In the current seller’s market that exists in many parts of the country, buyers need to perform near perfectly to attain the home of their dreams. In South Orange County where I am a real estate broker, many of the best new listings that come to market are receiving multiple offers . . . and in just a few days on the market. So what can you do as a buyer to enhance your odds of getting your offer accepted?
1) Get Serious and Work with a Buyer’s Agent – while this sounds like a given, many buyers are casually looking and only get serious when they see a home on the internet and start their quest to buy that home from whatever agent they can find. By the time they get mobilized the home is gone!
2) Get Ready to Buy – be sure to get prequalified or better yet preapproved for your loan. This eliminates any surprises and demonstrates to sellers that you are serious, qualified, and able to close. Have your proof of funds ready to show which is often required in California.
3) Operate with a Sense of Urgency – have your agent set you up a new listings alert and when a hot property comes to market moving quickly is extremely important. If a listing comes to market on a Wednesday, waiting until Saturday to see it because you want to watch the Olympics is a bad tactic. Always assume that other interested buyers are seeing the home on day 1 and making an offer on day 1!
4) Make Clean Offers – offers that are not clean result in delays – delays results in more buyer offers – multiple offers drive prices up and probability of getting your dream home down. If there is something specific that the seller is looking for in your offer do everything possible to accommodate it.
The competition to buy homes is very high as a result of low inventories and low interest rates. By avoiding these types of mistakes that other buyers are making, you greatly enhance your chances of becoming a new home owner in the near future! If you are looking to buy a home in Orange County or real estate in San Juan Capistrano I would welcome the opportunity to work with you.