Happy New Chico Homeowners!
July 14th, 2012categories: Chico Buyers
There are days that I’m reminded of how much I LOVE my job of helping people buy and sell Chico real estate.
Heartfelt congrats go out to Shaun, Kristina and Julian! Your patience and perseverance paid off!!
Some price ranges in the Chico real estate market are crazy competitive right now. As a first time home buyer, it can be very difficult to get your offer accepted! It seems there is always an investor with cash swooping in, or a buyer that’s willing to pay $20k over the actual market value of the house. Yep…. that’s right. We are seeing buyers bring in extra cash to close when a house doesn’t appraise for the sales price.
If you’re not an investor, and you don’t want to over pay for a house, how do you get your offer accepted?
1. Make sure you are pre-approved. I don’t want to see a pre-qualification letter, I want to see a pre-approval letter from a reputable professional with a proven track record! It’s important that the listing agent has confidence that you’re financially capable of closing, and that the lender is actually going to make it happen. DO NOT UNDERESTIMATE the importance of this step. My sellers sometimes ask me to make a judgement call between two very similar offers. One of the first things I consider is the professionalism and capability of the lender, and my past experience with them. Putting the two lenders side by side can sometimes make what appears to be a difficult decision between offers VERY easy!
2. Make sure you are working with a reputable Chico buyer’s agent. One of the factors the listing agent should be considering when advising their client is the reputation and skill level of the buyer’s agent. The highest offer doesn’t always win! If your offer is poorly written, poorly presented, your agent has a bad attitude or a reputation of not playing well with others, your high offer might hit the can and you’ll never understand why. It’s the seller’s prerogative to take the highest and/or BEST offer. The seller wants to close the deal with the least headache possible. The agent you choose to represent you is one of the most important decisions you will make in the process.
3. Educate yourself on what is available in your price range. In order for you to be able to recognize a good deal when you see one, you need to know what is out there in your price range. Sometimes it takes time. You need to view the listings that your Realtor is sending you closely. Take the time to drive by the ones that catch your interest. Pay attention to the condition of the exterior. Pay attention to the neighborhood and surrounding properties. How close is the house to a major thoroughfare? A grocery store? A bar? A homeless shelter? A school? The neighborhood crack house? At every opportunity, frequent open houses and tour the properties that interest you with your Realtor. To make a rapid decision with confidence, you need to have a foundation of knowledge.
4. You’ve carefully chosen a Realtor to represent you. Now you need to trust them. It’s your agent’s job to know the nuances of negotiating REO, short sales, probate, auctions, and various retail transactions. They may suggest that you offer over asking price, way below asking price, wait to present an offer, not offer at all, or immediately drop everything to get your offer in! Always trust your gut first. After that, listen to your Realtor and heed the advice given.
Happy house hunting!
Ready to begin, but haven’t yet partnered with a Realtor? The Sandi Bauman Team! at Chico Homes would consider it a pleasure and a privilege to assist you with the process. Our dynamic team of buyer specialists will offer you highly personalized and professional service every step of the way. Call Sandi 530-864-5407 or email [email protected] to get started!
