Home Buying in Los Angeles>Question Details

Rahmani Byley, Home Buyer in Lincoln Heights, CA

What is best strategy for making an offer where the seller wants an accepted offer b4 showing?

Asked by Rahmani Byley, Lincoln Heights, CA Wed Aug 11, 2010

I am using FHA/Calpers loan and will be asking for closing costs. Dirty offer vs. clean I guess

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You can also write your offer such the contingenices and COE calculate from the date the property is available to inspect instead of the acceptance date. This will give you the opportunity to see it before you have to start incurring expensese which is reasonable.
0 votes Thank Flag Link Sun Sep 5, 2010
Hi Rahmani;
In addition to what is being said below, I recommend educating the listing agent on the parameters of the CalPERS loan as well. This way, they will have a clear understanding of the use of seller funds for closing costs. Use the form FVA (a closing cost addendum) that will delineate your CalPers costs.
Deborah Bremner
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0 votes Thank Flag Link Tue Aug 17, 2010
Definitely include in your offer a clause that states that your offer is "subject to interior inspection of the property." It is also a good idea to set a time limit on how long you'll wait to see the property after making an offer. You definitely want to make sure that you're covered in case the home isn't everything that the description cracked it up to be.
0 votes Thank Flag Link Thu Aug 12, 2010
Generally income properties, and homes that are tenant occupied are offered "subject to inspection". This is done to protect the tenants right to quiet enjoyment of their home. Imagine that you were the tenant in a highly desirable property that just went onto the market and 50 buyers wanted to see it in the first 3 days on the market; you would not be a happy camper.

Your offer will include a clause that will simply state "subject to inspection". The walk through should be scheduled immediately upon acceptance of the offer and before escrow is actually opened. You (the buyer) have no idea whether you will want to move forward with the purchase until you have viewed the interior of the property, opening and then having to cancel an escrow is just silly until the buyer has decided to move forward.

I hope you found this information helpful.

Laurie Manny
Main Street Realtors
562-212-5420
0 votes Thank Flag Link Thu Aug 12, 2010
In more cases than not, the seller was trying to hide something whenever I've stumbled on this.
0 votes Thank Flag Link Wed Aug 11, 2010
As most of the prior agents have said, you should definitely put in your offer a contingency that your offer is subject to your viewing the interior, but I strongly urge you to add a time period that ends that contingency. For example, your clause might read, "Offer is contingent upon Buyer viewing & approving the interior within 3 days of accepted offer." OR, ..."within 2 days of accepted offer-whatever you and your agent believe is reasonable". If you do not have a time limit named, the end of that contingency is vague. Vagueness when writing offers, negotiating, or at any other junction in the sale process can lead to big trouble. I hope this is helpful to you.
Web Reference: http://DeborahLondon.com
0 votes Thank Flag Link Wed Aug 11, 2010
Very simple: Write the offer as you normally would, as if the home is in great condition OR if you've done a drive by, checked out the comps, write your best offer.

Then add an Addendum stating "Offer is being made subject to interior viewing & inspection"

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Wed Aug 11, 2010
Generally, this is how offers are accepted or rejected on rental properties. However, owner occupied or not, you must have all your contingencies (exit strategies) in place, in your purchase offer, before you present it. As you know, we are in buyers' market and no offer is viewed as dirty.
0 votes Thank Flag Link Wed Aug 11, 2010
John got it right below. Submit contingent upon viewing and approving the condition of the interior.

Not all Sellers with this condition have something to hide, they may just prefer not having the "lookie loos" traipse though their kitchens...

It can also play to your advantage, fewer buyers willing to jump through hoops means less competition to get the house.

Good luck!
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0 votes Thank Flag Link Wed Aug 11, 2010
As John says, make sure you have an out if the home does not live up to your expectations. Do you know why the owners will not show the home without an offer? Occasionally luxury home owners force buyers to jump through hoops, but this appears to be a nice, mainstream home.

Best
Ron
0 votes Thank Flag Link Wed Aug 11, 2010
Hi Rahmani,

Make sure that you make the offer contingent upon you viewing and approving the interior of the property. This can be handled under the physical inspection contingency umbrella. Your Realtor should be able to help you with this. If you need assistance feel free to contact me. Good luck!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: @RealtorJB
0 votes Thank Flag Link Wed Aug 11, 2010
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