Recently I held an open house, the listing was HOT and it was in a great area….and during my time I met some really cool people who were searching for their first home. One particular couple spent FOREVER in the home, looking at everything, asking very detailed questions about the neighborhood, the homes updates & remodel (extensive!) and other general questions. I certainly believed they were going to put an offer in within the week!
During the next several weeks there were a lot of showings, and finally on the third week the same buyers came back with their agent, and again spent over an HOUR in the home talking to the seller about a litany of things (shopping, schools, plans for expansion, etc) Unfortunately for them we were already in contract negotiations with a couple of well qualified buyers. Another week goes by and this young couple’s agent contacted me about possibly putting in an offer-the buyers HADN’T GOTTEN PRE QUALIFIED before their search…..and had just gotten that wrapped up……didn’t they know better….??
This particular buyer had a large down payment-they felt assured getting qualified for a loan was going to be a SNAP-but guess what? NOPE! They didn’t listen to their agent and decided to do their own investigations on lenders. Which took FOREVER! Meanwhile not ONE but TWO homes they were hoping to bid on were GONE! Tsk Tsk Tsk….
So again-what do you need to do?
1) WORK WITH A REALTOR-doing all of their exhaustive work on the internet on their own didn’t put them any closer to making an offer than it would have had they been working with a full time professional agent
2) LISTEN TO THE REALTOR-We like to work with people who get results-that’s why we feel a bit territorial about working with our preferred lenders, termite, home inspectors, etc. Generally speaking we’ve seen all the crap that goes down, so we like to look good to our clients by working with people who get the job done, on time, and with no complications.
3) GET PRE-QUALIFIED BEFORE YOU START LOOKING-so If you’ve got a Kia budget-why do you shop at the BMW dealership? Also the likewise has been true-some of my clients have been surprised that they can afford MORE house than they think.
4) PUT THE OFFER ON THE HOUSE-GET IT TIED UP-THEN INVESTIGATE, INVESTIGATE, INVESTIGATE…AND INVESTIGATE-there is a built in time period for buyers to do just such a thing-if you’re not sure, cancel before the contingency period is over. But do get an offer accepted if you have any interest in the property…
By following those basic steps, and not jumping the gun, you’ll be better prepared and ready to start your search and be ahead of the game…..
Tripp Jones Real Estate for Santa Clarita and San Fernando Valleys, Call 661-733-4555 or 818-527-6292