home buying tips
A homebuyer can kiss his earnest money deposit goodbye. You may ask, How can a home buyer kiss her money goodbye? The excerpt below in italics is from a blog Elizabeth wrote several years ago. It still holds today. It got me to thinking about a tricky technicality in this deposit forfeiture that you may find interesting.
I represented two buyers on a short sale in Roseville. She and her fiance bought it together. The listing agent was someone who said he was the #1 short sale agent in Sacramento, but, of course, we all know that title was well deserved and earned by the one and only, Elizabeth Weintraub. Well, the couple broke up. Mister buyer went packing, and he had not been removed from the contract, nor did the listing agent ever request it. Should I have removed him, probably, but I knew these two, and they broke up and went back together regularly.
A tip for getting the edge when buying homes in Sacramento. The italics below feature an excerpt from a blog Elizabeth wrote several years ago. It is the same thing happening today. Agents call and ask if we have offers. We say not yet, but expecting offers any moment. Offers are often sent in poorly written, missing information and without proof of funds. Why would an agent ever send in anything less than picture-perfect offers?
Sometimes the offers never even make it in to us. We follow up with every agent and help in any way we can. Make sure you have discussions about your offers before they are sent to the listing agent. This will help with some of the smaller issues. Enjoy.
List a house to buy a replacement property is common question sellers ask. In a seller’s market, buyers will buy a home and wait for a seller to find a replacement property. Now the trick is to find a home where the seller will take a contingency offer, meaning wait until the buyer’s home is in escrow.
There are factors that help in a contingent offer such as the buyers having a large degree of equity that translates to a large down payment like 20%. If the buyer has strong qualifications and motivation to buy replacement property, things are looking up. The time of year also can help. During holidays, the market can slow a bit. If the seller is moving up from an entry-level home, that is good news. Entry-level homes are in high demand, no matter what type of market.
What does an as-is home sale mean? It depends on whom you are talking to. Our California Residential Purchase Agreement says the home seller is not obligated to make any repairs to the home she is selling. Unfortunately, some buyers and agents think this is a time to renegotiate. A seller can say no, of course, but if she wants the sale to go through, she may reluctantly agree.
If a seller says no dice, take it or leave it, the buyer can then walk away. We then start over looking for a buyer. The process of inspections can be grueling on a rural property. For example, some cities will force you to hook up to city sewer lines. That can be so expensive. Sometimes costs could be $50,000. Always a good idea to check septics and wells, and local requirements.
Writing offers without viewing a home is an article that was written by Elizabeth for another publication. Believe it or not, this was written over a decade ago. This subject is as much an issue today as it was in 2007. — JaCi Wallace
“One of the services I offer my Sacramento sellers is, upon receipt of an offer, I always check MLS to find out if the buyer’s agent had accessed the lockbox. We can tell if the agent opened the box. If we have 10 offers on a home, and 9 of the agents showed it and one did not, the agent who did not show the home is at a severe disadvantage. Because we will tell the seller that her buyer has not seen the home. A buyer must see the home.