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5 Reasons to Write the Offer Today

5 Reasons Why You Should Write the Offer Today

Some very sound advice on why your client should not “sleep on it” before writing the offer.  Despite a difficult market, he who hesitates is lost.  Often times a client believes that if the home has been on the market “this long”, it won’t go anywhere in one day.  Too many times I have seen a buyer lose the home they had as their first choice because they decided to “sleep on it.”.  If you like, want it and need to have it…make the offer TODAY!

Via Tni LeBlanc REALTOR® Santa Maria Homes Central Coast:

5 Reasons Why You Should Write the Offer Today

Do you really need to write the offer today? As an experienced real estate agent, I must confirm that I have seen people lose the house of their dreams because they hesitated just one day.  Yes, just one measly day. I hate that this market demands that buyers make decisions so quickly, but it is my job to let you know what the market is actually like.  The last thing I ever want to do is to rush any client.  But I’ve also seen the disappointment that can result when someone misses out on a truly exceptional home.  And, in almost any kind of market a well priced desirable home will move FAST.

So, you should be aware that even if you are not willing to act swiftly, your competition for the home may be.  It’s pretty devastating to lose a great house because the offer did not get in fast enough, but it does happen – more often than you think. On the flip side, I have also had my clients win out because other buyers have hesitated and they did not.   Accordingly, when the house is the right house, I do encourage my clients to act swiftly.

The following are five reasons why it may be important for you to write the offer today:

1) Avoiding a bidding war / Getting a better price. Sometimes if you get an offer in quickly, you will be able to get it accepted quickly at a slightly lower price than if you waited and the situation became a bidding war.  I’ve seen this often with REOs (foreclosures).  I’ve won out on many desirable REOs because my client’s offer is the first offer, gets put into the computer portal that evening before the REO agent leaves the office that afternoon, and the next morning when they check their email, it is already accepted.  Gone.  My client is celebrating as the 10 other higher offers that poured in that evening and the next day are put aside. 

2) They just did a price reduction. When a seller does a price reduction it is highlighted for those searching for a home.  In our area, an automatic email alert will be sent to buyers who are actively looking for that type of home, and the home will appear in the “hot sheet” search that most buyer’s agents run first thing every morning.  Even a modest price reduction can dramatically increase the attention that a listing receives.  If the price is now appealing, or you think the owner will now be receptive to your offer, get your offer in quickly before someone else has the same idea.

3) Your offer may deter other buyers. Buyers dislike bidding wars, so many will shy away from a home with an offer already on it.  In our current market, buyers are expecting bidding wars on REOs; however, on short sales or traditional sales, often the presence of another offer will still make buyers and their agents shy away.  Accordingly, your early offer may keep others from even bidding.  (Note this does not hold true for low ball offers, if you submit a low ball offer, the listing agent will simply tell other buyer’s agents that the offer they have in hand is low and it will not generally deter other buyers from bidding.)

4) Eager can be a good thing. Sometimes buyers don’t want to seem eager.  They don’t want to come off like they want the home too badly.  However, while playing “hard to get” may be an effective strategy for some personal relationships, I don’t think it translates as well into the home buying arena.   After all, most people don’t spend hundreds of thousands of dollars for homes they are indifferent to, so if you write an offer today or write it tomorrow they are still going to assume that you want the home. Also an experienced listing agent will encourage a seller to take a solid offer from the most motivated buyer.  Being the first to arrive conveys that you are motivated.  Accordingly, writing the offer today on a well priced desirable home can indeed be a smart move.

5) Logistics matter. An offer doesn’t magically appear in front of the seller.  For an REO (foreclosure), waiting until Friday to submit an offer means that your offer probably has to withstand weekend buyer traffic and interest, because the asset managers that consider those offers often don’t often work weekends or holidays, or the REO listing agent may simply not input offers until Monday.  In a sale where a “real” seller is responding, you can (and probably should) limit the time period that the offer can be considered to speed along getting an answer from the seller.  However, how soon it will be presented or responded to will still be dependent on the situation.   If you write the offer today, and I find out the listing agent is meeting with the seller in 30 minutes, I can send it right over.  If the offer is not already signed and in my hand, I won’t be able to take advantage of that information.  These minor details matter and, I believe sway in favor of being fast and first in many cases.  I’ve even beat out another offer by being the first offer faxed to an out of town seller because they didn’t want to pay to receive another fax the next day.  The offers were about equivalent so they just accepted my clients.  It happens.

If you are looking for a home in today’s competitive Santa Maria or Orcutt real estate market, you need an experienced real estate agent to guide you through the process so that you have a successful home buying experience.  Call my office today to set up a consultation and begin the process of buying the home of your dreams.

Tni LeBlanc, Mint Properties
(805) 878-9879
Real Estate Broker/Attorney
CA DRE License # 01871795

Serving Santa Maria, Orcutt, Nipomo, Los Alamos, Santa Ynez, Los Olivos, Solvang, Buellton, Lompoc, Vandenberg Village, Arroyo Grande, Grover Beach, Pismo Beach, and Avila Beach.

