I Keep Losing Mountain View Multiple Offers, Should I Change Agents?

By
Real Estate Agent with Keller Williams Realty Palo Alto Probate & Trust Specialist B.R.E. 01191194
http://actvra.in/B48

It is no secret Mountain View as well as most of the Silicon Valley is experiencing multiple offers on homes for sale. While this is great for sellers, it can be extremely frustrating for buyers, and their agents. After losing 5-10 homes a buyer will unquestionalbly start to doubt their agent. They may feel that their agent is doing something wrong and maybe it is time to find someone else.

Will this work? Maybe, but there are limits to what a Mountain View real estate agent can do. A lot of winning an offer is up to the buyer, so maybe you need to look in the mirror first, before changing your agent.

In a real estate offer the buyer has some control over what happens. Here are some things you should do:

1. Are you making realistic offers? If a home is listed for $475,000, you know there are 10 offers, and you offer $470,000, what do you think is going to happen?

2. You have been pre-approved for $800,000 with 20% down. You only have down payment for 20% of $800,000, so you need to only offer a price that will make it through an appraisal. However, most homes are selling for prices higher than they can appraise for, so what do you do? You will need to find a less expensive home so that you have a 5-10% reserve of cash over the price where you think the home will appriase, i.e., you need to find a home where you can put down 25-30%, not 20%, so that when it does not appraise you have the cash to cover it.

3. The seller has completed a a full disclosure package, including a property inspection, termite, roof, chimney inspection, and you ask for a 17 day property contingency period. I am not saying you should not have your own inspection, but keep the time to a minimum.

4. You have a pre-approval letter from Happy Birthday Mortgage with nothing from an underwriter, and nothing from a direct lender. I don't care if the mortgage broker from Happby Birthday Mortgage is your mother, it is not going to fly. Get a full approval from a direct lender. It is hard enough to compete against a cash offer, but to try to compete with a pre-approval letter that may not be worth the paper it is written on is no way to act in a competitive market.

5. You are making an offer on a short sale and don't offer to open escrow until after bank approval. While that may be ok in a buyer's market, when there are so few homes for sale, and so many hopeful buyers, it is not going to work anymore.

So look at yourself first. Tomorrow I will talk about what your agent can do to help your offer win.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

Posted by

Marcy Moyer Keller Williams Realty Palo Alto, Ca. Specialist in Short Sales and Trust and Probate Sales

 

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Topic:
ActiveRain Community
Location:
California Santa Clara County Santa Clara
Groups:
Short Sales Specialists
Certified Distressed Property Expert
Posts to Localism
Club Chaos
Tags:
mountain view multiple offers
mountain view real estate agent
mountain view realtor
mountain view short sale specialist

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Rainmaker
592,174
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

Marcy - Great advise for buyers that are not winning in the multiple offer situations.  Excellent post!

May 12, 2012 03:26 PM
Rainmaker
159,856
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp.

The way to beat a multiple offer situation and get the property on the price and terms that are favorable to the buyer is to have the buyer have direct communication with the seller and see how the buyer can assist the seller if they utilize the buyer's offer.

May 14, 2012 08:51 PM
Rainmaker
418,263
Marcy Moyer
CDPE
Keller Williams Realty Palo Alto Probate & Trust Specialist

Satar, in our market it is almost impossible for the buyer to have direct contact with the seller. shaddock

May 14, 2012 09:01 PM
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Rainmaker
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Marcy Moyer

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