How to get an offer accepted? Use a Realtor!

By
Real Estate Agent with Berkshire Hathaway HomeServices 01238708
https://activerain.com/droplet/45ff

How to get an offer accepted? Use a Realtor! I wrote this post a while back and now after reading it I find it how true this post was then and how it is timeless now.

www.endrebarath.com

Many buyers are asking on various Internet portals how to get an offer accepted.  My answer has not changed and the answer  is still the same:  That is easy, use a Realtor. The multiple offer phenomenons have returned in certain markets. Where is that? The areas are in the Short sale and Bank-owned property. This market is smoking. (Ironically this statement has expanded to all properties)

 I have buyers who have submitted at least 15 offers. Forget low balls, think full price and above asking price. Then why is my offer still not accepted? Buyers ask these questions. How is it that the lower priced offer got accepted? The answer is they had cash, you have FHA. Many private remarks to agents state NO FHA. As discouraging it is you still have to keep going. Now the great news comes CONGRATS, your offer has been accepted, six, seven, eight months later still no Closing. Why is that? It is called SHORT SALE!.

This process is tedious and lengthy. Do you have to patience for this? 

I just closed on a Bank Owned Property, after four different attempts. Why did it take this long? The buyer had all cash, we needed to learn, that automatic low balls do not get acceptance. We were in multiple offers all four times. We missed out four times. Then as luck would have it, the first buyer did not perform. Said they had all cash, truth be told they were exaggerations. Then the second buyer did not perform either. So you would think we automatically came in. No, we had to give best and final to compete with three other buyers. So an All Cash nine day escrow with virtually no contingencies and a million dollar got us a property.

 Now what did it take to get the offer accepted? The answer is a good strategy, good financial status and a strong stomach to take on a fixer with virtually no contingencies and a Realtor that guided the buyer through  these turbulent negotiations. So we had a happy ending on the REO.

 We are still waiting on the Short Sale, patience is a virtue. We are being virtuous.

Clearly this post is still viable for today's buying  environment the only difference eight years later is that we do not have any REO's or Short Sales to speak of. Never the less the buyer's environment is identical. Lack of good inventory and many buyers competing for the same few properties. Hence you need a seasoned Realtor who can help you achieve your Goal of purchasing a home in the Greater Los Angeles area!

 

 

If you are looking for a focused and goal-oriented Realtor in the Beverly Hills area who will help you achieve your Real Estate goals, please reach out to me directly!

If you are looking for a pet friendly Beverly Hills Realtor who can handle and sell the most difficult properties that no one else could, please reach out to me directly!! If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com  I contribute a portion of my commission to local animal rescue organizations.

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Elliott S. Topkins 01/22/2010 10:15 PM
  2. 01/23/2010 12:30 AM
Topic:
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Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Claudette, well put it truly is an artform.

Jan 24, 2010 08:56 AM #48
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Dana & Tony thank you for your comments I agree whole heartedly

Jan 24, 2010 08:58 AM #49
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Bryant, I agree, lately  most of my buyers have been all cash buyers . They have been  ranging from $500k-$3m very few have been Loan buyers. Yes we write many offers until one sticks. How sad...

Jan 24, 2010 09:02 AM #50
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Russel, It is sad to see some people making their largest investment of their life and do not want the services of a Professional to help them achieve it. I find that every transaction I pick up a new weapon in my arsenal. So the next transaction I might have one more thing to put on the table. Then you have a great receipe for another accepted offer.

Jan 24, 2010 03:05 PM #51
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Mara, I am glad you enjoyed reading it, I appreciate the feedback. One of the intresting phenomenon I have noticed  since I started blogging, the wondering if anyone enjoys what I write and if anyone is interested, so thank you again.

Jan 24, 2010 03:11 PM #52
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Irene, you have pointed out a very important aspect, the good will and relationship that needs to be quickly established between agents representing the sellers and the buyers. That little hint we might not receive if we did not establish that common ground.

