Long Beach Home Buyers-Step up to the plate or lose the game!Long Beach Home Buyers-Practical advice for purchasing a Long Beach home or condo in todays real estate market. Step up to the plate or lose the game.
Long Beach BuyersStep up to the plate or lose the game!
Once you are pre-approved by a direct lender you are ready to start shopping! After a few days of viewing homes one really stands out! You think, "This is it!" You are ready to make an offer. You're already thinking about where to place the furniture, what colors you will paint the walls, about cookouts in the backyard and the smell of fresh baked cookies coming from your new kitchen! But wait a second...you have to make this offer first and then in just thirty days, this place will be yours! Well, not exactly... As a Realtor who works exclusively with buyers, I wish I could tell you it's that easy, but it's not! Some buyer's still want to write lowball offers and expect their offers to be considered! Lowball offers are being rejected without counters at this time. When a bank/seller has between 5 and 25 offers on the table, only the strongest offers are responded to. The reality is, there are a lot of buyers in the market place right now, many are FHA buyers with 3.5% down. When properties are priced below market and are desirable they become very attractive to cash wielding investors and strong buyers with large down payments. It is very difficult for an FHA buyer to compete.
Interest rates are at historical lows. Buyers can actually purchase high rise condos in Long Beach with sweeping ocean views for under $300,000! The competition is fierce; those who realize this, and know how to hit a home run, are winning the game! There are fantastic deals out there right now. You can find a beautiful Long Beach home or condo to call your own. The current real estate market is providing a window of opportunity to purchase an affordable home or condo in Long Beach. Properties priced well and in good condition are selling in just days often receiving multiple offers and fetching over asking price for the seller/bank! When it is established (by checking comparable sales) that a particular home or condo is priced below or near today's market value the buyer who writes a low offer will lose. The Long Beach real estate market is changing very rapidly. Lender requirements are getting tougher all the time. The same time last year it was possible for a buyer to purchase with 100% financing. Now 1st time buyers are utilizing FHA loans with 3.5% down. Until recently a conventional loan could be had with just 5% down payment, which is now disappearing as well. Banks have been demanding 10% and sometimes 15% in down payment to facilitate purchases recently and are raising the bar on credit requirements. It's getting tougher to qualify. Now is the time to get serious and put your best foot forward. In order to successfully purchase the Long Beach home or condo you are dreaming about, you must present your very best offer. If you are aware of multiple offers on a home, write the strongest offer you possibly can. When your offer is the only game in town, you have leverage; but when you are up against other buyers for the same property, assume the property will sell for asking price or more. If you love it, it's the only way you will get it! Do you want to hit a home run? Contact Laurie today! 562-212-5420
Long Beach Home Buyer Tips
This article highlights issues that many 1st time home buyers do not consider, that being the remaining life of the existing systems currently in the home and the cost of future replacement. This is important loan information regarding FHA loans, which you will most likely need:
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Posted on April 20, 2009 11:28:24 by Laurie Manny Professional Group
 Laurie Manny Professional Group  1 feedback »
Comment from: Sally Doherty [Visitor]  Excellent advice! One more thing.....on conventional loans, Fannie Mae/Freddie Mac guidelines allow 5% down for loans $417,000 and less (except for condos which require 10% down). However, it's the mortgage insurance companies who are not insuring these loans. They are wanting 15% down unless it's a pristine credit profile. FHA loans are soooo important these days! Your advice about getting totally pre- approved is right on! Yes, you'll need to give your income and asset documentation, but you'll go house-hunting with the assurance that your financing is secured.  Permalink April 21, 2009 01:02:18Comment on this article This post has no comments awaiting moderation. |
You
haven't? Yikes! When you find a Long Beach home or condo and fall in love
with it, you won't be able to write an offer without first having been
pre-approved. Banks and conventional sellers will not entertain your offer if
you haven't been pre-approved unless it is an all cash offer and includes proof
of funds.
Banks/Sellers
are using pricing strategies, pricing homes and condos well below current
market value in an effort to create multiple offers, bid the price up to as close
to current market value as possible and to close the escrows swiftly, removing
the properties from their books. Today's
buyer needs a savvy Realtor who knows how to write an offer utilizing a pricing
strategy as well. A well written FHA offer will be considered
along with stronger offers if it is written right. It can be done! We know how! Our client's offers
are often being accepted over all cash buyers and are closing escrows. 
To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.
