home buying tips
One of the worst things that can happen in any escrow is dealing with adversarial buyer possession that can arise when the seller refuses to move out on time. The reasons a seller may refuse to move out are numerous. The seller might not have been made aware of the date of closing. Although our transaction coordinators send out an estimated timeline, not every listing agent will respond to the timeline. Some will not send it to their sellers. Some listing agents don’t hire a transaction coordinator, either. Or, sometimes listing agents don’t know how to count the days to closing in a purchase contract. In which case they give the wrong date to the sellers.
For some lucky sellers, it is definitely possible to pursue buying a home before selling a house in Sacramento. How one goes about this depends on basically two things: the type of real estate market you’re in and your financial ratios. At the moment, we are experiencing a strong seller’s market in Sacramento. This means sellers are in the driver’s seat. We have low inventory and high numbers of buyers. It’s the principle of supply and demand at work.
Sure, we have buyers who say, my house is so beautiful, it will sell right away, so why can’t I look at buying home before selling? As Sacramento Realtors, we have to bring these buyers into reality. Move them outside of their own situation and get them to look at this through the eyes of the seller. I say to them: Ok, pretend YOU are the seller of this house and YOU have 5 offers. Four of those offers are from buyers who don’t have a house a sell, they have no contingencies. They can get a loan and close right away. And then there is YOU. You who have not even put your home on the market, and you who wants the seller to wait while you get around to it.
Agents who don’t prepare an agent visual inspection deserve what they get. For many real estate agents working in Sacramento today, the 1984 case of Easton v. Strassburger is nothing but a legal phrase they recall from a real estate exam and meaningless to them today. Since I had already been working for years in real estate when the California court of appeal ruled on this legendary case, the ramifications of Easton v. Strassburger struck fear in my heart and it’s never left. This landmark lawsuit changed the way I forever since have done business.
Buyers sometimes find it difficult to believe that two offers on the same house can happen at the same time. Part of that is probably ingrained in people to believe that they are special and different from everybody else. Like that one guy on the TBS TV show People of Earth whose dream was to be hijacked to a spaceship and assured he was special. But the truth is nobody is all that special. We are more alike than we are different. And if you want to buy that particular home in Sacramento, you can bet dollars to doughnuts that another buyer is thinking the very same thing at precisely the same time.
When I see buyers winning the offer in today’s housing market in Sacramento, it’s generally because they have done one simple thing. And I often share this one simple thing with their buyer’s agent when they call to ask if I have any offers. It’s as though they don’t want to write an offer until I do have an offer. Every buyer’s agent pretty much is trying to get “a deal” for their buyers when they should be worried about getting their buyer into escrow, period. It’s hard right now to buy a home in Sacramento. Don’t make it any harder than it needs to be.