Ask anybody, they'll tell you housing values have sunk, the government is issuing bail out plans left and right and President Obama is touting foreclosure prevention. However, amidst all of this is a strange phenomenon.
Homes are selling with multiple, competing offers.
In a buyers' market, most would expect homes to sit and have little or no competion, but that is not what is happening.
Here in Orange County, when a home is well priced and is within conventional loan guidelines, it is not unsual for it to sell after receiving multiple offers. This is even truer if it is a bank owned foreclosure or REO
Buyers may get frustrated because house after house on which they make an offer already has one, two, three or more offers in on it.
How can this be? It seems there is a pent up demand for those who couldn't or didn't buy when home prices were racing upwards. Now that prices have dropped significantly in Orange County, many potential buyers are racing to find a new home. The result is competition, lots of it.
What can you do to get the home you truly want when there is competition for it?
- Make sure you give a competitive offer. Review the homes that have sold recently, look at what is for sale, and what has recently gone in to escrow.
- Get pre-approved, not pre-qualified, and provide a copy of your DU (desktop underwriting) approval, if possible.
- Give a stong initial deposit.
- If you're offer is weak on down payment, try to pump it up in other ways - such as lowering the number of days for inspection, removing other contingencies quickly, or offering a fast closing date (can be tough if it's a short sale).
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
For more information on Costa Mesa homes or the value of a particular home please visit Costa Mesa home values
Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Click Orange County homes for sale to view all OC homes for sale.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Copyright © 2009 by Christine Donovan, All Rights Reserved. Multiple Offers in a Buyers' Market?!
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.
If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes. Click the link if you are interested in buying a home at a courthouse auction sale.
Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Federal Government Disclaimer (MARS)
- You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender [or servicer]. If you reject or accept the offer, you do not have to pay us.
- Christine Donovan, DonovanBlatt and Donovan Group are not associated with the government, and our service is not approved by the government or your lender; and
- Even if you accept this offer and use our service, your lender may not agree to change your loan.
Click Orange County homes for sale to view all OC homes for sale.
