Home Buying in Downey>Question Details

aquezada, Home Buyer in La Puente, CA

I have been looking for a home in the 562 and 626 area for the past 3 months. We have submitted over 20 bids

Asked by aquezada, La Puente, CA Mon Jul 6, 2009

and have yet to get an offer accepted. Is this at all common in the real estate market at the moment?

Help the community by answering this question:

Answers

8
BEST ANSWER
Do all that you can to submit a clean and strong offer, especially on bank owned foreclosures. Here are some things that help to make an offer stronger:

1. Competitive in price (have your agent try to get at least a ballpark as to where other offers may have come in at. But make sure you don't grossly overpay. Frankly, paying $5000 over the current market value is not a big deal if you get the house you want.
2. Allow seller to select ALL services (title, escrow, etc).
3. Get full underwriting pre-approval with the actual investor/bank you or your mortgage broker has submitted to. This means having your credit pulled, income and assets all verified.
4. Provide proof of the funds need for the down payment and closing costs. Also, the higher the down payment the better. But if you are FHA, showing proof of funds helps.

Have your agent follow up at least once a week on any offers you have on short sales and possibly more often on foreclosures. If you can come up in price from your original offer, I would have your agent mention to the listing agent that its possible (not that you will... but that its possible) for you to do so and you would like that opportunity if need be.

Good luck.... and hang in there. Its a frustrating market for buyers. BUT, pricing is greatly improved!!
Best,
Tara

Tara Steinke
Residential Sales and Appraisals
San Diego
619-384-6014
SDRealtor.Tara@gmail.com
1 vote Thank Flag Link Mon Jul 6, 2009
Did you find your Downey property? How did your question on Trulia.com help your search for a property? Would you share your experiance right here?
5 votes Thank Flag Link Sun Oct 14, 2012
aquezada,

This is happening quite a bit. Are you underbidding on the properties? It is very competitive right now and you have to put in a good, solid offer to get it accepted. Don't give up! Keep looking.

If you are looking at a lower priced property, they are being snatched up by investors and that is making it very hard for first time homebuyers that want FHA loans.

All my best,
Dot
Web Reference: http://www.DotChance.com
1 vote Thank Flag Link Mon Jul 6, 2009
This is common and I'm sure your agent is doing a great job, but this is the market right now. People with cash are buying these homes and buyers that are approved for more are offering more that the list price. With my clients it has been my experience that we need to offer much more than the list price and conventional offers seem to work better. I like FHA, but it seems as though the banks do not. One reason may be that the repairs are too costly and they want to sell AS IS. I hope you find a home soon!
1 vote Thank Flag Link Mon Jul 6, 2009
Yes it is common...your agent will have to work harder to push your offer through with the listing agents. Be reasonable with your offers...offer higher than what the asking price or pay your own closing cost. You may also need to place offer on short sale and be willing to wait.

Good Luck,
Charita King
Century 21 My Real Estate Co
http://www.charitaking.com
Cell: 562-276-8681
1 vote Thank Flag Link Mon Jul 6, 2009
Hi.
The real estate market right now is extremely volatile. Without knowing what type of properties you are submitting offers on and what type of offers you are submitting, it is hard to say why you have not had any offers accepted.

I would guess that the majority of homes you are placing offers on are short sale/REO type and those take time depending on the individual property. A good agent will follow up every few days with the listing agent to see where things are at with the offer and the property.

The only other piece of advice i can offer is that if you really like a property, submit the best offer you can. If you can submit an offer of full asking price, then do it. If you can get away with not asking for any additional concessions from the bank, even better.

Good luck to you!
If you have any questions, feel free to call or email me!

Sincerely,

Matt McClain
Axiom Real Estate
626-354-3813
1 vote Thank Flag Link Mon Jul 6, 2009
All the answer given in this post are very helpful. I will also take a look how strong of a buyer you are. Review your credit score, what shows in your credit history and proof of funds. The stronger you look to the seller, will improve your chances of getting an offer accepted. Good luck!
0 votes Thank Flag Link Fri Aug 24, 2012
Yes,unfortunately it is this market. We have many first-time homebuyers and investors and it's not uncommon for property to sell for ALL CASH and over the asking price.
0 votes Thank Flag Link Mon Aug 3, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer