Yes, that's correct, I have been working with this couple that are FHA buyers, and we have put in 35 offers and still --we can not get an offer accepted. This couple is well qualified, and have reached the point with the lender that they are pre-approved, all they need is to find a home. Unfortunately for them they are in a price point that is highly sought after. What makes this such a challenge is that many times the homes are being priced under market which causes overbids by $20,000 to $50,000. They are up against all cash deals or 30% to 50% down. I feel their frustration, each time we look at a home and they put in an offer, the home sells to a buyer that had more down or are all cash.
This particular area is driven by REO properties and short sales. When a traditional sale comes on the market it is rare. I am thankful that they have not thrown in the towel. Oh, by the way these agents that have multiple offers as a courtesy it would be nice if you could let the others that showed an interest in your properties know that the offer you presented did not get accepted. Often we submitted offers and never hear from the agent.
This is what is couple would like to find, a home that is approximately 2500SF, 4Bedrooms, 2.5 Baths. A nice yard. Price between $375,000 to 425,000.
Call Crescent Moon Realty, Inc. 760-945-6652.