Jan 24, 2010 03:14 PM #53
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joe, I agree with you, I do a lot of land transcations and developers many times do not want to be represented by other then the listing agent....some of them are suprised when I ask who is your agent? Especially when I mention have them call me...

Jan 24, 2010 03:49 PM #54
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Tom, I hope you are right.

Andrew, I have run across some agents like that as well. Quite frustrating and anoying. I will have to write about one of my experiences you would not believe the level of deception that went on...

Rene- you are absolutely right, we are now using about 30+ pages to submit an offer.

Jan 24, 2010 03:54 PM #55
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Ted I feel your pain as I just submitted another Short Sale Offer. I was kidding around with the buyers, that if they want to just suffer or did they want to really buy a home? We all had a good laugh, they did not believe me that I was deep down serious with my kidding.

Jan 24, 2010 03:57 PM #56
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joseph, you are absolutely correct, just to support your comment, here in LA 9 out of 10 people are not from LA. When I relocated I was eating sleeping LA history, getting to drive around 60 sq miles so I would be as familiar with my new city. I became more familiar with the neighborhoods than many locals. Hence I could bring something to the table....

Jan 24, 2010 04:01 PM #57
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sal, I like your assessment, the good news is this is such a small segment of the buyers, so they get a very short effort from me until I know that they are serious, loyal and realistic.

Joseph, great observations.

Jason, Thank you for commenting.

Jan 25, 2010 06:03 PM #58
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Denise, It is beyond comprehension, I agree their life would be easier.

Debe, I totally agree, IF they give us the chance we can explain, some times we do not get that opportunity

Emily the challenges we face:)))

Bill, sometimes that patience factor is exhausted by all

Jan 26, 2010 11:11 AM #59
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jennifer, so funny you should say that. There is a standard joke between my other half and I, when she calls and asks me what I am doing, I respond "just driving around aimlessly" we have a good laugh since she sees what I really do even at night....

Jan 26, 2010 11:13 AM #60
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Chris, I agree with you I do not do my own Taxes, I pay a lot of money(which is deductable:)))) to my accountant and he saves me more then if I did it myself.

Dianne, when I represent sellers they are very happy I got the most for their property and I am worth every penny of the commission...when I represent buyers they are glad they got the property and at the terms as well as the price. There are others that are penny wise and pound foolish....

Jan 26, 2010 06:01 PM #61
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Eric thank you for stopping by.

David, I find it sad when I hear, that people want to make one of the largest investment of their life without proper representation.

Jan 26, 2010 06:41 PM #62
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

You couldn't be more right about this one Endre.

Jan 26, 2010 09:12 PM #63
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Christine, yes as long as we are allowed the opportunity to explain, that works unless they are the type that can not be confused with facts since they made up their minds already

Tammie, what is the old saying you can take a horse to the water, but you can not make him drink it?

Frank very funny, I blame myself when I am unable to convince a potential buyer the benefits of a Realtor. I always emphasize they do not need to use me as long as they use some one it will be to their benefit, I would preferr if they used me....

Jan 27, 2010 07:55 AM #64
Rainmaker
3,209,384
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Haris, Yes patience and then trying to keep my buyers to remain patient....

Will, Thank you for commenting.

Jan 27, 2010 07:59 AM #65
Rainmaker
1,116,466
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I finally got a Client in escrow two days ago. We've been working hard for eight months to get her a place, but multiple offers are back on more than just short sales and foreclosures. The nicely renovated move-in ready properties are seeing multiple offers, too.

Jan 27, 2010 12:54 PM #66
Rainer
144,389
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

How true this is Endre. Here in San Diego we're having the same type of situation where more than one person has the cash to buy. I always present market data and more often than not it shows that properties are going for more than list price. Either they're listed just under market and they get multiple offers or that particular zip code is hot. Buyers have to realize that low bal offers are more often than not no longer the strategy that works.

Aug 06, 2010 08:54 AM #67
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