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Yes, You Can Compete with an All Cash Offer When Buying a Home

Yes, You Can Compete with an All Cash Offer When Buying a Home

Finding the perfect home is a great feeling but losing that home to another buyer can be a shock to the system. At Berkshire Hathaway HomeServices California Properties we have represented home buyers who come from every background and have every type of situation. We often find that they assume if another buyer comes to the table with an all cash offer, that their options are limited. This is not always the case. Read on to learn how you can beat an all cash offer and then contact us at 310-373-0021 if you need representation.

Get written pre-approval from a major lender

Before you even begin the home buying process, and before you start looking seriously at homes for sale, get a formal, written pre-approval from a major lender. This allows you to move very quickly once you have found your home, and it also assures that you know what price point will work for you. If you have this paperwork in hand, and you are a qualified buyer, then you may be seen as just as good as an all cash buyer.

It’s all about timing

The main issue for sellers is that a cash buyer can close very quickly, while a loan will typically take an average of 45 days to close. However, there are loan products that can close much faster. In fact, some can close as quickly as 15 days. Once the property is in contract, underwriting then needs to review the offer. Appraisal and title report come next. Major lenders take longer, but some can get it done as quickly as 25 days. If the main reason that the seller wants to work with a cash buyer is timing, then look for ways to get the loan closed faster.

Show them that you’re serious

In some cases, it may be as simple as showing the seller how serious you are about their home. This means putting down the full 3% deposit up front in some cases. In other instances you could show them that you have accepted an offer on the home you’re selling. It can mean different things, but if you find a way to prove that you are serious then it may make a difference to the seller.

Take care of requirements

Depending on where you are purchasing the home, there may be requirements the seller is required to take care of. For example, the Monterey Peninsula Water Management District requires 1.28-gallon toilets, low-flow faucets, rain sensor, and low-flow showerheads. Instead of making the seller take on these changes, offer to do it yourself.

Get personal

You never know what is most motivating to a seller If there is a personal reason that you want the home, then it may be worth writing them a letter or talking to them about it. It could mean the difference between getting your dream home and losing it.

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The 5 Secrets to Home Buying that No One is Telling You

The 5 Secrets to Home Buying that No One is Telling You

If you are in the process of buying a home or are about to start then there are a few things you should know. You already know that there are dozens of reasons to hire the professionals to help you buy a home, but there are many more secrets to the home buying business than you may think. Read on to get some of the best home buying tips and then reach out to Berkshire Hathaway HomeServices California Properties at 310-373-0021 to learn more about how we can help you.

  1.  Don’t buy anything significant for six months before you are buying a home
  2. If you are buying a home, and part of that process involves taking out a loan, then you should refrain from making any large purchases. If you do so, then you could end up taking a hit on your credit. Lenders want to see that you are responsible and having not made large purchases for months before the mortgage is one thing they will look for. Opening up new credit accounts, amassing too much debt, or buying expensive items can make it hard to get a loan.

  3. Make sure you get pre-approved
  4. We see it all the time: Buyers who believe that being pre-approved for the mortgage is the same thing as being pre-qualified. They are not identical. Pre-approval means that the lender has considered all relevant issues and approved your loan. They know how much you can afford, how much they will lend you, and what your mortgage payments will be. Being pre-qualified just means that the lender has looked at basic information and decided that it’s likely they would approve for some amount.

  5. You must have a survey done
  6. This is one of the most important tips you can get – get a survey done on the property you are buying so that you can be 100% sure of what you are buying. This can save you from future disputes with your neighbors. Remember too that your property tax is likely based partially on the size of your property. You don’t want to pay tax on land that is not yours, so having a survey done makes sense.

  7. Do not try to time the market
  8. Too often, buyers will obsess over getting into the market at the exact right time. The truth is that trying to figure out what will happen in a given month is impossible. The best time for you to buy a home is when the home you want is for sale and you can afford it. Yes, there are better times than others generally – like right now when interest rates are low – but waiting another month is likely to do nothing but make you miss out on the homes available today.

  9. Visit at every time of day before buying a home
  10. Most people look at a home only during regular business hours but you also want to know what the neighborhood is like at night, on the weekends, early in the morning, etc. You do not necessarily need to tour the home at these times, but just driving by can give you a good idea of how the atmosphere changes throughout the day.

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Learn How Our Seller Advantage Program Can Help You Get Top Dollar for Your Property

Learn How Our Seller Advantage Program Can Help You Get Top Dollar for Your PropertyAs you work to sell your California properties that are many factors to take into consideration. For some people, the most important thing is to sell the property as soon as possible. For others, they are comfortable leaving a property on the market longer if they get a higher price. No matter what your top goal is, one thing is certain: The more information you have the better decisions you can make. Read on to learn about our seller advantage program and then reach out to Berkshire Hathaway HomeServices California Properties at 310-373-0021 to get started.

The more informed you are the better decision you will make

The math on this program is simple: When you get your listing in front of more people, the chances that you will sell your property quickly and for top dollar improves. We have one of the best strategies to ensure your property gets maximum exposure in your particular area. Our comprehensive strategy is our Seller Advantage. It offers an overview of your specific competitive selling landscape. This allows you to make accurate, strategic pricing decisions. The goal is always to maximize profit while decreasing the time needed to sell your home.

