If you’re a buyer in the Temecula market put on your running shoes and hire an experienced agent! This market takes me back to when I helped my first buyer in 2003. Here’s my experience with my last 2 offers.
Scenario 1 Cash Buyer
Property just hit the market and was in an auction format through the MLS. After finally getting a call back from the busy REO agent and having a professional conversation about a possible transaction, I advised my buyers to get aggressive by offering 5k over list price, close in 15 days or less with NO Contingencies. There were 4 other Cash offers submitted with ours and WE GOT BEAT! Sound like a Sellers Market?? (Price was 258k for 3bd/2ba, 2500 sq. ft. on 4 acres)
Scenario 2 VA Buyer
Property just hit market and was a standard sale listed on the MLS. Agent frowned upon the idea of a VA loan immediately and almost discouraged me from even placing the offer. Listing agents don’t like to go VA due to being stuck with an appraisal that will more than likely come in under the offer price and kill the deal. The property was available with no offers at 1pm and by 5pm that evening it had 3 offers. We GOT BEAT by a conventional offer. Sound like a Sellers Market?? (Price was 275k for a 3bd/3ba, 2200 sq. ft with 6970 sq. ft. lot)
More to come….
Aaron Flint, Investment Specialist