Are You PRE-APPROVED?
Sacramento’s under $300K market is “popping,” and many first time home buyers aren’t preparing themselves to take advantage of it. I get calls everyday from folks who’ve finally made the decision to get into the real estate loop. The problem now is TIMING. For the first time in 2+ years, I run a report for active listings in the morning, show about a half dozen homes, pick one we like, call the agent to see if any offers have been made…and find out that the home has just gone pending with 3 to 8 offers.
So what’s happening out there? Well, the investors are swooping in like hawks and scarfing down anything that has a pulse. They often make all cash offers on the best deals; namely bank-owned REO’s. How does a first time home buyer have a chance in this market? The solution is to get PRE-APPROVED, have a good down-payment (borrow it from family if you must), and be ready to pounce the second something scurries onto the market. A good agent can follow default short sale properties and place a low offer just to see if you get it! They should continue to follow the defaults that don’t sell … and be ready when it re-lists as an REO listing from the bank. All can be done simultaneously. Many inexperienced buyers don’t know you can make offers on different properties at the same time. So find a good, honest loan person to help you be armed and ready. I have a few trustworthy sources …as I’m sure many an agent does.