Copyright © Tni LeBlanc 2011 *5 Reasons Why You Should Write the Offer Today*

Are You Unknowingly Violating Arizona Traffic Law?

As I drive around the wonderful Valley of the Sun in our 110 degree summer days, I have noticed that many drivers may not be aware of a law that was passed almost 2 years ago.

As of January 1, 2009 Arizona requires that an Arizona license plate on a vehicle must be clearly visible, and that the word “Arizona” at the top of the plate may not be covered.

The wording of A.R.S. 28-2354 is:

State law, ARS 28-2354(C), requires that the state name at the top of Arizona license plates must be visible. Any license plate holder or cover that prevents the license plate from being clearly legible, is in violation of this new law.

If you have a license plate frame on your vehicle that covers the word “Arizona” you are advised to remove it. There is a good chance you have a car dealer frame around you plate that you just never paid attention to and it covers the word “Arizona”. This frame most likely has been on your car prior to January 2009. The fine, depending on where you get pulled over, could be $150 or more.
Of course if you are doing something else you should not be doing, such as driving after a few cocktails, and you have one of these license plate frames you have now added an additional expense and problem to your error.

So, take a minute to walk out to your car and check your license plate. You just may want to take a screwdriver. It the word “Arizona” is at all obstructed, I would suggest putting the screwdriver to work.

Out and About in Scottsdale, AZ

The temperatures have finally dropped below 100 degrees and the winter visitors have begun to arrive in Arizona.  The fall and winter months are by far, the BEST time to be in Arizona.  It feels wonderful to call a day with a high of 76 degrees “a bit chilly”.  Along with comfortable temperatures, sunshine and winter visitors comes an enormous banquet of fun and interesting events.

Scottsdale’s Fashion week has wrapped up. The World Cynopsort Games, an extreme sports event for dogs, had an incredible 5 day run at WestWorld.  Dogs from all over the world came together with their owners for one of the most prestigious dog events for dog athletes.   Next cool event is the Good Guys Car Show this week.  Beginning on Thursday, Nov. 19 until Saturday, Nov. 21, Hot Rod enthusiast from around the nation will converge at WestWorld in Scottsdale for the Southwest Nationals. For details, click on this link http://www.good-guys.com/events/eventdetails.aspx?eventid=09-629.

As always, when visitors come to Scottsdale they fall in love with our fantastic weather and lifestyle. It is not only busy time for events, golf and restaurants, but also for real estate.  The pace of home sales has picked up and well as some prices.  Homes under $500,000 have begun to see price increases in the last 4 months.  If you are thinking of buying now is the time to make it happen.  Interest rates are at an all time low and prices have come down 30%.  Arizona is hot and on sale.  Hope to see you here soon.

Real estate is a conversation…let’s talk!

Where Have all the “real” Realtors gone?

Whatever happened to the full service Realtor? There are so many discount Realtors, offering discount service that the true full service Realtor has been facing extinction. In this challenging market, can you really afford a discount Realtor or to be a discount Realtor? Fortunately both the consumer and these part-time, sometimes, discount Realtors are now becoming a dying breed. They both realize this model does not bide well in today’s marketplace. Personal attention has become important again.
That being said, I come back to my original question… “What ever happened to the true full service Realtor? Some of you may be saying, “I am right here” or “My Realtor is full service.” Can this really be true? When was the last time your Realtor (or you) presented an offer in person? Of course the large number of short sales and bank owned properties make this near impossible, but on a conventional sale does your Realtor (or you) present in person? Fax machines, e-mail, Blackberry, text messaging, e-Fax…does anyone ever talk to anyone anymore. Does anyone meet with the Seller and Seller’s agent face to face to “make the deal work”? As a Realtor that learned to present in person whenever possible, I still continue that practice. Unfortunately, I find it more difficult to follow that practice as the Seller’s agent does not find it necessary to represent the best interests of their client and meet face to face. I can think of several deals that have been “saved” by being personable and working with a person, not a piece of paper. Details can be explained and worked through instead of fought through. Everyone starts on the same page, therefore the entire negotiation moves more quickly and productively. All parties realize that everyone is after the same goal, a fair deal for all.
The electronic age has definitely created a shift in the way we conduct business, but we do not need to depersonalize it. I find it disheartening how so much of the younger generation cannot leave a proper voice message. Forget written communication, unless of course it is a text- message full of text lingo. The only way they know how to convey the use of humor is with a “LOL” or  emoticon. People skills, presentation skills and just plain talking to people have become a dying art. Real estate is not sales, it is a people business. Once you lose the ability to relate to a person and build lasting relationships, you lose the ability to build and grown your business.
As you make the “shift” in today’s world and use all this wonderful technology, social networking and short cut communication, remember to “keep it real”. Talk to your clients, fellow Realtors and anyone else you want to build a relationship with. Pick up the phone and make a lunch or coffee date with that past client. What about that colleague you think of often but haven’t seen in awhile. Do that once a week and watch your business bloom. After all, real estate is a conversation. Let’s talk.

