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Imagine finding the home of your dreams. The house that checks all the boxes. The house is gorgeous, the price is right, it feels like home, but, there are already nine offers. Cash offers seem to be the ace of spades when there are multiple offers, but sometimes sellers accept offers with certain contingencies because the offer is a better total package. If you play your cards right, you can end up with the house you love. Before closing a deal, I always advise buyers to get multiple home inspections. A dream house isn’t so dreamy if the sewer line has hidden problems. In addition to a general home inspection, I recommend a chimney inspection, a sewer line inspection, a mold inspection, and even search the area for registered sex offenders at meganslaw.com. A few other tips before you buy: call the local sheriff’s office and ask about the criminal activity in the neighborhood where you are looking to buy, find out what school district the house is in, and definitely make sure the permits pulled for the house were finalized. I see buyers making the mistake of looking at houses they believe they can afford before they talk to a lender. Please talk to your lender first! You don’t want to look at houses you can’t get a loan for. Finally, I talk about contingencies to avoid no matter what. As a Realtor®, I want my buyers to be in a good position, and I never recommend accepting certain contingencies. Listen in for the most common problems I see. Advice is always free at my office! Feel free to call: 310-666-7424 (RICH) or email me at pamela@hiltonhighlands.com. Key Takeaways: [1:29] The house of your dreams already has nine offers. What now? Don’t worry, Pamela is here to help you through the next steps. [2:23] An all-cash offer is not always the ace of spades. [3:06] What are the biggest mistakes buyers make? [4:21] A general home inspection is not enough; Pamela shares the different home inspections that are essential before buying a house. [9:32] Have your real estate agent pull all the permits for the house you are buying. Ensure the permits were finalized. [10:54] Lenders are more interested in a buyer’s debt-to-income ratio than income alone; call a lender before you call a Realtor®. [13:07] Don’t accept bad contingencies! Pamela mentions a few contingencies she does not recommend accepting. [17:33] Do not do an early release on your deposit. [18:06] What to do when you receive a counter offer that reads, “purchase price to be final and best.” [21:50] Advice is always free at my office, feel free to call anytime: 310-666-7424. You can also visit my website, PamelaRichProperties.com. [22:11] Today’s hot property, well… isn’t so hot. This week I looked at eight properties and I can’t say I was excited about any of them. [23:50] Share this podcast with a friend or family member who might find the information helpful! Check out my website: PamelaRichProperties.com or shoot me an email with questions or ideas for future shows at pamela@hiltonhighland.com and please leave a review and rating on iTunes or where you like to listen. Mentioned in This Episode: PamelaRichProperties.com Meganslaw.com Los Angeles School Finder