5 Tips To Improve Your Odds in a Multiple Offer Situation
“Multiple offers? I thought we were in a Buyer’s Market?” Well, it certainly IS a great time to buy in that we are seeing interest rates that are still at historical lows coupled with housing prices that are more affordable. But on the other hand, here in the San Francisco & Peninsula area, we are seeing an increasing number of multiple offer situations. For example, on the last home my clients submitted an offer for, there were 26 (yes TWENTY-SIX!) offers, all of which were put in within the home’s first two weeks on the market! Whatever the reasons for this, it’s become clear that if a home is well priced or below market value, there’s a good possibility that prospective home buyers will find themselves in a multiple offer situation. Here are five tips to help make your offer stronger:
Good News or Bad News?
The other day, I was manning our Prudential kiosk at the Tanforan mall, and a gentleman came up to me and asked how the real estate market is doing. I enthusiastically told him that our office has become quite busy lately and that we’re seeing a lot of activity, especially among first-time home buyers. His response surprised me.
He looked somewhat downcast and said, “Oh, that’s not good…” When I probed a little further, I found that his main reasoning was that he was Read more
Has The Market Already Changed? I Think So!
I have been working with some clients for the past few weeks. They have been pre-approved for a loan and we have been looking at many homes in hopes of finding them what they are looking for. We find a nice house in Pacifica, they write an offer that is over the listed price. I heard back from the listing agent today, informing me that there have been 20+ offers some of them coming in at about $100,000 over the listed price. Read more
Home Buying is a Team Work
Just wanted to share an experience. One of my clients is getting a VA loan to purchase a house. Even though it has been taking longer than we had originally anticipated, it has genuinely been a teamwork all the way through. Buying a house requires all players to work together so that everyone wins at the end. The game started with my client choosing a great mortgage officer and getting preapproved. We then found a house he liked and made a good offer. My client offered the asking price. Did I mention Read more
Real Estate Jargon…What Do All of These Terms Mean?
We Realtors often bandy about tons of real estate jargon. We talk to our clients and friends about short sales, REO’s, contingency periods, etc. I have come to realize, however, that just because we know what all of this stuff means, not everyone does, so I thought it would be helpful to describe some of the terms we use. Hopefully, this will give you some idea of what we’re talking about as we rattle on and on and your eyes are going bleary! Here goes:
Contingency Periods: We, generally, refer to these when doing our contracts. As an example, we tell you that you will have a 10 day period to “remove your property condition contingency” or 20 days to remove loan and appraisal contingencies. What this really boils down to, is that these are the time frames during which you will have the right to get your deposit back if you cancel the contract. Once you “remove these contingencies,” you are no longer entitled to get your deposit back, unless you can prove some sort of fraud. Read more
FHA Loans for Distressed Properties?
I’m sure you’ve heard by now that FHA loans are making a huge comeback in the mortage arena. After all, it’s one of the only ways to obtain a loan with a low down payment (only 3.5% which can even be a gift) as well as a less-than-perfect FICO score (currently around 620). One of the main drawbacks, however, has been that the requirements for FHA loans have been a little more stringent regarding the condition of the property. This becomes an even bigger problem when you take into account that many of the more affordable homes now are REOs (bank-owned) or short sales, where the property has not been maintained very well. Well, I just wanted to share with you that THERE’S HOPE! It is possible to get an FHA loan for properties that are in need of some maintenance. How? Read more
A look back to January 2008, A look forward to January 2009
Just a thought to ponder, and maybe a subject everyone could comment on. In January 2008 Real Estate was the blame for our poor economy, flash forward to January 2009, might stable real estate values be the key to a recovering economy? It seems the Goverment is thinking that way. How about you?
Getting a Loan is Not Impossible
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/30/RE8014CT0J.DTL .
I had some good friends over for Thanksgiving. Pretty early in the evening the question came up; “Lee how is the Real Estate Market?” “People can’t get loans? Huh”, he stated. This occurs often. Everyday it is mentioned the “Credit Crunch” we have to loosen up credit. I hope everyone reads “You Can Qualify For a Mortgage, It’s Just Tougher” by Marni Leff Kottle of the S.F. Chronicle, Read more
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