Home Buying in 92124>Question Details

Rob, Home Buyer in San Diego, CA

Hi, we are first time home buyers pre-approved for a VA loan with very stable income and should be able to

Asked by Rob, San Diego, CA Thu Nov 13, 2008

close quick. I have done a lot of research and readind and want to look for a house outside my top limit and make an offer within my limit. i feel like this is reasonable in the current market. I am basically looking at homes in the 450K range and wanting to get for 410K. I am very aware that many will decline but am motivated to find the right home that will accept. My problem is that my realtor doesn't want to make an offer on any property we are interested in- as first time buyers I don't know if making an offer is a huge deal, requires a lot of work, or if she is just reticent. I have been the one finding the homes, comparing the comps, and id'ing how long they have been on the market. I am not sure if I am being naive or need a more aggressive realtor. Thanks,Rob

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6
I submit offers all day long. We also do everything electronically so if you want to place an offer, it can be done in under 5 minutes, from start to finish. Low balling is very common, but at a 450 list price, and offering 410k, it shouldn't be a problem. Most sellers will make a move within that price range. I've haggled owners by more than 80k on homes listed at 600k, so I know it can be done. It really depends how you word the contract, how fast you submit your offer and how long it's been on the market. Email or call me for questions. I'd be glad to help even if you want to work with your Realtor.

Daniel Reynolds, Realtor®
Broker Executives, Inc

http://evmls.com
480-297-2008
daniel@brokerexecutives.com
Broker Executives, Inc
Web Reference: http://evmls.com
0 votes Thank Flag Link Sun Dec 13, 2009
Hi Rob

Looks like you need to find a more agressive Realtor. It is very common to write many offers before get one accepted in this kind of market, and every offer has to be customized to the property situation.
0 votes Thank Flag Link Sun Dec 13, 2009
Rob...great job on getting pre-approved rather than pre-qualified before moving forward! It's commendable that you have taken one the most critical steps in the buying process. You have already positioned yourself to get the best deal during the negotiation stage!

Depending on the type deal you want to structure on the contract and addendums, being detailed and thorough is important when working with third parties to a real estate transaction. I have seen deals fall apart due to faulty, incomplete and modified contracts. I would suggest once you put in your first offer, give the seller a time frame by which to answer, say 5-8 hours. If not accepted, go to the next home of choice and do the same. This is a process of eliminations and you are moving aggressively forward.

Your comment, "My problem is that my realtor doesn't want to make an offer on any property we are interested in," is interesting. I assume you and your realtor have worked closely together during this time and shared many thoughts. Has your relator suggested reasons why writting a contract on a particular property would not be to your best interest?

You seem like an informed, confident and intelligent person, and I feel your choice of realtors would reflect the same. Perhaps, it is not an incompentence issue with your realtor but maybe a difference in style and opinion as to the approach of working in a shifting market?

Thanks for the post and I wish you much luck in the future.
0 votes Thank Flag Link Sat Nov 15, 2008
Hi Rob,

Have you expressed your concerns to your Realtor? Making an offer of $410k on a home priced at $450k is a decent offer. However, if the home is a short sale and is already unrealistically priced at $450 it may not sell for anywhere in the $400s if they owe $900k. That's an exaggeration to make the point that we don't have enough information to judge your particular example. A client asked me about a short sale yesterday that has 3 loans from 3 different companies, the owner filed a bankruptcy and the seller doesn't want the hassle of a short sale. If that's the house you're asking about, it doesn't matter about the comps and how long it's been on the market - it's not really available at any price until it completes the foreclosure process and becomes bank owned. But, I'm going to write an offer on it today for my client just to be sure. Bottom line, your Realtor works for you and if you don't feel comfortable, confident, etc in their ability to represent you, that's the real issue. Good luck!

Diane Conaway, RE/MAX United, (760) 749-2888
0 votes Thank Flag Link Fri Nov 14, 2008
Rob: Every home that is listed has a different motivation to sell. I feel that in this market most offers will at least get a look and reasonable offers get a harder look and maybe even accepted. Being that you are currently pre-approved, sellers know that you are a serious buyer. Offers are not difficult to write up, with the tools we have as Realtors these days, the offers are the easy part of our job. Finding you the right home is probably the most time consuming, but most rewarding part of my job personally. I have had great success this year getting my offers accepted and I would be glad to assist you on your search.
Web Reference: http://kbsellingsd.com
0 votes Thank Flag Link Fri Nov 14, 2008
Your realtor should act in your best interest. It's your money so you decide how much you want to pay. Your realtor works for you, there for she is supposed to do what ever you feel comfortable with. If you are out of line you realtor can advise you on what would be the best move, however the ultimate decission is yours.
You are doing it right by looking for more expensive properties and offering less. We are in a buyers market right now and this strategy works just fine.

As far as the amount of work is involved in writing and presenting an offer it is part of the job of being a real estate agent.
If you feel that you are misrepresented, you don't have trust for your realtor, then it's definitely time to find another one that will do the job for you.
0 votes Thank Flag Link Thu Nov 13, 2008
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