In the current real estate market, homes for sale are still getting multiple offers. Potential homeowners making offers using conventional financing are looking for the best home loan rates they can find in order to buy a home. However, these offers are usually competing with all-cash offers from investors. All-cash offers are often more attractive as they can be a quicker close and some investors will even accept the home “as-is” meaning no inspection. I’ll admit – I accepted an all-cash offer recently even though the final sales price was $5K less than what I had with a conventional loan. Why did I accept it? The buyer closed within 5 days as opposed to 45 days and I didn’t have to go thru the hassle of inspection.
Trolling Craigslist/Backpage and Other Rental Websites for Deals
So what is a person/couple/family to do in this competitive market? Well for one, you can look on Craigslist in the “apts/housing for rent” section. This section deals with – as you’d expect – rentals. However, if you scroll thru this section fastidiously, you can sometimes find ads with a “Lease-to-Own” advertisement. If that is the case, then you may want to contact the owner of that property and ask to make an offer or at least rent that place so you can secure the option.
Also – if you’re looking to buy in a certain area/subdivision and you can start looking in Craigslist or other property rental websites for home for rent in said area. If you can find a home that you’d like to rent, contact the owner and see if he/she would like to perhaps sell the property. Most times you won’t be able to put in an offer but every now and then you’d be surprised. Sometimes an owner is on the fence and if you make an offer the owner can’t refuse, you may wind up with a home.
Go to Local Real Estate Networking Events
I have a friend of mine looking at a sweet home in San Diego County that wasn’t on the local MLS. He and his wife are the only ones looking at it. Why? They are master networkers and know the listing broker. The listing broker gave them an exclusive on the home for 2 weeks before it went to market. Right now, they are in the final negotiations of the contract and they will most likely close within 30 days. As you network with more agents and brokers, you may find yourself with some pocket listings that are not yet available to the general public.
Are these surefire ways to get a home? Probably not but in a competitive market like we’re in right now, every advantage helps. If you’re looking to buy and can’t find a property that you like or are being out-bid, these tips may be able to help you in your search.