Since I poured water on my poor laptop and it is in intensive care in hospital, I am typing on my Dell Mini Inspiron netbook, so I have to type small.
Oops, that's better, I stretched it a bit.
And now for something completely different.
I thought I would encourage first-time buyers to always make a back-up offer on the house they love.
Don't be afraid to make that first offer. It is an excellent opportunity to get your feet wet. And is something like learning to ride a bicyle. As you go along you feel more and more comfortable, and you never forget! And don't be disheartened if you are not accepted. Make that backup offer!
Case in point:
My first-time buyers just made an offer on the first house that I, their new agent, showed them. It is extremely inexpensive by Los Angeles standards, $319,000. I told the story in a previous post.
They love the house, but an excellent example of always putting in a backup offer raised its, in this case, ugly head.
The house had previously been on the market with another Listing Agent who mismanaged the process. It had fallen through because the house did not appraise. The agent was fired. However, unbeknownst to the new Listing Agent, there had been a backup offer submitted and accepted. Of course, when the backup buyer/agent saw the new listing they pointed out in no uncertain terms that they were now entitled to buy the house. This is corrrect.
The buyer still needs to go through inspection, appraisal, etc. and there is no guarantee that this escrow will close either. But because they had their offer in they have an excellent chance of buying the home they want.
In this new round there were also multiple offers, my buyers' being the lowest with the worst loan. However, the Seller has a soft spot for my buyers for certain lifestyle reasons and would love to sell it to them.
So, guess who is pushing for first backup position. And imagine if "three's a charm" works here. My buyers are going to be happy campers!
And, they are free to continue looking for another home while they wait. There is nothing to lose!
Jane Peters, connecting you to the L.A. real estate scene
Buying or selling real estate in Los Angeles can be an overwhelming process. Contact Jane Peters, Los Angeles realtor specializing in absentee owners, out of town buyers, and those who need that extra attention, in order to make the transaction a smooth, trouble-free, and fun experience.
Search Homes for Sale in Los Angeles
Los Angeles Lifestyle Home Search
Search Homes for Sale in Beverly Hills|
Search Homes for Sale in Brentwood
Search Homes for Sale in Culver City
Search Homes for Sale in Silver Lake-Echo Park
Search Homes for Sale in Santa Monica
Search Homes for Sale in Venice CA
Search Homes for Sale in Westwood-Century City
Other Los Angeles Communities
Great advice Jane. I'm waiting to here back on a Back-up contract , but still looking at other possibilities for my buyers. We're really rooting for your buyers too!
Thank you Carol. I hope you get yours also. It certainly pays to be standing there when the previous escrow goes south, which happens a lot.
Hi Jane! Oh, I hope they get it! But, like you said, they can still continue to look and if they find something they like better, they can jump on it!
Good luck with it!
Thanks, Debe. Appreciate you stopping by.
Hi Jane, Well isn't that an interesting turn of events! I still hope they get the house, but in the meantime, continue to look, too!
Thanks, Mary We ae in backup position now and still looking.
Good luck to you and your buyers, Jane! Years ago, I had buyers in a multiple offer situation and they didn't get the house (they didn't offer the highest and they were FHA). The listing agent refused to take backup offers because she said the accepted buyers were strong and she was confident they would close the deal. Later, I saw the listing pop back up on the MLS, called the listing agent saying, "Did you forget about me???!!!" (apparently she had) and we wrote the same offer, got it accepted and they closed on their first home. :)
Leilani
Great story, Leilani. We are now in fitst backup situation as the weakest of the buyers. Let's hope they get the same luck as your buyers.
we've always explain to buyers and sellers that sale pending does not mean sold. we just had a back up offer take the place of a 1st offer (failed financing) this week !
Great story Jane - hope yours works out.
Jeff and Grace, congratulations. I love it when that happens. Thanks for dropping by.