Question:
I am a homebuyer and have made some offers on homes and I haven't gotten very far. Is there a way to make good bids that the banks will look at your offer?
Answer:
The "cleaner" your offer is the better! What I mean by this is if a bank is looking at 2 offers... the bank is going to compare the two offers. If your offer is requesting a credit back at closing or repairs to be done and the other one is not...then who do you think they are going to go with?
I am not saying you can not get bank's to give you a credit for repairs or closing costs. In fact most of the loans we have done this year involved a credit of some sorts by the bank.
But... it may have taken our Client's longer to get their contract accepted based on how their contract was structured!
I also think though it is about being at the right place at the right time. Many of our Client's make offers for months until they can get one to "stick"!
Right now especially is difficult because the Sacramento market inventory is shrinking. This is happening because there was a moratorium for foreclosed properties. This means that the banks were holding off on many foreclosures in an attempt to see if they could help home owners save their homes through loan modifications. Many local real estate agents who specialize in listing bank owned property, have seen their pipeline of new home listings darn near completely dry up.
So we have this huge damn (the moratorium) holding back the inventory from coming on the market. This damn should be releasing more homes in the next couple of weeks.
So be patient! We should see inventory shoot up soon which will give you more to choose from and hopefully less competition.
Happy Hunting!
This blog by:
Team Newington
Sacramento Mortgage Planners
(916) 687-6868
www.SuperiorLoanTeam.com
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