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Tuesday, October 23, 2012

Home Buyer Tips - When is Highest not Best?

It may come as a surprise to some but the highest offer is not always the one the seller accepts.

The seller may evaluate offers based on other considerations like...
  • Closing date.  Sellers have a schedule.  They don't want to wait an excessive time.  The longer a closing is delayed the more time for something to arise that interferes with closing
  • Inspection and repair contingencies.  While inspections are always recommended having repair requests tied to the offer such as "repair this, that, etc. " listed on the offer at presentation may make the seller believe this buyer will be a pain all the way to closing.  Sellers want to avoid pain
  • Highest offer with financing contingency.  When a mortgage is involved there is always a potential problem.   A higher offer that may not make the appraisal is just a hope while a slightly lower offer for cash may be the best option.
  • Cleanest offer. A well prepared offer with all documentation reviewed, all disclosures signed and initialed, a reasonable escrow deposit submitted, a recent proof of funds letter or pre-approval letter, will likely make a good first impression.  And we all know how important first impressions are!.  

Buyers need to understand their offer with less contingencies may indeed trump a higher price with lots of hoops and hopes.

A good real estate agent will educate the buyer on the process and prepare their offer so it provides confidence to a seller that this deal will get done.

When you are ready to buy or sell a house or condo in Brevard County, Florida call me at 321-693-3850!

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