“I have cash but can’t find a house?” I encounter this problem twice in the past five days–one buyer has cash and is searching for an ocean view home up to 1.5M, and the other is pre-approved with a large down payment. Unfortunately, the inventory is so depleted one buyer planned to spend the entire day viewing homes last Sunday but we were finished in less than two hours and that included a tour of Palos Verdes.
OK, Palos Verdes is not a megalopolis, but still there were only a few homes matching the buyer’s criteria. What’s a buyer to do when the competition is keen and the inventory is lean?
1) Go Big: Enlist an agent to help you discover new listings before they hit all the big real estate websites. This is where a large company may benefit the buyer. At my company we announce new listings, pocket listings (not yet on the MLS) and upcoming listings. Since we are the largest real estate company in the South Bay of Los Angeles, and have hundreds of active agents, we also know about dozens of properties about to the hit the active market.
2) Get Breaking News: Agents load new listings on the MLS throughout the day and night. Make sure your agent is sending you new listings as they hit the Multiple Listing Service. With instant email notification you will have the inside track for the race to see a hot new listing.
3) Be Ready to Write: The pre-approval letter needs to be ready to submit with the offer. Expect to show proof of your down payment too. Chances are if you want a particular house, other buyers will want it too. When there are multiple offers on a property sellers are often looking for a reason to eliminate an offer from the pack. A good agent will help you ensure your offer is still standing after the process of elimination is completed.
If you’re in the market to purchase a home, let Norma Toering & Team help you achieve your goal.