Home Buying in Orange County ~ Getting Your Offer Accepted is More Than Just the Price!

By
Real Estate Broker/Owner with Preferred Home Brokers 00402040

As Orange County (or Southern California) home buyers, there are some important issues you need to know  when it comes to finding the home of your dreams...well okay it may not be the exact home of your dreams...yet a great place to call home. Despite what you may hear on the news or reading in the newspapers  we are currently experiencing multiple offers on many of the properties on the market, especially those in the entry level price range. And as you may know, it's not always about price when it comes to getting your offer accepted.

Here's a list of very basic expectations/requirements when submitting an offer in Orange County and most areas of Southern California.

1. When making an offer to a home seller or lender (in the case of a bank repo) first and foremost your offer needs to be in writing. Most offers written in California are on the Residential Purchase Agreement and Joint Escrow Instructions. It's an 8-page (California Association of REALTORS) offer form and will be accompanied by a variety disclosures and addendums. By that time it's someone around 28-30 pages.

2. Your offer needs to be accompanied by a copy of your lender's loan approval, or pre-approval whichever is  applicable. You need to demonstrate to the seller you've already begun the process of credit verification, employment documentation and poof of funds on deposit(or another source) necessary to close, i.e. down-payment, closing costs + required reserves.

3. A photo copy of your earnest money deposit check(EMD as stated on most listings in the MLS) it's referred to as the initial deposit on page one of our CA Residential Purchase Agreement. Although it should be noted the last revision of the CA contract allows for a buyer's deposit to be electronically transferred into escrow within 3 business days after acceptance, from a practical standpoint most listing agents want to see a photo copy of a check.

4. Verification of necessary funds on deposit again covering down payment, costs and reserves (yes I realize you've already provided this to your lender for pre-approval) most sellers and listing agents require additional verification upon acceptance of an offer. If the sale is all cash, most listing agents and their sellers want proof of funds at the time the offer is presented, not (XXXX) amount of days later mentioned on page 2 of the contract.

If this seems like too much trouble, I can clearly state there is not a seller, nor a seller's agent/representative that I know out our there today that will accept an offer without this information. To see more in this topic, go to HomeSelling101.com, it's the place for virtual learning for real life real estate.

 Check out other helpful 2-minute real estate videos:

When you're looking for knowledgeable, competent real estate help in Southern California contact me Lynda@PreferredHomeBrokers.com. My company is Preferred Home Brokers and we've been serving home buyers and sellers for more than thirty-five years.

You can text or call direct: (714) 595-1494.  We represent different types of real esate, short sales. bank repos/foreclosure properties, probate home sales and traditional home buyers and sellers.

-CA Broker License #00402040

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Rainer
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Tamara Schuster
Naperville Glen Ellyn Lisle Plainfield Wheaton Illinois - Naperville, IL
Realtor Broker - Naperville

Great info! We are also experiencing multiple offers now especially below 300K.  This is great information to share.  Homes are selling quickly in higher price ranges also.   The market is  a lot different than most people think.

Mar 25, 2011 01:35 PM #1
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Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Lynda

This is an excellent overview of the requirements for submitting an offer, and hopefully getting it accepted. Price is a big factore but certainly not the only one. And yes, sellers demand to see this information with an offer, as they should (and I do as well as a Listing Agent). Great video.

Jeff

Mar 25, 2011 01:38 PM #2
Rainmaker
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Tamara ~ I agree, for us the demand is strongest in entry level pricing.

Jeff ~ Thanks.

Mar 25, 2011 03:31 PM #3
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

So many ready willing and able buyers want to back out with cold feet and still want their earnest money back. Great video Lynda. Verification of funds is critical I agree as well.

Mar 25, 2011 04:25 PM #4
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Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Lynda, you are such a  natural in front of a camera!  Great presentation, great info and VERY useful for anyone looking to buy a home in Orange County CA.  Well done!
Pamela

Mar 26, 2011 01:58 AM #6
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Craig Daniels
Tech Training for You! - Staten Island, NY
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Lynda - vbloggers group checking in! LOL first thanks for posting to the group. You are very comfortable in front of the camera and we are ready to learn what you are saying because you explain so naturally. I like your use of captions, writing on the wall so to speak ;) well done. my one suggestion would be to use an embed code that uses a widescreen frame the same shape as your actual video... thanks again -c-

Mar 26, 2011 07:25 AM #7
Rainmaker
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Gary ~ Thanks for the input.

Richard ~ Thank you for the lovely comments.

Pamela ~ I appreciate your input.

Hey Craig ~ Tnx, I reduced the size of the embed code by design,  based on a video marketing presentation I attened in Dec. I'll give you a call to follow up, I'd like to speak with you more about it.

Mar 26, 2011 12:32 PM #8
Rainmaker
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Cindy Westfall
Premiere Property Group,LLC Portland Metro & Suburbs Oregon - Tualatin, OR
ABR,GRI Your Tualatin & Portland Metro Real Estate

Hi Lynda, I love your video and the follow up in your blog. This is some great info you are getting out there. It is so true that in every city there are neighborhoods that are experienceing multiple offers, or have such low inventory that they move quickly. Having your financials ready when making an offer is just a smart thing. BTW, You're a natural in front of the camera!

Mar 27, 2011 07:19 AM #9
Rainmaker
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Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Lynda--I think you do a fantastic job with your video and the posted information. You are such an expert on real estate AND explaining the buying process to those who aren't!

Mar 27, 2011 10:56 AM #10
Rainmaker
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Cindy, nice to hear from you. From what I'm earing from others it seems like there are a lot of area who are experiencing multiple offers.

Teri ~ Thank you, there is so much to absorb when buying and selling sometimes people are overwhelmed. I'm trying to provide my clients info in bite-size pieces at their convenience.

Mar 27, 2011 03:02 PM #11
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Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Lynda  I agree with Teri  You are a natural master with your video - it all stems from your in-depth experience as a real estate broker and undertanding buyers and sellers attitudes and requirements

Mar 28, 2011 01:11 AM #12
Rainmaker
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Cara Marcelle Mancuso
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
Call a Marana neighbor, I'm THERE! LONG REALTY

Great basics information and terrific video!  That's definitely an area I need to expand upon.  "Soon", she says, "soon..."

Mar 28, 2011 03:45 AM #13
Rainmaker
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Karen & Cara ~Thanks for the visit, and nice comments.

Mar 28, 2011 06:25 PM #14
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Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Lynda - What a great video!!!  I don't know ANY sellers who will even look at a letter with all these other docs.

Apr 02, 2011 12:44 PM #15
Rainmaker
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hey Michelle ~ I agree, that's the norm for my area too!

Apr 02, 2011 05:18 PM #16
Rainer
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Elizabeth Byrne
Keller Williams Realty - Arlington, VA
Arlington Virginia Real Estate

Lynda, great information on Orange County and nice video. You are definitely an expert in your market. Thank you for stopping by my cherry blossom post.

Apr 04, 2011 03:57 PM #17
Rainmaker
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Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging Consultations that Sell Portland Homes"

Hi Lynda ~ an excellent recap on what needs to be included with an offer to purchase. This will be very helpful info for buyers, Your videos are a wonderful way to get your message across!

Apr 17, 2011 04:13 PM #18
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Nothing can possibly replace the importance of working with a buyer's agent if you want everything to run smoothly!

Apr 27, 2011 12:12 PM #19
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Lynda Eisenmann

Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co
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