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Asked by Hlep, Los Angeles, CA Thu Jul 12, 2012

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Sang and Son…, Agent, Los Angeles CA 90069, CA
Thu Jul 12, 2012
It's a tough one if cash offers are over asking price. If you still want to send an offer give them the cleanest offer possible by tightening your contingency periods and try to get underwriting approval to submit with your offer.
1 vote
., , 92705
Wed Jul 25, 2012
Hi Hlep

This is a tough situation and very common in Los Angeles. If this is an REO or Short Sale, sellers/note holders prefer to sell to owner occupied buyers. So if the the cash offers are investors and you are planning on living in the property you may have a shot.

If you have an agent, discuss the offer with them and be sure to have them stress it's going to be owner occupied. (if this is the case).

If you don't have an agent, give me a call I would be happy to help.

Monica Hernandez
Bankers Realty Exclusive, Inc
DRE Lic #01239118
0 votes
Dominique Wi…, , Clovis, CA
Tue Jul 24, 2012
This is very frustrating! You might find a down payment loan helpful. You could do a loan for $30,000-$40,000 and use that for a large down payment and finance the rest of the mortgage traditionally. We can provide unsecured, stated income down payment loans from $5,000-$250,000. You're welcome to contact me with any questions.

Thank You,

Dominique Wilder
Universal Acceptance
0 votes
Harold Sharpe, Agent, LAKE HAVASU CITY, AZ
Fri Jul 13, 2012
Unless you have something to offer outside of a money,...
When it comes to price,.... You should stay in your price range and try not to think outside of the box.

Don't forget to vote best answer for those who give the best answer.

Harold Sharpe - Broker
So Cal Homes
(951) 821-8211
California Department of Real Estate Broker License # 01312992
0 votes
Kawain Payne, Agent, Seal Beach, CA
Thu Jul 12, 2012
Hello Hlep,

You should move on from this property. With four cash offers on the table the chance of you winning the bid is pretty low.

You should try to shop for homes a bit below your max price range. This way you will have room to bid up if you find yourself in a multiple offer situation, and you get a counter from the seller asking for an increased sales price. Just make sure your offers is in line with the comps. never get so attached to a home that you make an emotional decision and OVER pay for it.

Best Of Luck to you,

Kawain Payne, Realtor
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Thu Jul 12, 2012
you can't. maybe you need to focus your search on properties closer to your budget if not under, especially since now we are seeing 4 offers per listing average.

good luck
0 votes
Marilyn Jenne, Agent, Los Angeles, CA
Thu Jul 12, 2012
The issue is not necessarily cash vs. loan. You simply cannot compete while remaining more than 5% below everyone else. Cash offers are rarely that close to the list price, so this is likely a really good deal. Eliminate your disappointment and frustration by shopping in your price range.
0 votes
Cindy Davis, Agent, San Diego, CA
Thu Jul 12, 2012
I agree with the below do need a buyer's agent if you don't already have one. You are in a situation that has become very common this is hard for folks with a mortgage to compete with a cash offer...

Keep trying and keep looking...!
0 votes
Janey Bishop, Agent, Encino, CA
Thu Jul 12, 2012
You need an agent to help you if you really want to purchase a home in this volatile market.
0 votes
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Thu Jul 12, 2012
If you have an agent ask him/her to find out cash offer amount.

Usually if your offer is less or equal to the cash offer, seller will select cash as it is in most cases faster transaction.

Another thing you can do is put in large deposit, indicate on your offer quickest possible closing you can deliver ( assuming your lender can deliver quick closing - check with your lender/bank ) , no inspections, no contingency, no credits, as is purchase. Even though it is not recommended to buy property without inspections it will make your offer stronger.

Good luck!

Should you have any questions - please do not hesitate to call me Toll Free 1-855-TRUST-55 ext.777 ( 1-855-878-7855 ext.777).

Sergey Fednov
Trust Sale Realty
Toll Free: 1-855-TRUST-55ext. 777
Toll free: 1-855-878-7855 ext. 777
Phone: 424-777-9377
Fax: 310-356-4925
* We Hire California Licensed Realtors - 100% Commission!
0 votes
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