Unfortunately, the time for “stealing” properties has come and gone. Not only that, you better be expecting competition when you are looking at properties. Here in South Florida, I have found that anything $350,000 and under, that is a good value, will sell within days and have multiple offers. Don’t expect a second chance so make your best offer up front.
Here are some aspects of your offer that will help your “package” that will be presented to the sellers.
1. Offer price. Coming in too low is a waste of a tree and a waste of everyone’s time. Do your comparables and research and come in with a good offer price that you think the property is worth. If there is no inventory and you really want that house or that neighborhood, come in a bit higher to make sure you get it. If you find out the house went for $3,000 more you might be kicking yourself later on.
2. Deposit. Someone who puts down $,1000 at contract signing sounds less serious than someone who puts down $10,000 at contract signing.
3. Type of financing. Cash usually wins, but many times cash might come in a little lower. That is where a strong offer price comes in handy. Next in line is conventional financing, then FHA and then VA. The more money you are putting down the more solid a buyer you appear to your seller.
4. How quickly can you close? Make sure to ask your lender how quickly they can close and make sure to find out when the seller needs to close. Sometimes they need more or less time, so make sure to play to their needs.