Image credit: http://www.edupics.com/en-coloring-pictures-pages-photo-whispering-i13373.htmlUnless you've been living under a rock, you know that the consensus in Las Vegas is that there are many good deals available in the housing market. After all, if you can find a home for about half of what the previous owner paid for it back in 2005 or 2006, you're getting a pretty good deal, right?
The trouble is, people are finding that it's rather hard to find one of these homes - when they put in an offer at today's market value, they're being outbid by cash buyers or other homebuyers also looking for a good deal!
We have a client who has written over 10 offers and still cannot get a home, much less one that is a "good deal!" So how can you, a home buyer, get such a good deal? The short answer is that you must listen for "whisper listings."
What's a whisper listing? A whisper listing is a property that is not formally on the market yet. You see, in order to legally allow a real estate agent to sell a property, a home owner has to complete a bunch of paperwork. Since people are busy, that paperwork usually takes about 24 hours. However, the agent who prepared the paperwork for the homeowner knows that the property will be formally on the market in about 24 hours.
This 24-hour (sometimes longer or shorter) "limbo period" in between when the homeowner returns the paperwork and when the agent prepares the paperwork is the magic time. Since no one else aside from the homeowner and the agent know the property is for sale, there can be no competition for your offer during the limbo period.
Agents who list a lot of property maintain close relationships with the homebuyers who want to hear about their "whisper listings." So if you want a good deal, get out there with your agent and start looking! If you want a great deal, get a relationship with an agent and listen for their whispers!
Some Tips to Getting on "The List" for Whisper Listings:
1) Be ready - whispers are available for less than a 24 hour period of time so have your downpayment and financing in order before you start asking agents for their whispers.
2) Be willing - fortune favors the bold so consider writing an offer subject to inspection; you can tie up a whisper before it even hits the open market with essentially no risk. If your offer is accepted, you can "inspect" (go see) the property and if you don't like it, you can cancel. Ask your real estate agent how to make this work.
3) Be able - even in a "down" real estate market, how long do you think the good deals last? According to January's numbers, most houses are selling in less than 60 days. If a good deal lasts at most 60 days, how long will a great deal last?
The scenario of a whispers is a win for everyone: the home owner gets to sell their house fast, the home buyer gets to hear about great deals before they hit the market and become only "good" deals, and the agent earns a good reputation for being able to make the deal happen.
E-mail us and get on our whisper list! Happy house hunting!
Posted By: David Kang
The trouble is, people are finding that it's rather hard to find one of these homes - when they put in an offer at today's market value, they're being outbid by cash buyers or other homebuyers also looking for a good deal!
We have a client who has written over 10 offers and still cannot get a home, much less one that is a "good deal!" So how can you, a home buyer, get such a good deal? The short answer is that you must listen for "whisper listings."
What's a whisper listing? A whisper listing is a property that is not formally on the market yet. You see, in order to legally allow a real estate agent to sell a property, a home owner has to complete a bunch of paperwork. Since people are busy, that paperwork usually takes about 24 hours. However, the agent who prepared the paperwork for the homeowner knows that the property will be formally on the market in about 24 hours.
This 24-hour (sometimes longer or shorter) "limbo period" in between when the homeowner returns the paperwork and when the agent prepares the paperwork is the magic time. Since no one else aside from the homeowner and the agent know the property is for sale, there can be no competition for your offer during the limbo period.
Agents who list a lot of property maintain close relationships with the homebuyers who want to hear about their "whisper listings." So if you want a good deal, get out there with your agent and start looking! If you want a great deal, get a relationship with an agent and listen for their whispers!
Some Tips to Getting on "The List" for Whisper Listings:
1) Be ready - whispers are available for less than a 24 hour period of time so have your downpayment and financing in order before you start asking agents for their whispers.
2) Be willing - fortune favors the bold so consider writing an offer subject to inspection; you can tie up a whisper before it even hits the open market with essentially no risk. If your offer is accepted, you can "inspect" (go see) the property and if you don't like it, you can cancel. Ask your real estate agent how to make this work.
3) Be able - even in a "down" real estate market, how long do you think the good deals last? According to January's numbers, most houses are selling in less than 60 days. If a good deal lasts at most 60 days, how long will a great deal last?
The scenario of a whispers is a win for everyone: the home owner gets to sell their house fast, the home buyer gets to hear about great deals before they hit the market and become only "good" deals, and the agent earns a good reputation for being able to make the deal happen.
E-mail us and get on our whisper list! Happy house hunting!
Posted By: David Kang
0 comments:
Post a Comment