In this unsual market buying a home isn't as easy as making an offer and expecting it to be accepted.
There is a shortage of inventory and buyers far outnumber the homes for sale in South Western Riverside County. Even buyers with all cash are being overlooked by sellers looking to get the most net for their property.
There are multiple offers on almost every listing even th e short sale listings. How do you compete with all those multilpe offers?
The answer is work with your lender and your realtor to form a purchasing stragety.
There are a few things you can do to improve your chances of getting an offer accepted and an escrow closed.
Here is a short list of things you should do before even looking at property for sale.
- Seek a pre approval for a loan from a lender who will discuss all of your options and help you clear up any derogatory credit remarks before you begin making offers. Don't try to hide alimony or child support or Judgements from your lender. It's better to reveal them now than to have them pop up during an underwriter's review.
- Pile up that cash. Don't make any big purchases before buying a home. Save as much cash as you can to pay for home inspections and minor repairs that the home might need.
- Don't ask the seller to pay all of your closing costs. Keep the offer clean.
- Remember cash may put you at the top of the list but it doesn't necessarily get you a discount.
- Trust your realtor. If you can't trust your realtor find one you can trust. Don't hide anything from your realtor. By all means listen to your realtor. If he says you need to offer 5% over list price believe him. your realtor is working hard to find you a property determine the coreect value and finally writing a great offer. That realtor will kik yu to the curb if you refuse to listen to reason.
- Know what you want. Don't insist on looking at hokes that don't fit your criteria.
- Buyers complain that their agents don't respond to their calls. When your agent says he has found a home that you need to see get moving. Give up an hour of work to view a home that he says fits your criteria. It won' last because it probalby fits a hundred other buyers criteria
There are other things you can do to improve your chances of getting that offer accepted. Call me and I'd be happy to explain.
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