Blog - Archive for August, 2012

Tips on getting your offer accepted by the seller

August 9th, 2012

Are you in the market for a home, up against multiple offers and no acceptance? Below are some tips to getting your offer accepted by the seller.

How solid is your offer? Shorter contingency and escrow periods, asking for fewer or no seller concessions and allowing the seller to select services show’s them you mean business. Going into a deal with a list of demands sends the message this property may not be the right fit for you.

Are you pre-qualified or pre-approved? Most every approval will have conditions of appraisal and the type of property you select. However, pre-qualifications that require the buyer submit hard copy of information that has only been verified by application or phone may not be received well by sellers. Take the time to get all of what your lender requires so you are as close as possible to that Full Document Pre-approval. It makes a world of difference to the seller.

Who is your lender? Are you working with a credit union, local mortgage broker, small neighborhood bank or large national chain? Each of these will offer a different level and quality of customer service, there may also be important differences in the paperwork flow. Be as transparent as possible on who you are using and make sure your lenders contact person is prepared for the seller to call and verify all your information.

Are you stretched to thin? If you are going into this with not a lot of savings but very strong credit and work history, build your case to seller; include a note from you explaining why you’re an excellent candidate.

Who are you? Tell a little about yourself. An introductory letter letting the seller know about you, why you want the house and how you are qualified to buy the home will give you an edge over the rest. Buying an REO (foreclosed bank owned property) or a short sale will be a little different since the process is less personal, ask your Real Estate agent for the best approach in all cases.

Choose your agent. Do not underestimate the value and experience of your Real Estate agent. The market has changed, there are a lot of Short Sales, Bank Owned (REO,) Probate, Trust & Bankruptcy Sales out there mixed in with the Standard Sale, ask your agent about the differences and their approach to getting your offer accepted considering these various scenarios.

Paul Cruz, Realtor 310-498-4942, paulcruz@associatesregroup.com

 

Multiple offers, overbidding, buyer beware

August 2nd, 2012

Buyers beware shopping for your dream home may not be so dreamy. If you’re looking for a upgraded 2 to 3 bedroom home near good schools, shopping and transportation be prepared for multiple bids with properties opening escrow before their first open house.

Chances are if that home is starting to appeal to you, and you’re thinking of making that offer, so are many other buyers.

What happened to the flood of foreclosures, bank owned, distressed properties that were, and are, lingering in bankbooks. With investor deals being negotiated in conference rooms this inventory may never hit the open market? Or will it?