With the limited number of homes for sale coupled with a low amount of days on the market, homes are literally flying off the shelves.
Some of the buyers are not getting their offers accepted and are wondering how they can compete against "all cash" and "bit down payment" offers?
There are "things" that a savvy professional and experienced real estate agent has to offer when it comes to wanting to be competitive, minus the "better" financing or "more money" options.
More in a moment...
Good day everyone, I'm Connor MacIvor with the Santa Clarita home experts and I have been representing home buyers and home sellers since 1998.
I come from being a public servant since my late teens and am service-oriented.
I was taught from a young age that you get what you pay for and if you want to be successful, all you have to do is help people get what they want and you will never be hurting for business.
Hence my play it forward attitude.
I have a syndicated real estate radio show and podcast on iTunes, Stitcher, and the other top real estate radio podcast websites.
I also have over 2000 YouTube videos pertaining to the real estate market and the best practices that should be employed when it comes to buying and selling real estate.
What does all of this mean? LOL - Not much, except I can help you when you are ready. Let me continue my talk about the Santa Clarita real estate market and crunching timeframes.
Hiring your own agent - Santa Clarita home buyers
As a home buyer, you may have come into contact with the listing agent. I have found that most of the 'older generation' is still stuck in the mindset that using the same agent that the home seller is using is best.
That is not the case any longer. In fact, having your very own agent keeps more things on a fair playing field.
We are not attornies, not even close. Some agents are, but that is a story for another article.
However, if you are going to hire someone to represent you in an endeavor where there are "other" licensed persons involved - like in a two-party event - such as buying and selling real estate, it's best to have your own.
A loyal and committed buyer's agent who can be on your side, while the home seller has their own agent on their side.
There are tons of reasons for this, but I will give you a big one.
Negotiation. Have you ever tried to negotiate with yourself?
Here is how that usually goes. "I don't want to eat that, I'm trying to lose weight."
Self, "Come on, it's okay, you will start tomorrow..."
Me, "No, I need to not give in..."
Self, "Just one more time, you will then get it together after that..."
Me, "I promised me that I would not do this..."
Self, "You deserve it, you have been so good for the past three days, go ahead..."
Maybe you have never experienced an argument with yourself, I surely have. In fact, when it comes to me desiring to eat something that I should not, it's a tough sell to myself to abstain.
Real estate is not eating, but there could be one party that is handling both sides of a single transaction.
When it comes down to negotiation, the better way is to have your own to fight for you and not against themselves.
Timeframe modifications and other "seller candy"
As a real estate agent, I have seen literally thousands of real estate offers over the years. Since 1998, that is not too unusual for a top producer - top 1% of realtors nationwide type.
I will tell you that I don't like sloppy offers. If your agent is sending multiple emails with information that should have been contained in the first and "original" offering email, they are putting you in a bad situation.
This applies if the home you are offering on is a hot property. If there are several offers received within the first few days of showing.
We have had many real estate listings that have obtained multiple offers when priced correctly.
This week, Deer Springs - that is a new listing we took where we had 13 offers received.
Some of those offers were not complete during the first send and when I received them I had to re-follow up with the agent to send me the missing information.
However, meanwhile, the seller was reviewing the complete offers.
Contracts are built around time. There is a certain amount of time that is granted for the offer review process.
Maybe the buyer's agent sets a three-day timeframe for the seller to review the offer submitted. This is typically not explained to the buyers or even the sellers completely.
Both parties, unless explained, typically think that the timeframe is set in stone and if that offer expires then it's not valid.
That is not the case in the working ways of real estate.
This is something that we explain to our clients while we are covering the real estate methods so they are not misunderstanding the offer happenings.
There are other time frames, pertaining to what happens after the offer is received and countered. Meaning, after the offer, is countered, typically the seller's agent will mandate a response by a certain time and date to the counter.
Then it continues. Time frames within the real estate contract can also be modified to make the seller happier.
In a tight market where you are in competition with other home buyers, you can also make it so that you have less time to do certain things.
Like inspections. If the contract states that you have 17 days to do all your inspections then after that you have to remove your inspection contingency, you can change that time.
Maybe going with 10 will make your offer more attractive to the home seller?
Making the offer on the premise you will adjust that time yourself and not rely on a counter to change it can be very attractive to a home seller.
That shows motivation and more commitment than the other buyers are willing to bring to the table.
Sellers know this and when it comes to receiving offers, they are more than elated to see a proactive home buyer.
What rights in the home buyer giving up?
Here is the truth about changing the "written in" time frames that are within a real estate contract.
Most of the timeframes are general in nature.
Like the inspection time frame. 17 days it works for most residential real estate. Condos, town-homes, and single-family residences.
That is enough time for the home buyer to visit the property after hours, to contact the neighbors and introduce themselves, and also to get the inspections scheduled, performed, and completed.
(Buyer Due Diligence - watch YOUTUBE live video: super important)
When you ensure that you will "have enough time" to get your inspections completed, to have any and all requests submitted and reviewed.
Besides shrinking timeframes to help the seller you can
How about a love letter? Did I just say something that seems strange?
Not a love letter between yourself and the home seller. A love letter on your behalf about the seller's home that you want to buy.
I have written content about real estate love letters and posted that on our Santa Clarita home experts site - Love Letters
When you are ready, contact me directly and I'll take great care of you.
I'm Connor with HONOR at REMAX and I'm glad to be of service to you and yours.