Being quick to pull the trigger on a property is essential in our Bay Area Market/Fremont markets where nice properties can be few and far between, especially in the entry level priced properties. With 5 out of every 6 properties hitting our market being Short Sales, a lot of the emotion is taken out of the process from the sellers perspective. They only want an offer to submit to the Bank for approval and it can be yours or not yours.
Remember, it's just an offer; the first step in a multiple step process ultimately ending in me handing you over the keys.
An offer never handcuffs you to a property but the,"Gold Standard," approach is that you be committed to that property, or until such an event where it doesn't seem as wonderful as when you first viewed the property. I'm Not talking so much about a change of heart, but rather in cases where the inspection process has revealed a liability that will run with the house, that you might inherit if not remedied either by a credit for the discrepancy, or a reduction in price. A condition like this turns a smile to a frown but it gives you an exit if the seller is intransigent. This is the same with the Bank in REO properties.
If you snooze...you lose. Be prepared to go out at a moments notice to see homes available. For instance, if you see a place on Tuesday, either from me, "Your Real Estate Consultant for Life," or you see it on your own in any way that you have available, Do Not Pass Go, Do Not Collect $200, but Run to see that property as fast as you can because it more than likely will NOT be there on Saturday or Sunday.
Ya Missed it!
If you're comfortable enough, and your schedule doesn't allow for it, you may even consider placing an offer on a property, "Subject to Inspection." In this case you, as the Buyer, reserve the right to withdraw your offer after you've had a chance to see the property in greater detail. You get your offer on the table in time for the Seller to review it. Your offer may not appear as being as strong but it will buy you time and get you into the mix rather than waiting until you have time to actually see the property. If and/or when the seller sends you a counter offer perhaps asking you to remove that condition of, "Subject to Inspection," you'll have had made the time to see it by then.
Can't get elected if you don't campaign.
Next for the " Gold Standard " we'll talk about demonstrating the Buyer's complete and thorough willingness to move forward on a particular property.
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