Home Buying in 92563>Question Details

Needahousebad, Home Buyer in 92563

We have been trying to get an offer accepted on a Temecula, Murrieta, or close by surrounding areas now for about a year. We have a pre-approved

Asked by Needahousebad, 92563 Tue Nov 10, 2009

conventional loan that can close on a deal quickly, a 20 to 25% down, possibly a bit higher if necessary , we have cash in the bank , proof of funds, good credit score, over 700 and great credit history. We make offers on so many houses and lately have made good solid offers well over list price study the comps and the real value etc. Our agent is so hard working, as we are out of state but spent the last year there in the area so know it well. Could it be the out of state factor, or is it just that the market is secretive and only selling to people using the listing agents services?? What the heck is going on here and is there a chance to find something in the short supply market?

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The market has slowed down a lot since Mid august. I have seen a bunch on inventory reduce their prices which causes me to think sellers are more desperate to sell. Keep offering a fair market price and you will get something! Please let me know if you need any further help. Take care
0 votes Thank Flag Link Tue Oct 29, 2013
Hi Needa-

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!
0 votes Thank Flag Link Tue Jul 3, 2012
The market is really tight here and it sounds like you are doing everything right. Getting offers accepted is difficult with the low levels of inventory. Word on the street is that there will be more inventory rolling out Feb 1. This should increase your chances as with more inventory there will be less competition on most homes and you will better your chances of getting your offer received. Also- be sure that your pre-qual is from a direct lender because it will give your offer more credibility and most banks are requiring this in order to consider accepting your offer.

Best of luck!
0 votes Thank Flag Link Thu Jan 21, 2010
If you are having your agent submit offers without looking at the homes then this will affect your chance of getting an offer accepted. Most listing agents don't want to accept offers without the buyer looking at the home. Formal terminology is: "Subject to interior inspection", however some request it if there is a tenant involved.

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.

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Web Reference: http://www.soreal.biz
0 votes Thank Flag Link Wed Dec 30, 2009
Hi Needshousebad!
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.

Kindest Regards,
Dianne Hicks
Tarbell, Realtors
Web Reference: http://www.di4homes.com
0 votes Thank Flag Link Mon Dec 28, 2009
Hi,

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)
Cell 408.204.7699
Eagle Properties Group, Your San Jose Real Estate Solution
Brad@EagleHomeGroup.com http://www.EagleHomeGroup.com
0 votes Thank Flag Link Tue Nov 10, 2009
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