Costa Mesa's Neighborhood Blog: Multiple Offers on a Huntington Beach Foreclosure - How Do We Compete?

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

Multiple Offers on a Huntington Beach Foreclosure - How Do We Compete?

Multiples Offers on a Huntington Beach Foreclosure - How Do We Compete?

It isn't uncommon for there to be multiple offers a well-priced Huntington Beach foreclosure, especially one in decent condition with upgrades.When a client finds a home they like, especially after looking at several homes, they are disappointed when they learn that they aren't the only ones who like it.The next question inevitably is how do we make sure that our offer is the one that the bank accepts?There is the obvious answer - PRICE.But, what else can make a difference?

  1. Make sure that you speak with the listing agent to obtain any addenda or other paperwork required by the bank and then make sure it's completed and returned with the offer.
  2. Limit the contingency period to as short as possible - perhaps 7 days. Many banks will require this shorter period any way. Why not make your offer stand out?
  3. Offer a strong earnest money deposit. Don't put down $1,000 on an $800,000. Show the bank you're serious.
  4. Have a strong approval letter. Don't have a pre-qualification letter. Make sure that you have provided all necessary documentation to your lender so that your approval stands up to review.
  5. Don't ask for seller paid closing costs, unless absolutely necessary. The bank is looking at the bottom line.
  6. A strong down payment is frequently considered an indication of how easy it will be to close the loan, so consider this when making your offer, if possible.

If you are considering buying a Huntington Beach foreclosure, please give me a call 714-319-9751 so that we can discuss a strategy to get you into your new home.

 

 

Originally posted at Huntington Beach Foreclosured

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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.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 6 commentsChristine Donovan • January 29 2011 11:53PM

Comments

Hi Christine - Very cool way to get a recommendation.  Congratulations on your closing.

Posted by Cameron Novak, Featured Corona Real Estate Agent Team (The Homefinding Center) over 7 years ago

Christine, these are excellent tips to give the advantage to a buyer when working with an experienced agent such as yourself. I would add that a letter from the buyers can also help. It may not influence a bank as much but will definitely work with normal Sellers.

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 7 years ago

Hi Christine,

Good info for consumers and fellow REALTORS alike when it comes to multiples. We're seeing them here too. Right now I"m still waiting on one offer from a few days ago 5-6 other offers. Then we also lost another to an ALL CASH buyer, those are tough to compete with when it comes to an FHA buyer.

Now on the flip-side I've been there too, while representing sellers with all cash offers. Had another this week on Thursday.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) over 7 years ago

Christine, very interesting info. we've not done many and these tips are very helpful. Thanks!

Mark Edwards

Virginia

Posted by Mark Edwards, East West Realty (East West Communities, Hampton Roads, Virginia) over 7 years ago

Not only is this a great guide but the testimonial is an AWESOME addition!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 7 years ago

Cameron -  Thank you.

Frank and Sharon -  I agree.

Lynda - FHA buyers have a hard time competing with cash buyers.

Mark - You're welcome.

Renee -  Thanks.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 7 years ago

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