We have been seeing a growing number of multiple offers taking place in the current East Bay market place. Many experts are starting to believe that the East Bay housing value depreciation has come close to hitting what trend analysts call ‘the base’. There are numerous great opportunities right now if you are one of the fortunate ones who is in a position to buy a home while this ‘Perfect Storm’ for buyers exists.
The difficult part (believe it or not) is getting your offer accepted by the sellers in what is often a multiple offer situation (such as we had during the aggressive years of appreciation).
To get your offer accepted it is crucial that you find out as much as you can about the interest level in the property. Such As ;Interest by other buyers, what the seller is looking for in an offer (not always 100% about the highest price), what type of sale you are dealing with (How long has the home been on the market? Is it a Bank Owned Home? Is it a Short Sale? Is it a normal owner sale? Is it a new construction closeout? Is the home completely finished or only partially? How many offers are coming in on the property, When are offers being accepted, Who are the other agents making the offers?) You probably get the picture and in this market place you really need to know the answers to these questions.
What type of financing can you get and how quickly can you close escrow? This is a market place full of cash buyers and investors who realize that now is the time to buy, so if you are not one of them, you will need to compensate with great terms within your offer and potentially a higher price to compensate for the risk the seller inherently takes by accepting an offer dependant on a bank loan.
Are there any past reports or disclosures regarding the condition of the property that have been generated? Has your agent managed to get copies of them to you ahead of time so you know what you are buying before your offer is written and that you feel comfortable with your purchase.
Lastly, do you have an agent representing you that is aggressive enough to make sure that you don’t miss the opportunity to be the winning offer because the right questions were not asked and all the information available (as mentioned above) was not uncovered successfully. We have recently got several buyers into contract on homes EVEN AFTER THE SELLERS HAD SAID THEY ACCEPTED ANOTHER OFFER). Unless the seller has actually signed and FULLY accepted the offer and returned a physical copy of it to the buyer or the buyer’s agent, you still have a chance. As my Dad always said to me while growing up, “it’s not over until it’s over”.
We currently have time to work with motivated buyers who are ready to take advantage of this current East Bay real estate opportunity. Please contact us for a no obligation consultation in which we can discuss the market in more depth and the range of services we offer.