In my area of Central Minnesota, every decent home that comes onthe market under 120K has multiple offers within 3 days. I have been training my first time homebuyers to be ready to jump within 1/2 a day if they expect to get in the game. Unfortunately, the last two bids we placed for one couple have both been outbid within a day! Let me explain decent...no stink, no holes, cabinets still in, carpet..(not necessarily clean), standards are definetly lower! We have offerred above listing on both..have been beat out with cash and higher conventional offers..If that shadow inventory is out there, someone better let it loose! I have one hr. break today, and am back out for more tonite...
I've bidded close to 30k over asking for a few buyers, and still no luck in getting it accepted. I have cash and FHA buyers that I'm working with currently.
Same way here in Northern California, multiple offers, we are bidding up to 185K and being beat out with cash. I noticed in Sacramento some banks are not allowing investors to bid for the first 15 days. I wish more would do this to give the first time home buyer a chance.
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