In a coastal community like Destin, Florida, 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 this competitive real estate market.
Newman-Dailey Real Estate Agents Tom and Debbie Wooley aim to help clients make sure the home of their dreams doesn't slip away. Here are a few of their tips to help home buyers land the home of their dreams.
"When you find that perfect home, you, of course, want to be the only buyer. That certainly puts you in the catbird seat, as long as your price is acceptable. But 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: The buyer must do what is prudent for them and it may be necessary to add certain conditions or contingencies. At the end of the day, price is THE major factor in competitive offer situations and cash is king. But be aware that too many strings (contingencies) can certain influence a seller's decision when considering an offer. Therefore, pick what is most important to you and make it wasy for the seller to say "yes."
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 buying or selling a home. Or contact Debbie Wooley directly at [email protected] to find and purchase the home of your dreams.
Article contributed by Newman-Dailey Real Estate Agents Tom and Debbie Wooley.
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