Home Buying in 92307>Question Details

Tiffsenter, Home Buyer in Rancho Cucamonga, CA

Hello, my question is, I feel as if my Realtor is not doing the best job at fighting for offer on codos. I

Asked by Tiffsenter, Rancho Cucamonga, CA Mon Apr 13, 2009

put an offer in and I never hear anything. I even put an offer in $3,000 less than the asking price. I thought I would get a counter offer but my Realtor says her hasn't heard anything. Is this standard or should he be following up with the sellers?

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Sounds like you don't have enough communication with your realtor if your question is on the web ,please view your options. HENA MARTIN
0 votes Thank Flag Link Mon Feb 4, 2013
Believe it or not, the local market here in the Rancho Cucamonga area is experiencing a high volume of buyer activity to the excess of 6-12 offers on each listed property. There is a tremendous amount of competition in the market place especially for entry level housing. The key to obtaining a home right now is to be well qualified for a loan with nearly a full loan approval package ready with FICO scores, proof of funds, underwriter approval, ability to cross qualify with a lender of the seller's choosing and beyond. With the many, many offers on homes you can only guess that the best and strongest offer will succeed.

So, my advice is to come to terms with this fact and make your offers above list price by $5,000 to $10,000 depending upon your financing requirements. If you are all cash then you could come in at list price or better. If you are a 20% down conventional financing buyer then offer $5,000+ over and finally, if you are FHA or are asking for closing costs to be paid by the seller then count on your offer going to bottom of the stack as far as relevance to the seller's ultimate pick or kicked to the curb all together.

This is absolutely true and from a Broker who oversees many agents struggling to get their offers seen, much less accepted. It's a numbers game and if you play your cards right, you'll snag that dream home you've been looking for. It's a whole new ballgame right now even if it is viewed as a mini-bubble in the market. Once more foreclosures are released for sale by the banks this situation may settle itself down and buyers will have a little easier time procuring their next home.

Hang in there! Prices have not been this low for quite a few years. It's an exciting time for buyers.

Good luck!

Diane Wheatley, Broker
The Rock Realty Group, Rancho Cucamonga
(909) 652-3174
diane@therockgrouponline.com
http://www.moveupproperties.com
0 votes Thank Flag Link Thu Apr 16, 2009
Really, it all depends on your situation. YOu may be in multiple bidding situations, and your agent might not hear back, or get returned phone calls or emails. You may be the lower/lowest bidder, and won't know until days afterwards, and the banks/sellers usually won't counter back to you if you are below many others. YOur agent also isn't allowed to speak to the sellers directly, but they should be calling the agent to get updates. Many agents don't return phone calls in this market, which is unfortunate, so your agent might be frustrated as well. I recommend asking your agent these questions, since they are supposed to be representing you!
Good luck!
0 votes Thank Flag Link Tue Apr 14, 2009
While I don't know your exact situation, or the desirability of the condo you were looking at, there's a possibility you shot low on your offer, and the listing agent had several offers better than yours, so didn't get back to your agent. I recently wrote up a VA offer on a nice home in a desirabIe area, for full price, found out that there were 7 other offers at or near full price with conventional financing (20% down on a 0.5million house is $100K cash) and the listing agent would have let our offer expire without calling me, so it was good that I called him. I agree, your agent should have contacted the listing agent, to see where your offer was.
0 votes Thank Flag Link Tue Apr 14, 2009
IMO - He should be following-up with the Listing Agent, at least once per day. Do you have a contract with your buyers agent? It's hard to guess what's going on beyond what you've provided. For all we know the listing agent is the one whose being the issue or the sellers. Is this the first offer you've submitted? Is your offer in alignment with recent Sold comps for that unit? Do you have any other reasons to think that your agent isn't working to your best needs? He won't get paid until the deal closes so he should really want this to happen for you.
0 votes Thank Flag Link Mon Apr 13, 2009
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