How to be a ready buyer in the Albuquerque Real Estate market

by | Feb 5, 2021 | Podcast, Radio | 0 comments

Tracy Venturi: So the topic that you wanted to talk about how to be a ready buyer in this market. Right?

Tego Venturi: Really, really critical and we’ve been talking with our team, other agents but mainly with their team, making sure that buyers have the expectation of what this current market is like, because it’s really, unlike any other market we’ve seen in the sense that super competitive. When homes come on the market, and are fit for a lot of people. Not everyone with some, you know,  still gotta be priced properly

Tracy Venturi: For the condition and location. It’s got to be priced right.

Tego Venturi: And what happens is you know if it’s a good moment a good area with, You know what it’s priced to the market. What are buyers need to be ready to go that their offer’s competitive because you know we’ve had some that had 20 offers in the first day in the market.

Tracy Venturi: Well we put one on the market today I think it’s had 20 showings already, you know, 200,000

Tego Venturi: Offers. What,

Tracy Venturi: What’s gonna set aside, it’s gonna be the one selected by the seller to buy that.

Tego Venturi: Yeah, that’s the question you know what you know how, what is the buyer need to have in place to make sure, other than having a real estate agent, and this is critical. And it’s helping them. Put that offer together, and understand what this market is like I’ve heard some stories recently of offers that come in near going. When offering you right in this market. Right. I’m sorry I’m I keep talking and keep asking you questions. But I gotta tell you the story: I heard him I heard this super competitive. Somebody received an offer on a property right it was one of those you know 200,250 you know real competitive knew there was going to be multiple offers or actually this agent knew there are going to be multiple offers. They wrote this offer like they were writing in 2010, when it was a buyer’s market, not a seller’s market right and you know they put all these expenses on the seller, that you didn’t visit this is just weird it’s like Hold on, you’re, you know the real estate agents should know that are doing business in this market they gotta talk to their buyers about this if they want to be competitive.

Tracy Venturi: For sure, and also we do what our buyers want so we can educate them and then. Then we sometimes write things that we know are not how you’re going to be the person that gets to purchase that home right. But, but I think you know having a realtor who is familiar with what’s going to be important to the seller and honestly one of the most important things that we find and what we tend to train the team is have a lot of communication with the other realtor because we need to find out what’s important to the seller, right? If I have a buyer who can do a different closing date they don’t have to have the house by a certain date, right? If I don’t call the other realtor and find out what what the seller prefers When, when, would they like to close when do they need to move. I might pick a date that puts me out of the running, right? So that communication with the realtor representing the seller is exceptionally important, but there’s lots of different things you know that we do to write a compelling offer, but we do need the buyer to be ready.

Tego Venturi: So what are those things that buyer needs to do.

Tracy Venturi: So they need to be working with a good local lender, you know, these days, you know, online lenders are so good these days but online lender is not going to wow the seller or the seller’s realtor. Right? They want somebody that lives here has a reputation. And if they mess up the loan. Other realtors know about it. You know they have a reputation, right? So a good local lender, and then a lender letter that goes with their offer that shows that their credit has already been pulled, their verification of employment, their property their taxes have already been submitted they’ve already done all the legwork on the loan to make sure that this person really qualifies.

Tego Venturi: And to make a side note on that because there’s, the pre qualification letter or the pre approved letter, right in.

Tracy Venturi: Pre qualification means they told me these things. And if they’re all true they probably qualify for that house.

Tego Venturi: Right, pre approved, and that’s not always true. I’ve seen letters that say pre approved and then you read the detail and it’s while we haven’t slipped their credit yet we haven’t looked at their employment history and this and that right so. So you want to get again one of those letters where, if you’re the buyer you’re actually made the application. You’ve already submitted some of the very basic documentation like your income, your proof of income that type of stuff job insecurity and so on. Right?

Tracy Venturi: Right. So, getting pre approved versus pre qualified is pretty important. and then obviously the type of loan is very important. If you need downpayment assistance, and somebody else doesn’t, they’re probably going to choose to somebody else, right? All the time it takes you to get your loan so some loans notoriously take 45 to 60 days, whereas some others could close the 30 days. Again, it just kind of depends on what the seller is interested in, and how that works.

Tego Venturi: So give us just like maybe one or two of those little tricks to share all our secrets but give us a couple tricks. It may be a buyer could offer to the seller, getting their offers. In other than the price range,

Tracy Venturi: Other than price. Yeah, so an escalation clause on the price so if you’re willing to pay more for it, make sure you put that down, Right? Make sure you put it out there because if the other seller, or this seller’s agent doesn’t know that you’re willing to compete, a price higher than you offer you may not be given the opportunity. You know, some of the things just who pays for what is typical in our market, you know, kind of who pays or what, there’s titled cheat sheets that show who typically pays so sometimes offering to pay some of the things that a seller might honestly I think you get more bang for your buck by giving a higher price and keeping the who pays for what the same because the customer is, you know, the psychological of the value and what you’re offering as a higher price I think gets the attention of people more than, what the net might be sometimes. And then, lots of other things but just making sure

Tego Venturi: That you know that we’ve deployed over the years and

Tracy Venturi: We talk about it regularly, what are we seeing we’re asking our lenders What are you seeing come through on contracts that you think, made the difference, right? Again, I think a lot of it is just communication with the other agent and making sure that they want to work with you and that they that they know that you have a good reputation.