Home Buyer Do's and Don'ts in Multiple Offer Situations
So you are looking for a new home and find that inventory of homes for sale in Spring Hill Florida in your price range and with the features and amenities you are looking for is low.
Maybe you were looking at a home and thinking about making an offer only to find out that someone else beat you to the door before you had a chance to call your Realtor.
Maybe you've been watching new properties coming on the market and made your offer quickly only to find out it was rejected in favor of another buyer's offer.
What you experienced first hand is that you are competing with other buyers who are ready to act as soon as a good home hits the market. Good homes don't stay on the market long and often receive offers from multiple buyers before going under contract.
Remember, the seller has only one home to sell. The seller doesn't know you so he will decide based on the merit of the offers that he receives.
Here are a few home buyer do's and don'ts in multiple offer situations:
- Ask your Realtor to review with you recent sold homes that are comparable to the home you are interested in to come up with a reasonable offer price.
- Do make your offer based on your financial abilities and circumstances.
- Keep your offer "clean", meaning:
- Avoid asking seller for help with closing cost if at all possible.
- Keep inspection periods short but sufficient enough to do your due diligence
- Do not ask for high repair cost concessions - even if it turns out that only minimal or no repairs may be needed, sellers will look at the number as an "if" scenario and will deduct it straight from the offer price.
- Don't ask for contingencies if they are not necessary. For example, if you are paying cash and you really want the house, don't include an appraisal contingency.
- Ask your Realtor to find out what may be important to the seller. For some sellers it's price or the ability to close quickly, but sometimes a seller may forgo a higher price for the ability to stay in the property for a longer time before closing because of their own circumstances.
- Your offer is the seller's first impression of you.
- Do include your proof of funds, lender preapproval letter, and even proof of escrow deposit with your offer.
- Make sure to have your offer submitted with all requested documentation and disclosures if available.
- Be prepared to increase your offer price or terms if the seller responds with a request for "highest and best offer".
- If offered, do consider accepting a backup contract position should your offer not be the one that gets accepted. Contracts do fall through and should that happen, a backup offer may just put you in first position to get the house without further negotiation.
With a backup contract, you basically have "first dibs" on the property should the first contract fall through althewhile you can continue to shop around for other homes and typically cancel the backup any time before receiving notification from the seller that your backup contract has come into effect.
Multiple offer situations can be stressful, try to remain calm and remember your goals and needs. Don't get carried away into a situation that you will regret getting into after the initial exitement wears out. As your Realtor I will guide you and help you through these situations every step of the way.
Looking to buy a home in Spring Hill, Florida?
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Silvia Dukes PA, Broker Associate
Tropic Shores Realty, 3441 Deltona Blvd, Spring Hill, FL 34606
Phone: 352-584-7441 Email: SilviaDFL@yahoo.com Website: www.SilviaDukes.com
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