Don't put all your eggs in one basket.

Don't put your eggs in one basket.

 Picture Credits:  Ourbestbites.com website that has a great instructional blog on how to make silk tie-dyed eggs!

I recently submitted an offer for a client on a Short Sale Multi-Family property in the Wrigley area of Long Beach.  When working with buyers, I beleive in communicating the anticipated timeline of events when purchasing a home, to reasure home buyers and reduce unneccesary stress. 

This Wrigley Short Sale was priced approximately $50,000 below market value, which is a pricing strategy to create a situation where the home seller receives multiple offers in a short period of time.  My clients offer was above the asking price, was a strong offer, and they are solid buyers.  I'm sure that my clients offer was one of many offers submitted by interested home buyers looking for a good deal in Wrigley.

I took the opportunity to share with my clients other Wrigley multi-family properties within their price range.  My clients responded that they had prayed about the property and if this is the house that God wants for them, they are sure that their offer will be accepted.  I am not inclined to argue with that, at all, period.  I am a spiritual person, although to remain politically correct I have a practice not to discuss my religious beliefs with my clients (unless they share their faith with me, welcoming the discussion). 

To date, my clients have not received an accepted offer on this Wrigley Short Sale.  As their Realtor, I have respectfully given them updates on other available Wrigley multi family properties, and have delicately told them "Don't put all your eggs in one basket".

We are in a Sellers market, and with the housing inventory as tight as it is, if you are trying to buy a house, don't put all your eggs in one basket.  What does that mean?  When you are submitting offers, especially on short sales that can take several months to receive full bank approval, you should continue to view other properties and/or submit offers on other viable properties until you have received confirmation of acceptance on your offer, opened escrow and deposited your check! Why?  Because you don't want to put all your eggs in one basket. 

When you are submitting offers on Standard or Traditional sales, you will typically recieve a response within a few days.  Because the market is competitive, you may receive a counter offer, asking for your "Highest and Best" offer; your offer may be declined.  Do not become discouraged!  Something better is around the corner!  Have you heard the expression, when one door closes, another one opens?  This is true in the world of real estate.