r2i forum

Home in question : https://www.redfin.com/CA/Fremont/43361-Cedarwood-Dr-94538/home/1114311
Word from the agent is that there is a bid for 1.2M, which the seller is not sure if he should accept because he thinks it is worth atleast 1.25M, despite the fact that there is atleast a 30K worth of repair work that needs to be done in the house including a roof change, and a termite issue. Does anyone know if this is a fair price in that neighborhood? I understand Irvington homes are expensive but it still baffles me that a 1080 sqft home would have people willing to buy it for more than 1.2M, especially when they say the market has slowed down

bumping in want of replies

The link is not working for me, maybe for there too being the reason of no replies

Thanks for letting me know. Here it is : https://www.redfin.com/CA/Fremont/43361-Cedarwood-Dr-94538/home/1114311

Actually, I was trying to buy a house in Irvington area since 3 years (lately changed plan no to buy a house), Irvington, Grimmer areas are getting real hot. House prices are speeding up unimaginable. Few houses we have almost bought (but backed off) ran at least 20% appreciation in less than a year.
There is a condo complex opp to Hornor Jr High in Irvington, we got an opportunity to own 3B-2Bath condo for around $700K+ a year back but backed off due to huge HOA($500/month) and wifey was concerned about the graveyard next to the condo complex. Now the same condo is heading for a Million. If you are serious, get something around One Million in Grimmer area ASAP.

Most older Bay Area houses have termite issues. Hence unfortunately it’s not a negative, because compared across 2 houses both might need termite related repairs.

However a badly maintained home will sell for a lower price than a well maintained one especially now since the market is slow.

Agreed. So do you think the 1.2 offer is justified then? Or could the agent just be lying?

DesBhakt;680163Most older Bay Area houses have termite issues. Hence unfortunately it?s not a negative, because compared across 2 houses both might need termite related repairs.

However a badly maintained home will sell for a lower price than a well maintained one especially now since the market is slow.

anothermom;680171Agreed. So do you think the 1.2 offer is justified then? Or could the agent just be lying?

The buyers agent representing you should be the resident expert here. Just make sure the buying and the selling agent is not the same or work for the same company.

DesBhakt;680183The buyers agent representing you should be the resident expert here. Just make sure the buying and the selling agent is not the same or work for the same company.

Or the buyers agent is not doing his/her job. If OP thinks the house is only worth say 900k and wants to put an offer, then its her agent's job to submit a formal offer. The agent can give an opinion that it will likely not be accepted.

I'm surprised the seller's agent gave out the information of any offers on hand. It may be illegal to do so. Realtors are very careful to not suggest/share pricing details as they can get sued.

anothermom;680130Home in question : https://www.redfin.com/CA/Fremont/43361-Cedarwood-Dr-94538/home/1114311
Word from the agent is that there is a bid for 1.2M, which the seller is not sure if he should accept because he thinks it is worth atleast 1.25M, despite the fact that there is atleast a 30K worth of repair work that needs to be done in the house including a roof change, and a termite issue. Does anyone know if this is a fair price in that neighborhood? I understand Irvington homes are expensive but it still baffles me that a 1080 sqft home would have people willing to buy it for more than 1.2M, especially when they say the market has slowed down

I have bad experience with Redfin. They had me as buyer with some agent and another buyer with different agent from same company. They just started bidding within us and I could not buy the house even though I was willing to bid on same price it was sold