63 Offers on One Home In Anaheim? What's Going On Here

Picture this: a 1400 sf single family residence, 3 bdrm, 2 bath, dried up front lawn, located in Anaheim drew in 63 offers before accepting an all cash offer for $320,000. And that, my friends, was actually $21,000 over asking price. The home actually sold for $608,000 during the peak of the market over 2 years ago.

The reality is that for months, all agents have been experiencing multiple offers on bank owned properties for quite some time now. And with the current moratorium in place, it looks as if it's going to continue. In fact, properties in Orange County priced below $300,000 commonly receive 10-20 offers. And condos under $200,000 are enjoying the all cash offers.

Last year my husband had a fantastic listing on a corner lot in the Mesa Verde area of Costa Mesa. That property drew in 33 offers in less than a week. That home had some nice upgrades (loved the river rock in the bathroom), large corner lot, and the highly sought after school district. That was the first listing we received in which we literally had to cut off offers after a specific date because they all started to look the same after a while. All buyers had FICO scores over 730 with 30% down, most offering asking or slightly above asking price.

The low asking prices on homes is drawing back former Orange County residents that had moved to cities in Riverside and San Bernardino Counties in search of affordable housing during the peak housing market. Unfortunately, many of these well qualified buyers are making several offers before they actually get one accepted.