Could a real estate trade be the answer to getting your home SOLD?

Need to sell your home?  Shifting in size, price and location?  Do you find yourself wanting to upsize, downsize, move to a new location but aren’t sure you can sell your current home before that “perfect home” gets snatched up by someone else?  Perhaps you should consider a real estate trade.

 In today’s real estate market, we are faced with unique challenges brought on by current market conditions.  Lending is more difficult to obtain, especially for a jumbo loan (a loan for more than $417,000 in the Arizona market).   With the equity in the home you already own, you could reduce the amount of a loan you would need.  In some cases, you may not even need to obtain a loan.

Creative Realtors are working trades to satisfy their client’s wants and needs.  To make a real estate trade work for you, be sure to hire a Realtor that is familiar with trades.  Ask them if they participate in a trade networking group.  Most successful trades come from your Realtor’s ability to network.  It’s difficult to find others willing to trade if your Realtor does not “hang” with other Realtors that trade.

If you want to learn more about real estate trades, please feel free to contact me.

Foreclosure, Short Sale and REO…What does it all mean? What are the differences?

Everywhere you look, listen or try not to listen you hear the terms foreclosure, short sale and REO in reference to real estate.  So many people toss this jargon around without really knowing the difference and so many more hear it and are afraid to ask what it all means.  Are they the same? Are they different and if so, how are they different? What about loan modifications? Today, you get the answers.

What is a short sale?

“A short sale is a real estate transaction in which the sales price is insufficient to pat the liens encumbering the property and sale costs, but the seller is unable or unwilling to pay the difference.”  – Michelle Lind, AAR General Counsel

What is a REO(real estate owned) or foreclosure, and what is the difference?

“Real estate owned (REO) are properties that go back to the mortgage company after an unsuccessful foreclosure auction.” -Bob Corcoran

These are often referred to as “bank owned” properties.

What is a loan modification?

“A loan modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.” – U.S. Department of Housing and Urban Development

Now you know the jargon.  But what does all of this mean? 

Foreclosures and short sales mean you will lose your home, unless you are the buyer.  If you are the buyer, you will be purchasing a home at a rather large discount.  Also, you will have a tax consequence with your short sale.

If you qualify for a loan modification, you will be able to stay in your home and have the payments become affordable.  Not everyone will qualify for a loan modification and it is up to the discretion of your lender.  It is a very lengthy and involved process, but worth the effort to be able to keep your home.

REOs- The New Madness

REO (Real Estate Owned), also known as bank owned properties, are the new madness.  If you remember the madness of the real estate market in 2004-2006, the REO market of today is experiencing the same madness.

Buyers need to be ready, willing and able to make the transaction work.  Just like the ’04-’06 madness, having cash gets the deal done. Keep in mind that it takes more than just cash.  Low ball offers will not work to purchase a REO property. Most REO properties are priced well, and the banks are not looking at discounted offers. A buyer who insists on low balling offers is just wasting time and energy.  

It is a stressful process. Negotiations are difficult and tempers are short.  Buyers need to remove emotion from their purchase and think “strictly business”. Don’t plan on finding your dream home, but you will find a good deal on a home.  Who knows, you may get lucky and be able to make it your dream home.

In April 65% of sales in the Valley (metro Phoenix) were REO properties.  This is good news for reducing the inventory of homes for sale, especially for distressed properties.  As this inventory is depleted housing prices will stabilize.

Now for the bad news… With the government moratorium on foreclosures being lifted, expect to see another wave of foreclosures hitting the market in June.  Don’t waste a good recession.  Get out there and buy a home that is “on sale”.

Susan Talarico’s Real Estate Blog

Artfully uniting extraordinary homes with extraordinary lives.

Real Estate is local.

Real Estate is a conversation.

Let’s talk!

Don’t waste a good recession!

It seems nearly impossible to pick up the newspaper, listen to news or pick up on a conversation that doesn’t stress how bad the economy is.  You hear about job loss, business failure, sluggish housing market and so on.   Even if you have not been directly affected yet, you will be.  For some, it can be a positive thing.  A recession is a great time to buy goods at a discounted price.  Cars, luxury items and houses are all great bargains now.  You can wait around and see if the market still goes lower on these items, but at what costs?  By the time we figure out we have hit the bottom, or the media “announces it”, you have missed the mark.  No one is going to ring a bell when we hit the bottom.  All economic indicators are showing we are mulling around the bottom and may have already hit the mark.  We see small improvements in some sectors of the housing market, especially in home prices under $500,000 in the Scottsdale, AZ market.  We are even seeing bidding wars for homes under $300,000.  Much of this is fueled by the first time home buyer tax credit of $8000.

Now is the time to “get off the fence” if you are looking to buy real estate.  Wouldn’t you hate to waste a good recession?