Lake Ridge Virginia Real Estate News

Bidding Wars...Multiple Offers...Rejection Oh My!

   

  Why Is It So Difficult To Find And Buy A House Right Now?


Currently the Prince William Real Estate Market is shifting and homes are selling fast. There seems to be a feeding frenzy in the $200,000 and under price points and again in the $350,000 to $500,000. Multiple offers are the norm right now. Buyers and Realtors alike are waisting a lot of time and money searching for the illusive affordable homes.Why and how is that happening.


Well, here's is an example of a home that a woman called about the other day, she was a friend of a past client. She said 'I saw a home online that I am interested in seeing. I know it's vacant, and it's bank owned and I want to see how low the bank will go on it Can you help me.... " Of course I said I could help. Here's where an experienced Buyer Agent can save you a lot of time.

Here is what she could see online in the remarks section of the posting:
    

List Price:$111,900

  Org. Price: $111,900

   Dom/P: 8 Dom/M: 8
    

Remarks: BANK OWNED! SHOWS WELL, UPDATED! $4,000 DECORATORS ALLOWANCE! DEADLINE FOR CONTRACTS 4/13/2009 AT 9 AM EST.    

**ALL CONTRACTS/OFFERS ARE SUBJECT TO INDYMAC SENIOR MANAGEMENT APPROVAL AND    

ALL OFFERS OR COUNTER OFFERS BY IMFB ARE NOT BINDING UNLESS THE ENTIRE AGREEMENT IS RATIFIED BY ALL PARTIES.    

That would lead you the prospective buyer to believe you still have a shot at getting this house. Even if there is a bidding war, if I offer more...and the offer isn't ratified yet, chances are the bank might look at my offer. That is a reasonable thought process based on how this reads. 

However this is when it pays to be working with a Experienced Buyers Agent.Before I will waste your time away from work, or let you rush to a house, I want to check MLS, and do some research on the history of the listing and comments on MLS to see what's really happening with that home. Take a look at the comments a Realtor can see. Notice the differences between the Consumer Remarks and the Agent Remarks:    

     List Price:$111,900

  Org. Price: $111,900

    Dom/P: 6 Dom/M: 6  

 

 

 

Remarks: **15 OFFERS SUBMITED TO BANK*Offer deadline 9 am est April 13, 2009!

 

SUBMIT highest and BEST! Efax all offers. MUST be written in w/ offer to be considered!

 

BUYERS MUST PRE-APPROVED  W/ JUDY AT 703.590.7132. ALL CONTRACTS/COUNTERS ARE SUBJECT TO INDYMAC  MNGMT APPROVAL

 

Three comments on this example:  

  1. Being pre-approved is good,however just understand, many Banks want the Buyer to be Pre-approved with their designated lender as well. You do not have to use that lender.

  2.   
  3. The buyer never had a chance, since she saw the listing at day it had 15 Offers on it and she never got up to bat

  4.   
  5. She was not pre-approved for a home loan ( get pre-approved folks-Just do it!)

 

 The days of the low ball offer are dead....Dead! Dead! Dead!

If you are thinking of buying a home, you have the opportunity to make the process easy or hard. It's really up to you. However here at Erick and Company we choose to help you work smarter not harder. We strive to make the househunt process as stress free as possible. We know your time is valuable and if we know exactly what you are looking for we will find it for you. We have staff searching for buyers online daily so you don't have to.

 

Did you know that Erick and Companyhas a system that will alert you to every new listing that hits the market in your price range? You can assess this information in two ways, no longer would you ever face the scenerio as shown above:  

  1. Go to http://erickandcompany.com/search-for-homes.asp and search, once you have entered your search criteria and the homes appear on the screen you can SAVE your search. That will then alert you to new homes that enter the market.
  2. For those of you looking for items such as in-ground pools, flat back yards, or have age requirements, if you call me or just tell me on this form, I will personally set up a Personalized MLS Search for you and whenever any home comes on the market in your desired price range and with the features you are searching for, the system will email you. If you see one that peaks your interest call me immediately so I can get you inside before anyone else! It's that simple... 

If you have questions, don't hesitate to call me

703-851-3085

Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

 

 Erick and Company Logo      

 

Peggy James
 My direct #:703-851-3085
 

Search homes for sale in or local Prince William County Virginia area and Eastern Fairfax County near Fort Belvoir Virginia.

 
Twins Selling Real Estate
 
 
 

"Our Goal is Your Goal!"


Twins Selling Real Estate EXIT Realty Associates 8998 C Lorton Station Blvd, Lorton Virginia 22079 Equal Housing Opportunity Call 703-851-3085
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