Ask Phyllis!

Buyers Are Feeling The Rush

Dear Phyllis,
My son was recently divorced and has sole custody of his two girls. So that they could remain in the same school district they have moved into my La Crescenta home. There is plenty of room, so that’s not an issue. But in the next few years I plan on retiring, selling my home and moving to Arizona where my daughter lives. Unfortunately, I can’t afford to give him my home because I need the money to retire. I want to help him buy another home in La Crescenta so that my granddaughters can remain in the same school.

I found a home online that seemed like a good fit. When I contacted the real estate agent he informed me that he already had five offers, and all offers were due the next day. In addition I would need to be prequalified when I made an offer. I couldn’t do all that on such short notice. Can you explain why the seller wouldn’t wait for my offer? Why is everyone in such a hurry? Gabby

Dear Gabby,
I am sympathetic to the pressure you are feeling. You could have reminded the real estate agent that unless the seller instructed otherwise all offers are required to be presented regardless of deadlines.

Let’s assume that offers were due Monday. The listing agent and the seller might review the offers Monday or Tuesday. And then likely prepare a multiple counter offer asking all buyers to respond with their highest and best price. They may have given the buyers a day or two to respond. This window may have provided the time needed to get your prequalification in order.

It’s a very competitive market for La Crescenta home buyers. I am seeing the same buyers at my open houses. Most homes are selling very quickly in multiple offers. There is no need for a home seller to wait when they are in receipt of excellent offers.

If you are serious about buying your son a home, you should contact a reputable lender and get prequalified. Once this is done, you won’t feel as much pressure. Consider working with a local Realtor®. One who can let you know as soon as listings hit the market. Best of luck to you, your son and granddaughters!

  Phyllis Harb