Have you ever seen the perfect home pop up online only to go to the open house to find out they are expecting 5+ offers? Buying real estate in Torrance is very competitive. It can be challenging for buyers to get their offers accepted. Some buyers have great success while others write offer after offer without any luck getting their offers accepted. Here are five tips to dramatically increase your success rate and also make the home buying process more pleasant.
- Get Pre-Approved. Getting pre-approved will allow you to make an offer quickly if you come across the perfect home. Lenders who specialize in purchase loans can have you pre-approved in less than a week. This step will also show you exactly what your payment will be at different price points. Then you can focus on finding a home within your payment comfort zone. It is best to work with a local lender who specializes in purchase loans. They will be able to meet with you in person and they may already have a relationship with the listing agent of the property you are interested in. This helps increase the strength and confidence of your offer and will give you a better chance of getting your offer accepted. Including your current bank statement to show the source of your down payment as well as providing your FICO scores will further strengthen your offer package and help you stand out over other competing offers. Chris Rivera with Movement Mortgage is an excellent lender who specializes in helping home buyers in Torrance. Chris offers free pre-approvals and loan consultations. Chris may be contacted at (310) 729-4431.
- Personalize your offer. Including a one page or less personal letter with a family photo to the seller can help personalize your offer and differentiate it from other offers.
- Avoid Contingent Offers. Making an offer to purchase a home that is contingent upon selling your current home has a very low chance of success. Most home sellers have multiple offers on their home and do not need to accept a contingent offer. Even if they do not have any offers currently, a home seller is likely to pass on a contingent offer and wait for a non-contingent offer to come in. There are other options available that allow you to sell your home and buy another home with a much higher success rate than a contingent offer.
- Do Not Take Out Any New Loans/Leases. Do not take out any new car loans or leases until after you own your new home. Some buyers are not aware of this and lease or purchase a new car during the home searching/buying process. This may reduce the loan they qualify for and could also lower their FICO credit score, causing them to essentially price themselves out of the neighborhood they previously were qualified for.
- Expand Your Home Search. Most buyers are just looking at homes that are on the MLS through a real estate portal website or a real estate app. However, some of the most popular portals such as Zillow/Trulia have approximately a two day delay before new Torrance listings show up on their website or app. This means a home could potentially be sold by the time it first shows up on Zillow or by the time you are able to go see the home. These same homes are also the ones most likely to have a bidding war. Our real estate team has access to off market or pocket listings. An off market listing is not advertised online on real estate websites or on the MLS. Off market listings can be a good opportunity for buyers to avoid a bidding war and have a better chance of getting their offer accepted. In the last twelve months The Millman Team has represented buyers in the sale of four off market listings in Torrance. We carefully watch all listings on the MLS with our buyers, but we also provide other opportunities for our buyers not found on the MLS or real estate portal websites. Our team prospects for new listings every day. We average almost one new listing a week, mostly in Torrance. Our clients have the benefit of knowing about homes before they come on the market. We also network and have good relationships with many other agents in the area. This allows us to find other opportunities for our clients such as new listings coming soon with other agents, and we also target expired listings that match our buyers’ needs. Example: A homeowner tried to sell their home two years ago but it did not sell. It is no longer for sale, but that home is exactly what our buyer client is looking for. We bring the seller a good offer and our buyer client gets their offer accepted on an off market listing for a fair price, all while avoiding competition from multiple other offers. This is just one example of the many unique benefits we provide our buyer clients. We also have two full time buyer specialists on our team, Susan Whiteside and Jerrie Vo . Their main focus is finding great opportunities to help our buyer clients have a successful and pleasant home buying experience from start to finish.
If you would like to successfully buy a home in Torrance in 2016 contact the Millman Team for a home buying consultation at (310) 375-1069 or [email protected]