We provide a report on listing presentation

One of the things you will get from Berkshire Hathaway HomeServices California Properties is a listing presentation report. This shows you how buyers are searching in your specific neighborhood for homes just like yours. When you know what others are searching for then you will know how to better market your home. For example, if you find that homes in your area are often searched for with criteria for gardens, then you can actively market your home as one with a garden. If you find that the biggest concern is the number of bedrooms then you can highlight an office space as a potential extra bedroom.

Our market activity report provides unique insights

Many people come to us because they are not quite ready to sell but they do want to know what the market in their neighborhood looks like. They may be making financial decisions that make the real value of their home relevant, or they may simply be curious. Either way, we can help. Our Market Activity Report shows you specific market updates including everything from new listings to info when the pricing changes to changes to the status of a home for sale. With this information, and the guidance you will find with our agents, you have a huge advantage over others selling homes in your area.

Are you ready to get started?

If you are ready to move forward then we are ready to work with you. Simply contact Berkshire Hathaway HomeServices California Properties at 310-373-0021. Let us know where you are, whether you are buying, selling, or both, and what your needs are. We are here to provide comprehensive assistance based on your unique situation. Contact us today – we are standing by!

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Is Now the Perfect Time to Invest in an Income Property?

Is Now the Perfect Time to Invest in an Income Property?

Investing in an income property can be a savvy financial decision. It’s a great way to bring in essentially passive income, and if you buy a newer property in good shape, you shouldn’t have to do much upkeep. There are a few reasons that now is a great time to invest in income property but there are also a few reasons that it may not be the best time. Keep reading to learn more about both sides of the equation.

Job growth, consumer confidence, and a strong market are good signs

As you consider investing in income property, you want to look at the local and national markets as a whole. The good news is that for several years the economic news has been good. There is once again growth in many sectors, and investors and developers are feeling confident about new ventures. On their end, consumers are more likely to make an investment today than they were ten years ago. These are all good signs for income property investment.

Higher rents mean more profit

Throughout most of California, rents are at an all-time high. This is even truer of multi-family properties. Depending on where you live throughout the area, other types of income properties like retail, office, and industrial may be on the rise too. Investing in a property that you could earn significant rent on could end up being one of the best investments you ever make.

Affordable interest rates are a good reason to invest in income property now

Interest rates have been at historic lows for a while now and experts do not expect this to continue indefinitely. While we do not know for sure when they will go up, we can say with reasonable certainty that they are indeed going to go up. As other companies start to get interested in income properties they are likely to jump on the band wagon and you want to get your interest rates locked in before that happens.

You need the right broker to find the right income property

The truth is that you need the right California Realtor to find the right income property. If you decide that now is the right time to invest in income property you can bet that others have made the same decision. As a result, the inventory can get low. This may lead some to become desperate and jump at any listing they see. This is never a good idea.

When you work with Berkshire Hathaway HomeServices California Properties you can trust that we will use our long-term experience to keep an eye on the listings. As soon as something that fits your needs is available we will make you aware of it. We do not believe that you should settle for less than the perfect property. We also offer mobile resources that ensure you are always in the know about what is available. Reach out at 310-373-0021 to learn more.

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4 Reasons Buyers Should Always Use Local Real Estate Websites

Local real estate agents’ websites give you access to better listing information

4 Reasons Buyers Should Always Use Local Real Estate Websites

These days, almost all prospective home buyers start their searches online. While using popular national real estate sites like Trulia and Zillow may be a convenient way to get an initial impression of what’s available, the moment you get serious about buying a home you need to switch to a local real estate website such as Berkshire Hathaway HomeServices California Properties. Here’s why.

You Won’t Miss New Listings

When a new home in your local area gets listed, it will appear on the local MLS in minutes. If you’re browsing on a local real estate website, you’ll be able to pounce on new listings. But if you’re browsing on a national site, you may have to wait up to 9 days for new listings to appear. This delay can result in you losing out to other buyers who may be able to see the property and make an offer before it even appears in your search results.

You Won’t Fall in Love with Sold Listings

Because national real estate websites are slow to update, homes often appear as available when in reality they are pending, sold, or otherwise off the market. If you depend on a national website, you risk wasting time and emotional energy considering homes that you can’t actually buy. Local real estate websites are updated from the local MLS within minutes so you don’t have to worry about this problem.

You’ll Get Accurate Home Value Information

Zillow in particular is known for its “Zestimate” feature, which uses algorithms to predict the value of a given listing. The idea is for buyers to compare the list price to the Zestimate to see if they are getting a good deal. If it sounds too good to be true, it’s because it is. There are many complicated factors that affect home value. Rather than relying on an automated tool that can be misleading, you should work with a local real estate agent who can find appropriate comps for the specific property you are considering.

You Can Work with a Local Expert

On websites like Trulia and Zillow, paid ads for real estate agents are placed prominently on listings in a way that makes it easy to mistake those advertisers for the listing agent. If you rely on these websites to find your real estate agent, you could easily end up working with someone who knows next to nothing about the specific property and neighborhood you are interested in. When you start your search on a local real estate website, on the other hand, you know that anyone you contact from that website will be a local expert who can provide you with the best insight into the cities and neighborhoods where you want to buy.

Ready to Get Started?

If you are ready to start shopping for your new home, feel free to download our mobile app. If you see something you like or you would like help, please contact one of our experienced local real estate agents today.

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