With current inventory shrinking and prices down 50% to 80% from the highs of a few years ago, we are increasingly seeing a large number of homes end up under contract within only a couple of days of being on the market. Whenever a decent property comes on the market and is priced well, it gets sold so fast it will make your head spin! If you are a buyer, it’s good to be aware of a few things that can help you stay ahead of the game!
- Multiple Offers – These are commonplace nowadays, so just be prepared to deal with it. You make an offer and then another person (or more!) makes an offer, then usually you’ll have to then submit your highest and best offer and often times the home will sell for over the asking price.
- Foreclosures – If you are buying a foreclosure your chances of winning the property are greatly increased as a primary home buyer. If you are an investor, sorry – but banks are more willing to see an owner occupant take possession of the home. You’ll already be one step behind with buying a foreclosure if you are an investor.
- First Offer, Best Offer – Make your first offer your highest and best offer. If you really want the property, then don’t waste time. Just make your best offer and stick to it. Allowing days of going back and forth trying to negotiate price and terms allows more time for other buyers to come in and you could lose out and get overbid.
- Back-Up Offers –A property goes under contract and usually a buyer will just dismiss it. Yes, it’s true that it is a pending sale and will probably be a successful closing. However, I am seeing a large number of homes that go pending come back on the market. Why? Several reasons: mortgages are very difficult to get nowadays, buyers get tired of waiting on short sales and move on to another property, or vacant homes have cosmetic or repair issues and buyers get scared and walk away. So, I’d encourage you to write a back-up contract on any property you have a serious interest in. I think you’ll be surprised that you just might end up with the house.
Be informed and prepared, and you’ll be in that new house before you know it! Good luck and please let me know if you need assistance.
Need help Selling, Buying, or with Property Management? Gabe and the Realtors of Gulf Pointe Properties are glad to help: Contact Gabe directly at: 239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com Gabe Mellein is the broker of Gulf Pointe Properties, He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate.