June 4, 2020 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Multiply Your Chance of Winning in Multiples

by Kate Sutton

If you are a buyer in LA being beaten out by others every time, congratulations, you’ve been in “multiples.” It can be so disheartening to find your dream home, and at the right price, only to discover you have been beaten out by a cash buyer or at a ridiculous amount over the asking price.

Here are some tips to strengthen your offer:

  • Make sure you are pre-APPROVED, not pre-QUALIFIED by a lender. In this market, a pre-qualification letter can be put at the bottom of the pile.
  • If you are searching for properties up to your price limit, I suggest starting to look at a lower price point as this leaves you some room to move if you find yourself competing against other buyers.
  • Always have your agent ask if the seller is going to counter all offers, that way you can make an offer knowing that you should have a second opportunity to make another much stronger offer.
  • As well as having good rates, your chosen lender needs to be timely with their appraisal and final loan approval contingencies and reflect this in the offer. Even with the government required three days between the buyer receiving and signing loan documents, the bank should still be able to close in 30 days, 35 max.
  • Be careful of the “escalation clause.”  An agent may suggest adding an escalation clause to your counter offer stating you will pay a certain amount over the highest bid.  This can be attractive to some sellers for obvious reasons, but at the same time, other sellers can see it as a form of cheating.
  • A personal letter to the seller is a great tool to add to any offer.   Selling a house can be very emotional, and a lot of homeowners are looking to sell their home to someone who will love and take good care of it.

It’s a jungle out there and having a good, experienced agent is the first important step in buying a home.

Kate Sutton is a local real estate agent with Compass. If you are thinking of buying or selling, contact Kate. [email protected] or 310.500.7793 

Related Posts

Planning Commission Approves Lincoln Apartments Despite Community Pushback

June 3, 2020

June 3, 2020 1

By Toi Creel The Lincoln Apartments, a 40-unit supportive housing project proposed in Venice, has full support from the City...

Suspect at Large Who Shot at Police in Venice

June 2, 2020

June 2, 2020 1

Officer shot at on May 31 on Lincoln Boulevard By Sam Catanzaro Los Angeles Police are searching for a vehicle...

Ben Affleck Among Peaceful Protestors in Venice

June 2, 2020

June 2, 2020 1

Demonstrators protest police killing of George Floyd By Sam Catanzaro Thousands of peaceful demonstrators, including Ben Affleck, protested in Venice...

National Guard Arrives in Venice

June 2, 2020

June 2, 2020 1

Online rift between event organizer and local blog By Sam Catanzaro The National Guard is currently stationed in Venice to...

George Floyd Protesters Come to Venice

May 28, 2020

May 28, 2020 1

Demonstrators march from Santa Monica to Venice Thursday afternoon By Sam Catanzaro “Black lives matter.” “White silence is white violence.”...

Video: Venice Skatepark Taken Back by Skaters

May 28, 2020

May 28, 2020 1

Defying officials, Venice Skate Park skaters recently took matters into their own hands after the City of Los Angeles filled...

Video: Expanding Outdoor Dining?

May 27, 2020

May 27, 2020

Local restaurants may soon be able to expand operations into parking lots and the sidewalk. Learn more in this video...

VNC Rejects Lincoln Apartments Proposal

May 26, 2020

May 26, 2020 2

Venice Community Housing project rejected unanimously By Toi Creel A 40-unit supportive housing project continues to be met with pushback...

County Cancels Junior Lifeguard Program

May 26, 2020

May 26, 2020 1

COVID-19 health concerns put program on hold for 2020 By Toi Creel The Los Angeles County Fire Department Junior Lifeguard...

Body Found on Venice Boardwalk

May 25, 2020

May 25, 2020 1

Man found deceased near paddle tennis courts Sunday By Sam Catanzaro A man was found dead on the Venice Beach...

Venice Beach Bike Path Reopens

May 21, 2020

May 21, 2020 1

Supervisors Janice Hahn, Sheila Kuehl announce opening in Facebook posts By Sam Catanzaro The beach bike path is now reopened,...

Bonin Proposes Housing Plan for Penmar Encampment

May 21, 2020

May 21, 2020 1

Councilmember calls encampment “a perfect example of the city’s failed policies” By Sam Catanzaro Councilmember Mike Bonin has submitted a...

When Will Los Angeles Fully Reopen?

May 19, 2020

May 19, 2020 1

County: 3/4 of unemployment claims are from those making less than $50,000 By Sam Catanzaro Los Angeles County officials are...