By: Lori Einhorn
In a down market, all sorts of misconceptions seem to arise. Buyers often assume that the length of time on market translates to ease of negotiation, or that low bids are acceptable. Some even believe that distressed property sales are an easy, inexpensive option. Even more, buyers continue to assume that prices will continue to fall. I am here to say, it’s not that simple. Here are a few reasons why.
1. There is no such thing as the perfect house.
Probably my favorite of all, buyers tend to think there is a perfect house. Reality check, it’s unlikely. Even the newest of homes come with blemishes or lack a few thing you desire. The good news, you can always add to a home. Don’t let something small effect the something that is mostly good. People update homes all the time to make them more desirable. You can too.
2. Not so fast: The longer a house is on the market, the more willing the seller will be to negotiate.
A house that’s been listed for a long time can signal that the seller is not ready to sell, not necessarily that he/she is willing to accept anything. Often it can be a sign of stubbornness and burnout. No one likes to have their house ready to show at all times for many months at a time. It’s exhausting.
3. False, sellers accept low ball offers in a buyers market.
Just because the market is down, don’t go throwing out unreasonable offers. For one, the seller may not respond at all because it’s offensive. Secondly, if they do respond, and you end up trying to buy the house, it’s an awful way to begin a relationship. Sellers may remain sour during the whole process, effecting your transaction to the very end.
4. Buying a short sale or REO property is NOT easier than a regular transaction.
Banks have their own set of rules and regulations, buying on bank terms is often illogical and time consuming. It may be cheaper, from the looks of things, but the emotional baggage can sometimes be stressful. The lending approval process can be time consuming as well.
In short, don’t wait to buy properties that largely fit your criteria, especially in recovering markets. The nice places always get snatched up and clients are routinely left with a lesser property.
Lori Einhorn
Organized, focused, excellent communicator, motivated, persistent: are only a few of the positive words used by clients and other real estate professionals to describe Lori’s business style. Lori graduated from UCLA with a degree in Economics and Political Science and attended Loyola Law School before pursuing real estate. For this reason she is uniquely prepared to assist her clients with their real estate needs. Lori understands the meaning of commitment. For the past decade she has developed a multi-dimensional real estate practice.
Phone: 818-371-0073
Office: 818-222-9500
Fax: 818-222-9520
Address:
23647 Calabasas Rd.
Calabasas CA 91302
