Eisrael Gomez Realtor - Monterey County Blog

"I've made over a dozen offers and I still don't have a home!" 

Comments like this are becoming very commonplace among many Monterey County Buyers.  Investors, first time buyers and other bargain hunters are putting pressure on moderately priced homes in Monterey County.  Here are few suggestions that I hope help:

1)  If you have an FHA, VA or USDA loan, consider increasing your down payment amount.  Many of these 0 down or 3.5% down offers are passed up for buyers with larger downpayments.  If there's a resonable cash offer on the table you may be sunk, but it doesn't hurt trying especially if you are offering asking or above.

2)  Check your deposit amount.  Is your deposit amount reasonable?  Try at least 1 to 5% of the purchase price. 

3)  Are you asking for repairs?  If it's a foreclosure or short sale, it is unlikely there will be any repairs other than the ones already completed (if any) by the seller. 

4) Inspections & Reports.  You can ask for them, but only the ones required by law will most likely be completed by the seller.

5) Contingency removal periods.  Are you still asking for the traditional 17 days from years ago.  Change that to 7 or 10 days as most appraisals and inspections can be completed well within that time frame.

6) Sales price?  Make your offer a current market price offer.   Just because a property is listed above or below market value does not mean it will sell for that.  Be sure to do your homework and offer as close to the fair market as possible.  We do have properties in the last 30 days closing 5 to 10% above asking in some areas so check with your attorney and or your Realtor when making this or any decision regarding real estate.

These are just a few tips and I hope they help. If you have others, I would love to hear them! Feel free to call with any questions. Now, go buy a home today!

Eisrael Gomez

(831) 809-8266