Sacramento Home Buyers Find Homes in Multiple Offers
February 8th, 2010 categories: Real Estate Tips
Believe it or not, even though we are in some economic troubling times, many Sacramento homes are in multiple offers. This is not the time to give low ball offers, unless you enjoy being rejected time and time again.
Sacramento home buyers are competing with investors who are primed with either all cash offers, quite closing dates and no contingencies for home inspection. The banks will go for these offers in a heart beat and leave the others dangling.
It’s imperative that all home buyers have their ducks in a row. If you are obtaining a loan, make sure you have your lender approval letter, copies of your bank statement proving where your down payment is coming from and put down a sizable amount.
I still receive calls from home buyers who have not seen a Lender and think it’s not a problem getting a loan. Let me tell ya, it’s hard to get a loan these days. I haven’t seen one of my home buyers who have not had to jump through hoops to get a loan. They have had excellent credit but the banks are difficult and the underwriters are nearly impossible. Don’t take getting a loan for granted. Do your homework and get a Lender letter of approval BEFORE looking at homes for sale.
Experienced Realtor’s ® work with experienced Lenders so do talk to your Realtor ® and get a referral to a Lender who can actually get a loan for you. Can’t begin to tell you how many times a home buyer has come to me with their own Lender only to find out that their Lender couldn’t get the job done and the Lender I work with has to save the day at the last minute! Do yourself a favor and ask your Realtor ® for a Lender referral.
If the house or condo is one that you have been watching for sometime on MLS, and you have seen the price go down remember so have other buyers. If the neighborhood is one that is sought after. you won’t be the only one making an offer.
Short Sales take anywhere from two weeks to six months to be approved so if you are a toast watcher, either change your attitude or don’t get involved with Short Sales. Many of the listing agents have sellers who require that your good faith deposit check be sent to Title and cashed before the seller accepts your offer and your offer is sent to the bank for approval. If that bothers you, then that house is not for you. I think you will see more Short Sale agents requiring this as time goes on.
With the $8,000 Federal tax credit for first time home buyers and the $6,500 tax credit for repeat buyers we are seeing quite a few home buyers in the real estate market who realize they will pay less each month to own their own home rather than pay rent.
Recently, I heard that Governor Arnold Schwarzenegger was proposing a $10,000 tax credit for all buyers. This will certainly open up the market for even more home buyers.
Make sure you are working with an experienced Realtor ® and you have your own representation. Home buyers do not pay to be represented. The State of California actually requires each home buyer to sign an Agency Disclosure to make sure that you, as a home buyer understand the difference between Single Agency and Dual Agency. It is never a good idea for a home buyer to be represented by a builder or by a listing agent. The agent at the home builder site represents the builder, not you. And the listing agent represents the seller, not you.
Remember, real estate is LOCAL. Just because someone on the news talks about real estate, or your friend in Texas talks about real estate doesn’t mean that is the way it is here in Sacramento or in a neighborhood in Roseville or Elk Grove. Talk to your Realtor ® and find out the scoop for the area and type of home or condo you are looking for before you buy.
Happy house hunting with your eyes wide open!
Related Home Buyer Tip Articles:
You Can’t Be A Toast watcher and Buy a Short Sale
Sacramento Home Buyers Buying Homes Be Sure to Read This
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