In Destin, the world’s luckiest fishing village, there are plenty of stories among the fishermen about the “big one that got away.” The same story could apply to the sport of “house hunting,” especially in Destin's competitive real estate market.
Our Destin Real Estate Agents Tom and Debbie Wooley pulled together some tips to help home buyers land the home of their dreams in Destin.
" If you are the only bidder, this certainly puts you in the catbird seat as long as your price is acceptable. Unfortunately in the real world, you don’t always get what you want, especially when trying to reel in a highly desirable home. In those situations, there will usually be a few (or many) competing offers. And any good fisherman will tell you, “you’ve got to use the right bait.”
What is the best strategy?
1. First try to take emotion out of the equation. Even if there is a lot interest in a particular listing there can also be a lot of factors which can influence the seller’s decision. In addition to price here are some basic things to consider:
2. Sellers are often reluctant to accept offers from buyers who must make their offer contingent upon selling their own/existing home. If the buyer must do this they should, at the least, already have their home on the market.
3. Sellers are also understandably reluctant to accept offers from buyers who are not pre-approved for financing. Therefore, buyers should always have the necessary pre-approval letter/confirmation from a bank when they begin their search.
4. Most buyers aren’t aware that that they can make a “cash offer” and still rely on financing to fund the purchase – the catch is they should be aware that financing will no longer be a basis to allow them to “walk away from the deal” and therefore they need to be sure that they can obtain the necessary funds to purchase the home. The benefit of this is that it takes the financing contingency off the table as far as the seller is concerned.
5. Offers contingent on inspection will usually not raise any red flags and will be accepted. Just be prepared to focus on repairs that are really necessary and not personal preferences.
Bottom line: Price is THE major factor in competitive offers and cash is king. In addition, too many strings (contingencies) can certainly influence a seller's decision when considering an offer.
Learn more about recent listings along the Emerald Coast here or contact one of our experienced Real Estate Sales Agents at 1-800-225-7652 to learn more about listing your home.
Good luck catching the big one!
Article contributed by Newman-Dailey Real Estate Agents Tom and Debbie Wooley. To learn more about their strategies and purchasing the home of your dreams, contact Debbie at [email protected]
Whew... Lots of properties! Please, give us a sec.