I have had the pleasure of working with ALL my buyers over the past several years but 2009 has posed a completely different set of 'rules'. With the amount of foreclosures and short sales that we are seeing it is not unusual for me to counsel that it will probably take several offers before one is accepted. That saying several usually means anywhere between 4 and maybe 8 offers, due to the competitiveness of the market and the amount of cash investors knowing a good thing when they see one.
However I recently spent a few months writing up to 30 offers for one buyer, he stayed with me as offer after offer was rejected, he was a VA buyer which means he did not put very much down, VA usually requires a 100% loan, and we were asking for closing costs to be paid by the seller, plus all termite inspection and clearance fees, and a home warranty to cover appliances.
Our 30th offer was on a property which was being 'flipped' - bought at auction, was rehabbed with new appliances, carpet, windows etc and with a red front door! Why would that matter - well a red front door some say is lucky and we were! 30 Offers and a Red Front Door!
After 30 offers we received an acceptance, we closed escrow within 30 days thanks to a wonderful lender who I work with, and my buyer is over the moon with the fact that not only is he a new homeowner, he also gets his $8,000 first time homebuyer tax credit on his 2009 taxes!
Was it worth it, YES, YES, YES, your dream of homeownership is my dream for you too no matter what it takes. This market is challenging, but we Realtors are fighters and we stay the course because it's our business and we know in the future it will get easier, but for now we are in the ring and it's round 2, or 6, or 10 but we will win your title to your next home!
Jane Loveday
REALTOR Lic. # 01439083
Windermere Pacific Coast Properties
cell:619.519.1615
fax:619.269.3766
http://www.janeloveday.com/
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