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South Florida Real Estate: Mistakes Buyers Make When Placing an Offer to Purchase

Homebuyers have had the advantage for six years, especially in hard-hit real estate markets. Buyers in the South Florida real estate market have enjoyed sweeping through cities like Fort Lauderdale, Wilton Manors, Plantation, Hillsboro Shores and Miami Beach, purchasing properties in some instances twenty-five cents on the peak market price. Now that the sellers’ market is recovering, some buyers don’t realize or can’t accept the fact that the market has changed. As a result, some buyers in our area of Broward County, Palm Beach County and Miami-Dade County aren’t getting the homes they want. Here are common errors that realtors of the Henri Frank Group, national real estate agents and real estate experts say buyers are making:

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 thinking of an offer are often accused of being self-serving. 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.

Choosing the right South Florida Real Estate Agent is Important:

For professional guidance purchasing a single-family home in Fort Lauderdale, a single family home in Wilton Manors, single family home in Miami or Miami Beach, single-family home in Plantation, single family home in Oakland Park or anywhere in the South FLorida region, contact the expert South Florida Realtors of the Henri Frank Group powered by Remax Preferred in Fort Lauderdale, Wilton Manors, Plantation and Hillsboro Shores. Buying South FLorida real estate requires knowledgeable Realtors. “We will be sure you as a buyer in 2012, you won’t make these common mistakes when placing an offer for a single family home or condominium in South Florida,” Frank Vigliotti, Co-Founder of the Henri Frank Group. “If you continue to be misled and cannot seem to purchase a property here in Wilton Manors, Fort Lauderdale, Oakland Park, Miami Beach or anywhere in South Florida, you must call us,” Vigliotti added. The Henri Frank Group is conveniently located with offices in Fort Lauderdale, Plantation, Hillsboro Shores and Wilton Manors, Florida.

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