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BUYERS: Seller’s Taking the Upper-Hand?

Wilton Station Grand Central
Wilton Station in Wilton Manors

Homebuyers buying single family homes in South Florida and condominiums in South Florida have had the advantage for six years, especially in this hard-hit real estate market. Now that the sellers’ market is recovering, some South Florida buyers don’t realize or can’t accept the fact that the market is changing. As a result, some buyers aren’t getting the homes they want. Here are common errors that agents of the Henri Frank Group at Remax Preferred, Realtors in Fort Lauderdale and Realtors in Wilton Manors report buyers are making these mistakes:

 

 

 

Low offers:

Ridiculously low offers were the norm during the housing bust, but buyers can’t get away with them anymore. The mistake some buyers make is going so low that seller will not even consider their offer.  Sellers think they are being lowballed on offers less than 90 percent of their asking prices. While some buyers say bids of 80 percent to 85 percent of the list price are reasonable, the seller may consider this an insult. This could cause the bid to be rejected and the buyer could lose their dream home.

Taking too long to submit an offer:

Agents who tell buyers not to take a long-time considering an offer, often times are accused of being self-serving by their clients. With so few houses available for sale, agents say buyers don’t understand how the market has changed. Not all homes sell quickly because some sellers are asking for higher than market value. But properties priced appropriately in desirable neighborhoods tend to go under contract within days, weeks – or sometimes hours. If the house is priced right you don’t want to mess around or you’ll end up without the house you want.

Littering the contract with contingencies:

The standard real estate contract includes stipulations, but some buyers also insist on unnecessarily long inspection periods or they want the sale to be contingent on a family member touring the property. You have to have a clean contract if you want to purchase your new home in a timely manner.

Failing to make a personal impression on the seller:

With some homes getting two or more bids, it’s not enough to offer a competitive price. Owners will look at other factors to decide which offer to take. It’s not just about the money, some sellers are emotionally attached to their homes and they want to take certain items with them when they leave. A seller may have two offers on their home but they will usually take the one in which the buyer agreed to pay cash and allowed the seller to take the washer and dryer or stove and refrigerator. Take the time to meet the seller’s agent. It is the seller’s call on which offer to select, but the listing agent will have input and it doesn’t hurt if the agent likes the potential buyer. Consider submitting a personal letter with the contract, describing features you like about the home and why buying it is important to you.

The Henri Frank Group at Remax Preferred is consulting sellers, buyers and investors on purchases of single family homes in Fort Lauderdale, single family homes in Wilton Manors and throughout South Florida. The condominium market like the single family home market is just as vibrant and rules of the offer also applies. The Realtors of the Henri Frank Group at Remax Preferred are seeing these market changes and the South Florida market recovery right now in 2012. Sellers are commanding much more control in our market and these tips must be seriously considered.

Contact the Henri Frank Group at Remax via email, text or call their office. They can be contacted at 954-604-9999, email at info@henrifrank.com, or visit their website at https://henrifrank.com. Their offices are located in Fort Lauderdale at 2810 E Oakland Park Boulevard, Fort Lauderdale, Florida or 2166 Wilton Drive, Wilton Manors, Florida.

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