Which is It a Buyer Market or Sellers Market

Could you be in a Sellers Market. The buyers that are reading this know exactly what I am talking about. Don't get me wrong prices have fallen, home prices are at an all time low - rates are at an all time low - even refi's are refinancing at killer rates - banks are super busy, underwriters are super busy, banks are pricing to sell, Banks are pricing for multiple offers, banks are getting multiple offers - and buyers are FRUSTRATED why they are not getting properties. Especially here in Orange County adn Riverside County.

Buyers right now have an enormous amount of competition. I have seen properties go for $30,000 - $40,000 over asking and the buyers are bringing in the difference at the close of Escrow. For first time home buyers what I mean regarding "bringing in the difference" is THIS:

A person writes an offer on a property for lets say $400,000 and I will guarantee you you will have 4-5-6 buyers probably more wanting the same property because it is a killer deal - in a killer neighborhood - with top rated schools etc... everything everybody wants in in a home.

You then receive from the seller Highest and Best which means you are getting a second crack at the whip. Their looking for more money and also telling you there are multiple offers on the property. You've made up your mind you cannot live without this home so your Highest & Best is $450,000 and your offer gets accepted. Your lender then sends out an appraiser who appraises the home for $425,000. Question: will you bring in the balance - will you bring in the difference at the cloe of Escrow - or will the banks negotiate - are you thinking that you over paid. IS IT A BEST BUY?

Probably. Homes are coming down in price to where they should be "AFFORDABLE" but again are you are in a Sellers Market? you ask.

Yes - you are in a buyers paradise but does it feel like a Sellers Market? Why is there 10 people after the property you want? Why are you not getting the property you want? - are you submitting all the correct information? - are you the first to submit an offer? Are you drip feeding the Seller the paper work and if so - TRUST me you will never get the property you are after. Banks do not have the patience to wait for when you are ready. They more than likely not even look at your offer.

Make sure you have everything ready. Your Approval letter - Good Faith Deposit - Fico's Scores - Proof of funds. Some banks want you to be qualified with them first to make sure you can actually qualify for a Loan. This can be very annoying since you have already been qualified by your lender and now they need to pre-qualify you again. Go through the same headache you did on the last 3 properties you didn't get that had 5000 offers on it. Well if you look on the bright side now you will be only competing against 4999 on you next offer :)) To be ahead get yourself prepared

The Recipe for success:

A " Realtor " (714) 943-0444

Approval Letter

Photo copy of " Good Faith Deposit "

Photo copy of " Credit Scores "

MOST IMPORTANT " PROOF OF FUNDS " print out a copy of your account

Write up the OFFER before you get there

Be the FIRST to catch that deal, be the FIRST to preview the property.

For more information please do not hesitate to contact me 714.943.0444.