Helpful Tips from a Real Estate Professional when buying a house/writing up your offer in a hot market

One of the most common complaints that I hear from the typical consumer is buying a home is a challenge - in particular in a hot market such as Southern California in 2017.  Therefore, below is a list of helpful tips in assisting the home buyer in writing up your offer so it will get accepted:

1.  Get pre-approved for a loan vice pre-qualifed before looking for a house.  Ask your lender for a full loan pre-approval vice pre-qualification.  Many home buyers find out during the escrow process that they can't qualify for the loan despite being pre-qualified.  However, a pre-approval is a more stringent underwriting process and will put you in a better position when writing an offer.

2.  Use a Real Estate Broker/Agent that is familiar with the local market.

3.  When writing an offer, submit your pre-approval letter with proof of funds, meaning your bank statements that show your down payment. 

4. Write a competitive offer that reflects the current market.  Recently, I had a client that wanted a $650,000 house in Camarillo.  The clients needed the house as their current lease expired.  There were multiple offers on the property and the client offered $652,000 and removed their physical inspection contingency in 7 days - there offer was accepted and they got the house.

5.  Submit an earnest money deposit of 3 Percent of the purchase price.  Since the offer is contingent upon financing, appraisal, inspection, and due diligence, the earnest deposit is safe until contingency removal. 

6.  Submit the offer "clean" meaning without a lot of demands and contingencies such as having a home to sale.  Realistically, in a hot market, the listing agent is looking for the highest offer and easiest potential buyer.  Once in escrow, the home buyer than can be "tough" and negotiate request for repairs etc.

7. Lastly, make sure your have a Realtor that is shrewd, creative, and returns phone calls.  Typically, you can tell a lot about your agent if he or she returns calls promptly and does what they say.

For a top producing Realtor in Ventura County or Camarillo contact Dave Crowell, American Dream Realty, 805-300-3345 or visit my website at www.mycamarilloproperties.com