January 27, 2021 #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. Kate.Sutton@Compass.com or 310.500.7793 

Related Posts

Edify TV: New Medical Center Planned for Westside

January 26, 2021

January 26, 2021

A medical office and research center is planned to rise in a Westside neighborhood. Learn more in this video made...

Police Seek Suspect in Attempted Venice Break-In

January 25, 2021

January 25, 2021

Notice circulated following January 19 incident on Brooks Ave By Chad Winthrop Police have released a photo of a suspect...

Seven-Story Apartment Survives Appeal

January 24, 2021

January 24, 2021

City Planning Commission upholds approval for 31-unit Westwood Boulevard apartment development By Chad Winthrop A seven-story Westside development has survived...

Edify TV: Affordable Senior Housing Rises in Westside Neighborhood

January 24, 2021

January 24, 2021

A four-story senior affordable housing project is rising in a Westside neighborhood. Learn more in this video made possible by...

Rise of The Digital Nomads Changing The Way We Rent?

January 22, 2021

January 22, 2021

Today on Westside Real Estate Show* Matt Damon Lists Palisades home for $21 Million.* Rise of The Digital Nomads Changing...

Venice-Area DUI Checkpoint This Weekend

January 21, 2021

January 21, 2021

DUI and license checkpoint Friday night at Venice-area intersection By Chad Winthrop A Los Angeles Police Department DUI checkpoint is...

Edify TV: Westside Hot Chocolate Standouts

January 21, 2021

January 21, 2021

With both rain and National Hot Chocolate Day on the horizon, get cozy with these standout hot chocolates on the...

Popular San Francisco Sandwich Shop Opening in Westside

January 21, 2021

January 21, 2021

Westside Food Scene January 21, 2021 By Kerry Slater Santa Monica Pastry Shop Closes  A beloved Santa Monica pastry shop...

Food Review: A Darn Good but Pricey Burger

January 21, 2021

January 21, 2021

Smash burgers done right at Tripp Burgers By Kerry Slater Surrounded by a collection of strip malls, a Westside pop-up...

FDA-Authorized Coronavirus Testing at Santa Monica’s Shore Hotel

January 20, 2021

January 20, 2021

Drive-thru and walk-up testing seven-days a week   The award-winning Shore Hotel, located steps away from the world-famous Santa Monica Pier,...

‘Doctor’s Office on Wheels’ Homeless and Those at Risk of Losing Homes

January 19, 2021

January 19, 2021

Venice Family Clinic launches mobile clinic van aimed at preventing homelessness By Chad Winthrop A Venice non-profit has launched a...

Edify TV: Ticketing Maskless Angelenos?

January 19, 2021

January 19, 2021

Los Angeles lawmakers want to fine people for not wearing masks. Learn more in this video made possible by School...

Missing Man Last Seen in Palms Area

January 18, 2021

January 18, 2021

Chance Olsewski last seen in on the Westside on Friday A missing 20-year-old man was last seen in the Palms...

Video: 25K New Housing Units in LA?

January 17, 2021

January 17, 2021

With a massive spike in homelessness forecasted, LA lawmakers want to build 25,000 new housing units. Learn more in this...

$50 Million Dollar Doomed Estate of Mohamed Hadid On Market for $8.5M

January 15, 2021

January 15, 2021

Today on Westside Cribz, Check on these top things for a safer home, Mohammed Hadid’s $50M dollar estate on sale...