Buy a house before you see it? Smart tips on how to get your offer accepted in a multiple offer situation.
The Marin real estate market is red hot. Suddenly all cities and neighborhoods are in high demand. Even homes with lots adjacent to 101, or with sweeping views over gas stations or post office roofs, are selling for over asking prices.
Today was a big debate in the news about buyers bidding on and purchasing homes without even seeing them. A bit absurd for most buyers, but a reality for others.
I would say that those buyers fall into two distinct categories: a.) extremely wealthy individuals who own several homes and could afford to lose $1M or $2M should the purchase turn out not to be a good affair. b.) investors that need to move fast and don't have time to look at homes before offers are due.
During my ten years as a Marin County realtor, I've represented category "b" two times. And each time I've tried to down play it as much as possible. Anyone can understand that it is a huge disadvantage in a multiple offer situation if the prospecting buyer hasn't seen the house. Even if he/she is bidding way over other hopeful buyers, it could still kill the deal. Cash is king, but there tend to be a limit for how much risk a seller is willing to take.
Besides the offered purchase price, your interest in and knowledge about the house and its surroundings are of huge importance to get an offer accepted. After all, real estate transactions are done between human beings. Emotions and gut feelings do play in - less so when investors are involved - but for most deals. Just put yourself in the seller's shoes; wouldn't it be great to know that the prospective buyer really LOVES the house, has visited twice, knows all about the school district, commute, weather and also has read the disclosure packet and approved it BEFORE he/she makes an offer. Of course all these things will weigh in when the seller goes over the offers to determine WHO will be safe to enter escrow with? Half of the homework is done up front and the rest can easily be accomplished.
Ultimately what buyers really need - is an experienced local agent. The hardest part is not to find and identify the right home, the hardest part is to get your offer accepted. It is like a job hunt. How do you ensure that you will be one of the top three candidates interviewed out of the 118 applicants? As with everything in life, it takes a plan, a goal, and a well defined strategy to make it happen. Call or email me if you are lacking those ingredients in your home search. I'll be happy to assist you.
is an experienced Marin County realtor, known for great service and in-depth knowledge of all the cities and neighborhoods of Marin. For assistance with your real estate needs, please call or email: (415) 244-4414 [email protected]