SLIDER

Denied.

Well our offers for houses #17 and 19 have both been denied.
I didn't really want 17 all that much anyway so I'm okay about that one.
But I'm so, so sad about 19.
And also a little bit mad frustrated.
We offered $13,000 over asking and still didn't get it.
At first, I figured we didn't get it because we just didn't offer high enough.
Because we could have offered more but were advised against it by our realtor (he said if you start offering insane amounts then they think you are just playing games) I was a little bit frustrated that I didn't just go with my instinct and offer more.
But then our agent talked to the listing agent and guess what?
The seller didn't go with the highest offer.
They chose the offer with the highest chance of closing.
Sometimes people make offers on things they can't afford and they end up not getting the loan from the bank and then the whole deal falls through.
The seller wanted a for sure deal so he went with the offer he thought would go through for sure.
This leads me to believe it was either an investor paying cash
[more on stinky investors in a minute]
OR they included a pre-approval letter with the offer.
Our agent is contacting our lender today to find out if we can get a pre-approval letter to start including with our offers. It's unfortunate we didn't know that would have helped before.
I really loved #19.
Now we are just waiting to hear on house #20.
I like 20 the best of any we've seen so far.
Too bad our chances aren't great since we offered only $11,000 over asking and places seem to be going for much more than that.
We are getting a little bit frustrated with the housing market.

Now about those stinky investors.
Guess what we learned?
There is a company that has come through Sacramento and bought up a whole bunch of real estate.
500 houses in the last couple months.
And they're paying up the wazoo for these places.
Then they're renting them out and waiting for the market to come up and then they will sell them.
What the!
No wonder we can't get a house!!
We knew there were investors out there snatching them up but we had no idea there was a whole company.
Our realtor had no idea either.  He found an article about it and sent it to us.
The article claims they are paying an average of a 20% premium for the houses and they are buying about 50 houses per week.
Here's a quote from the article:
"...They could also...make it more difficult for first-time buyers to compete in today's market."

No kidding.

Care to read the full article?
http://www.sacbee.com/2012/11/25/5008543/big-investment-firm-buys-hundreds.html

Beware, Sacramento buyers.
You have some serious competition.

Read more here: http://www.sacbee.com/2012/11/25/5008543/big-investment-firm-buys-hundreds.html#storylink=cpy

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