Let us know how it went for you. The question was posted a couple years ago, and we are curious if your agent found that perfect property for you.
I hope all went well for you!
Best of luck!
Also, is your pre-approval with a direct lender? The better your pre-aproval and if it shows Direct Underwriting findings makes a difference.
Many borrowers think that a simple letter from a bank is sufficient however providing a comprehensive pre-approval can make your offer stand out.in this very competative market.
It sounds like you are being aggressive. I do not think it has anything to do with being out of state. It is a crazy market here in Temecula.Very hot and houses are selling fast. More often than not we have 15-85 offers depending on how the listing agent set the listing price. More buyers than homes so the good homes go fast.
I know it is frustrating but yes, absolutely there is a chance you will get a home. We are getting homes sold all the time, get more aggressive. Watch every day, as soon as it becomes available Move it. Get your offer in ASAP. That was really kind of you to appreciate your agent!
Here are a few things that if you are not doing you should seriously consider.
First, if possible get unwritten approval, then you will be on a similar playing field as cash buyers.
If it is a bank owned property or a flipper, you must go in at high end of comps, highest and best right out of the gate, cash buyers are even having to do this.
If you cannot get full unwriting approval remove your continginces in 10 days not 17. They don't want it locked up in escrow for a long time if a problem arises. This will make it more appealing to them.
Go after short sales that have been in the process for a long time. They are frustrating as well but we are closing them but listen to the warning about what can happen but you can get great deals and sometimes the houses are in better condition than a bank owned.
Good Luck! I really hope you find your home soon.
I can definitely relate to your frustrations of the current real estate market in Temecula as we are facing a similar lack of inventory in the entry level market here in San Jose. But what troubles me is that you say none of your offers have been accepted for over a year now. At least here in San Jose, and likely the majority of California’s housing markets, there was plenty an opportunity at the end of last year and the beginning of this year to grab some incredible deals.
It sounds to me that you might have disregarded have been unrealistic in your offers early on and are now finding that you are chasing the market as inventory is disappearing. You are not alone if you find this statement somewhat accurate, as there are many actively searching homebuyers that are figuring out that they cannot obtain homes for below list prices, even if they are all cash buyers.
There is also definitely no such thing as a “secretive market” but today’s purchase market can be especially daunting in the entry levels. Demand is fierce and homes do not last long on the market when they are competitively priced. Which by the way, banks are learning and so instruct listing agents to market their bank owned homes at below market prices in hopes of creating a multiple offer sale.
As a real estate professional in a similar market I would suggest that you start thinking about writing offers on short sale transactions which are sure to draw less interest than the more popular REO sales. Short sales can also offer greater values in exchange for patient buyers…since buyers may expect to wait as long as 3 to 4 months to receive the go ahead from the Seller’s lender.
I hope that you find better luck in the coming months and please continue to seek advice form your current agent who has been diligently assisting you for over a year now. I also think that you should discuss in depth your current purchase options in your market and come up with a plan to help you obtain your housing goals.
Brad Gill, Realtor (#01385310)
Eagle Properties Group, Your San Jose Real Estate Solution