of a home in Mountain View’s finest zip code?
Kudos to our real estate agent, Erika Enos! Our house sold fast and for more than we were expecting.
This week we officially handed over the keys to the Cuesta Park Charmer. We are very happy that we found a nice new family to love the home and the process went relatively smoothly. Compared to the angst of being on the bidding side of the table being a seller is this market is a joyride. Here’s how everything played out:
List price: $1,228,000
Sale price: $1,603,500 (~30% over asking), no contingencies, 25-day close
Open House visitors on Sat & Sun: ~150
Views of virtual tour: 8091 (32% of referring web pages came via HomeCrunch! vs. 26% via MLS)
Requests for disclosure package: 35
You can read all the details over on Kay Luo’s site HomeCrunch, which is mostly about their adventures building their new house there. But what can the Burbed reader take away from this sellers-eye-view of the overbidding process? Let’s take a look at the house itself.
780 BOND Way
Mountain View, CA 94040
Sold for $1,603,500
Listed for $1,228,000
1,983 Sq. Ft.
$809 / Sq. Ft.
Lot Size: 5,096 Sq. Ft.
Sold On: Jun 10, 2013
Property Type: Detached Single Family
Style: Ranch, Contemporary
County: Santa Clara
Perfect marriage of craftsman and contemporary renovation. Rare 4 bedroom, 2 1/12 bath home with family rm which has access to private patio & rear garden. Hardwd flrs, copious storage in state of the art kitchen, skylights in kit & family rm. Contemporary styled baths, spacious master suite, 4th bedrm perfect for office or nursery, newer roof, close to Cuesta Pk, dwntwn Mtn Vw & all Silicon Valley
This couple did one thing right: they bought in the RBA. We know this house is in the RBA, not only from the 94040 zip code, but the fact that the home sold for more than double in only eight years. QED! (That stands for Quite Excellent Deal!) They did this despite not having a picture of the front of the house in the first picture, too.
Now, let’s examine what we can learn from the blog post itself.
First, the list of which offers were considered and which weren’t is useful. If you’re still house hunting, maybe you’re making one of the mistakes called out there. That means stop putting in contingencies in your bids during a seller’s market. Instead, ask the seller what contingencies they would like to place onto the buyer. How about 90 days’ free rent after the sale for starters?
Next, while suitcases full of cash may not be King, they’re still pretty Ace.
Third, if you write an entertaining blog, you can send plenty of people to look at your virtual tour. That is, you can get more referrals from you own blog than the MLS.
Fourth, you know those stupid beg letters we’ve been laughing at? They work. So if you want to buy someone’s house full of family memories and rip it to pieces, write a tear-jerking letter about how much you love the place and how it’s perfect for your 2.1 children and pooch. After you buy it, fire up the bulldozer because it’s yours and tough luck if the sellers actually believed your fanfiction.
What do you think of Kay’s look at being an overbid recipient?