Home Buying in 91406>Question Details

Regent16, Home Buyer in 91406

I have placed about five offers over the last 3 months in the San Fernando Valley. However, I keep getting

Asked by Regent16, 91406 Tue Aug 18, 2009

rejected or there were other better offers. I have offered at least 30k more than the asking price. Is it time to get a new realtor? My wife is getting really frustrated that we haven't been able to get anything.

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The problem is probably not your Realtor. Perhaps, but you should know the market facts first.

A balanced market is considered to be six months of inventory. Right now in the part of the valley I service (eastern portion, east of Van Nuys), there are 517 listings (as of the end of July). Last month we sold 170, giving us a three month supply of listings. Believe it or not, you are in a Seller's market. I am guessing you are first time buyers, and the inventory of properties in the lower price ranges is even less.

So, you need to sit down with your Realtor and ask them to help you. Explain that you want a property to buy. It's their job to help you.

The biggest problem that buyers are having is not enough inventory, so there are multiple offers and the homes sell above asking price, meaning that the appraisals come in below the sales price so the buyers need to bring cash to the closing table to make up the difference. It IS very frustrating and the only way you will be successful is to be consistent and commit to a strategy. Ask your Realtor for their plan.
1 vote Thank Flag Link Tue Aug 18, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
Dear Regent..
Please don't fire your Agent!
This is happening all over Los Angeles right now.Most property is getting multiple offers and many at least 30,000 over asking price..to make it harder..there are many investors in this market that are offering ALL CASH.
Expect to look for at least 5 months for property right now. You might consider looking at well priced "regular" sales as opposed to the short-sale and foreclosure market.
1 vote Thank Flag Link Tue Aug 18, 2009
Hi Regent16,

I do understand your frustration. However, what you're experiencing is very common. The hottest part of the current market is $300k and under, with some areas that number goes up to as high as $400k. Multiple offers are very common, which makes it neccessary to come in with your best offer right away. While I'm unable to comment as to your agent, I can say that if you truly feel that they are not representing you to your satisfaction then by all means make a change. But if you're judging your agent simply by the fact you have not had an offer accepted then you should slow down and rethink your decision. I have some questions for you. First, what does the rest of your offer look like. Are you asking for a majority of your closing costs to be paid for by the seller? Are you asking for repairs to be made? How much are you offering for your down payment? Are you using FHA financing? These are just some of the questions I have because when you're dealing with short sales and especially bank owned properties the above mentioned items will take your offer off the table if you have included them. I would recommend that you speak with your agent and make sure that you're making the best and strongest offer initally. Do not assume you will get a chance to respond to a counter offer. Good luck and do not lose confidence. You will find a home!

1 vote Thank Flag Link Tue Aug 18, 2009
I experience this issue with ever offer made.
There is a strategy that works very well
Contact me for more info
0 votes Thank Flag Link Sat Aug 25, 2012
I work along side a few realters in the SFV believe me it's probably not your agent, I have friend and family experiencing the same frustrating situation the market is being bought up by investors paying cash, even if you have half in cash you'll be out bid, keep looking and be patient.

When you do find something have it inspected before signing.

0 votes Thank Flag Link Mon Dec 21, 2009
My husband and I always get the house we bid on and we never pay over asking price. the way we do it it to find the homes ourselves either through online real estate search sites such as Trulia or Camoves, and then working with the listing brokers directly. The double commission they get to represent us and the sellers has always motivated them to take our bids and keep the sales together and the escrows closed. Prior to using that strategy we had lousy experiences with buyer's agents and realtors representing us as buyers. Our best experiences have been with the dual representation. Of course, you have to be extra vigilant about reading every word before you sign anything and making sure everything is to your satisfaction, but we, and our kids, have gotten every house we've gone after this way. We consider it the best kept secret in town. Realtors will argue and argue that you're not getting fair representation, etc., but we've found that not to be the case at all. We've gotten our best deals that way and would never do it any other way again. Make sure to ask for the listing broker only with this strategy and then ask if they will do dual representation. They are usually thrilled to do it.
0 votes Thank Flag Link Sun Nov 1, 2009
it is really frustrating to read.....those listing agents choose double commission and not the offer that 10-20% above asking price, the money that sellers' family probably need. Imagine yourself to be that seller-homeowner....
Flag Wed Aug 29, 2012
Hi, question, I am sure others had this issue.

Are you looking for properties online and asking your Realtor to show them or; is your Realtor showing you homes based on your criteria? This question is because the 'Internet" for homes has a delay in certain markets, I have notice 2-3 days in Minnesota, so once you look at the property on line, its been on the market for 3 days. Invite your Realtor do its job. Let him show you properties that could fit your requirements. Your Realtor might have the home for you but has not being allowed to do its thing.

Are you FHA or Conventional? (Sorry, I don't work in your area so I don't know which the most common financing is).

0 votes Thank Flag Link Wed Aug 19, 2009
Be diligent and optimistic. Another wave of foreclosures may be coming. Bad for some - good for you (more inventory).
0 votes Thank Flag Link Wed Aug 19, 2009
It is likely an issue with your realtor. There is a talent to getting offers accepted for your clients. No matter how good the agent you may still lose a few properties, but if you are making reasonable offers, you should get one accepted within 5 offers. My clients on average write less than 3 offers before getting one accepted, and many fewer than that. I know all secrets to getting offers accepted. Thats how I have represented buyers on over 25 properties in the Valley this year.

If you need a change, let me know.

Richard Schulman
#1 Listing and Selling Agent at Keller Williams
lic 01427211
0 votes Thank Flag Link Tue Aug 18, 2009
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