These are easily the top five questions buyers ask me every day. There is so much that goes into purchasing a home. These questions give you a great foundation on the home buying process, and who knows, maybe they’re the same questions you’re asking!

Can I Put An Offer On More Than One House At A Time?

This is surprisingly one of the most asked questions I get from buyers.  The answer is… NO, you can’t!  YES, many buyers do it, but legally according to contract law, “The implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith.” It’s not!  Honestly, fairly, fair dealing. You wouldn’t be any of those things if you did submit multiple offers on multiple homes at the same time. I certainly understand why you would want to. You could lose out on one, so why not have a “buyer’s back-up plan”? Just ask yourself though, if you were the seller, would you mind? The worst case scenario for a seller is when a buyer continues to look after opening escrow and then cancels because they found a home they like more. Just think, the seller has lost out on all of that time, and the longer a home sits on the market, the less likely the seller will receive a full price offer. It’s important when you submit an offer on a home that you are serious and committed to it. If you’re not, then wait until you find a house you are committed to. Unfortunately for various reasons, cancellations happen often, and that’s why I like to do open houses even after my seller has an accepted offer. It’s always a good rule of thumb to try and get at least one back up offer. That’s a “seller’s back-up plan.”

Can I Use More Than One Real Estate Agent?

Yes, you can! Unless you sign a Buyer Broker Agreement stating anything different. If you haven’t, then legally you can use as many realtors as you want. It can get a little tricky though. If you opened escrow on a property that another agent had previously shown to you, then the agent with “Procuring Cause” could be entitled to some or all of the commission. It’s one thing if you’re not happy with a realtor and you decide to work with someone else, but if you’re thinking you’ll have more homes to view with multiple agents, you’re wrong. All agents have access to the same listings unless they know of one that hasn’t hit the market yet. This, again though, could apply to all agents. We all have knowledge of homes that haven’t hit the market yet. So choose your realtor because you feel comfortable with them and you trust them.

Related: Do You Really Need A Home Inspection? – Tracey’s Real Estate Tip Of The Week

How Much Should I Offer?

Your real estate agent will give you a copy of past sales within the neighborhood that have similar square footage and upgrades going back, on average, by three months. By taking into account the past sales, the current market condition and the amount of inventory currently available, you’ll be able to make an good, educated decision. Also take into account how seriously you want the home. If you submit a lower than list price offer and are just expecting the seller to counter, be careful. The seller can still accept other offers while you are in the countering stage, so you are taking a risk of losing your dream home.

Is There Any Wiggle Room In The Price?

I’m afraid you have a 50/50 chance on this one. Some sellers do price their home a little higher than what they expect or want to receive because they believe buyers will come in under list price. Then there are the sellers who listen to their agent and price their home aggressively to receive multiple offers. Best way to gauge is to look at past sales, and if the home you want to put an offer in is listed for $550K and there are homes like yours that closed at $550K, then it’s safe to say there is no wiggle room in price. Your agent can always call the listing agent and ask, but remember, the listing agent works for the seller.

What Will My Closing Costs Be?

Our final question in the “Top Five Questions Buyers Ask” is, quite frankly, one that you would expect them to ask. Everyone wants to know how much something costs, and purchasing a home is certainly no different. A good rule of thumb here is to multiply the sales price by 3 percent, and you’ll get a pretty good idea on how much your closing costs will be. You are also given what’s called an Estimated HUD (closing statement) from escrow usually 10 to 14 days into the transaction, which will itemize all the fees from all the parties involved. You can ask for it earlier, but escrow needs to gather the information from a number of different parties, so they may not have all the information available right away.

Did I answer any of your buyer questions?  I hope so!  If not, please contact me and ask away.  That’s what I’m here for.  Thanks again for reading my real estate tips, information and recommendations. If you have any real estate questions, concerns, wants or needs please contact me and let’s get you some answers! I’m here to help!

Tune into KHTS AM-1220 every Friday at 8:40 a.m. to hear more on Tracey’s Real Estate Tip of the Week!

About Tracey Hampson and Tracey’s Real Estate Tips:

I have had the pleasure of living and working as a realtor in Santa Clarita and the surrounding areas for more than 14 years and I love sharing real estate tips with others. Throughout my Santa Clarita real estate career I have had the privilege of assisting buyers and sellers of Santa Clarita homes with their individual real estate needs. I’m here for you as well.

I hope you enjoyed my real estate tip of the week and if you have any questions, concerns, wants or needs regarding real estate please don’t hesitate to contact me. I’m here to help.

Tracey Hampson
Century 21 Troop Real Estate
License 01429142
(661) 993-6124
Thampson@Troop.com