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Multiple offers? Make YOURS stand out!
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la quinta home buyers; multiple offers
La Quinta and the Palm Springs Valley is on fire. The entry level price point used to be saturated with inventory..up until about mid 2011. Last quarter of 2011 and first quarter 2012 and now to second quarter..things have changed. The mid price ranges..$500-$800,000 have largely moved laterally. Meaning there is still inventory and the price/sf has not changed dramatically over the past 18 months or so. Luxury properties and super luxury properties have come down and are selling. However, they will most likely see more price decreases through 2012.
The entry level however has more buyers than it has inventory. So..that led me to this blog. I often work with Investors, and also first time buyers that will NOT offer a number that will win the bid. They are still in the past..”no matter the price, offer less..sellers are desperate..and hey, I’m cash!” Doesn’t matter..
If you have found a fantastic property that is listed fairly, it will probably garner multiple offers. Short Sales in La Quinta generate mulitples almost always..
1. Cash still trumps, but NOT if your cash offer is way below fair market value. Sellers know they will get what they have it listed at. Cash does eliminate potential contingencies and also decreases close time, so that is worth something. However, do not think you are the ONLY cash buyer..you are not.
2. Loan type: If you are a conventional loan buyer, you should offer List Price or a little above to beat out the Cash buyers on a multiple offer property. If you are FHA or asking for Closing Costs, your offer needs to be better than List price because Seller has to see a value to crediting you back your closing costs. You will be competing with Cash buyers..make your offer stronger to persuade the Seller that you are serious!
3. Clean, well written offers: Don’t tangle your offer up with contingencies, and pieces of furnishings, and this and that. Make it easy, clean and straight forward. Nobody wants to have to “figure out” what you want. Sellers want it as easy and clean as possible.
4. Cash buyers…don’t be arrogant. There are many other cash buyers in the market. Investors, foreigners, people that saved their $, people pulling cash out of CD’s and buying real estate..make an offer that makes sense!
Get there first. Submit a clean, fair offer..that means pay attention to the comps and believe them! Your Realtor should be giving you a number that will garner attention..listen! If you are interested in Short Sales, that’s for another blog..
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