If you are a Los Angeles home buyer right now you must be feeling extremely frustrated. You can’t get to a property quick enough to make an offer before there are three, four or more buyers ahead of you also making offers. And some of those offers are cash.
Don’t give up. Your house is out there. Just make it a point to be available the minute a property comes on the market so that you can go see it and be in at the beginning.
There are certain properties where you can only see them once you have made an offer (inside with accepted offer). Don’t be afraid to make an offer if you drive by and like the look of the home. Once you do your due diligence, and if you find things you cannot live with you can cancel escrow. Besides investors, not many buyers like to make an offer this way. And investors often back out because they make offers on several properties at one time. So you will have an edge if you are in on the first run of offers. I no longer feel comfortable waiting until the first open house, especially if the property is on a lockbox, because you can be sure other agents are taking their buyers over. So be ready to run. However, there are times when a listing agent will say that they are not accepting offers until a certain date, then you have some breathing room.
Make back up offers. You never know when the first offer may fall through and you will be next.
In this strong sellers’ market where there is so little inventory, I think the first rule is to keep making those offers. If at first you don’t succeed……
Los Angeles home buyers don’t give up. After all, someone is going to get that home. It may as well be you.