1. The price range you are looking in is very active with all cash buyers and multiple offers
2. As a 3.5% FHA down payment buyer, you are competing with buyers with stronger financial qualifications
If you and your agent have written 46 offers, I don't think the issue is an agent who is not working hard for you; rather, I think you need to look for some different strategies. Here are my suggestions:
1. See if you can qualify as a 5% down payment conventional buyer. This will get you out of the FHA rules that many sellers see as negatives
2. Consider short sale transactions where you may find less competition for a good home, as long as you can be patient for the bank's approval
3. Identify your 'perfect' neighborhood and ask your agent to seek out homeowners in that neighborhood whose homes are not currently listed for sale but who may be interested in doing a private party sale.
4. If you have been focusing solely on one neighborhood, expand your search to other commutable neighborhoods that will meet your housing needs
5. Consider co-purchasing your home with a family member or partner who can bring more down payment/financial qualifications that will make you a stronger buyer on paper.
It is an extremely difficult marketplace for buyers with low down payments. You are already doing a lot of good aggressive steps. Be flexible, be patient, and strategize with your agent ways you can 'think outside the box' in your home search.
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If you can put as much money as possible into the earnest money deposit (a month earlier than the down payment) you communicate your intentions to follow through with your home buying offer. After all, if you withdrew your offer, you'd lose this deposit. Other competing offers cannot contend with such diligence.
When buying a home in a context of multiple offers, try to create a connection between yourself and the seller. Selling a home can be an emotional experience, and you can get on the seller's side by communicating your appreciation for their home.
Show concern for the seller's situation by relaxing on the buyer possession aspect. Offer a post-occupancy agreement and give the seller a few days to move without expecting anything in return. Keep your connection positive by not requesting personal items from the house.
Forgo inquiring about the antique chandelier in the foyer - if he wanted to sell it, you would know about it. Lessen the seller's burden by picking up the tab for some of the seller's costs such as escrow fees, transfer fees, and title policies. Encourage your agent to befriend the listing agent and discover which seller's special requests will "seal the deal." Then try to arrange to meet those needs.
If you carefully consider and apply these ideas, you will surely be a step ahead of the competition.
Please call me or email me if you have further questions.
Unfortunately, in your price range and type of financing it's not that unusual. If you are working with a good buyer agent, you should ask for his/her honest opinion on what is going on with your offers. In my experience, your agent should know and,hopefully, feel free to share that information with you. There are
Strategies for getting an offer accepted in this market.
Gail Mercedes Cole
Gail Mercedes Cole
This market is insane..... good luck!
1) Try to find a 'for sale by owner' to work with who has not listed their home on the MLS
2) Save your money and try again in a few months when hopefully inventory will be higher.
There is a way to increase your chances of getting an offer accepted sooner. If you'd like, I can share a few ideas with you on how to do this.
You or your agent can contact me via my website if you are interested in learning how to increase your chances of getting an offer accepted.