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Wednesday, January 18, 2017

Buying Your Florida Home - Should a Buyer Ask for Repairs?

Over the past year or more the Brevard County, Florida residential market has favored sellers.  A seller's market is simply an environment where there are more qualified buyers than available desirable properties for sale.

In a seller's market there are very often multiple offers.  In a multiple offer situation it is essential for the best offer to be put forward first because second chances may not be an option.

How does a buyer improve their chance of having an offer accepted?  First of all, it always comes down to price

Offering a reasonable price with the most supporting documentation like mortgage pre-approval, proof of funds letter and fewer contingencies with a quicker closing is a great start.  An experienced buyer's agent can guide prospective buyers to making their offer (within budget and time constraints) as competitive as possible.

Read about the differences between a mortgage pre-approval and a mortgage pre-qualification.

Here in Florida there are two standard contracts most often used by Realtors.  One is the standard contract and the other is an "as is" contract.  While both have the same inspection contingency option (always recommended) the standard contract also provides an opportunity to ask for potential repairs based on the inspection.  This can be in the form of a dollar amount or a percentage of sale price.

My experience has been that if there are real serious issues most buyers walk.  And if there is something uncovered at the inspection that needs addressing many sellers will deal with it at the time either in the form of a repair or price consideration. 

I have seen many contracts with dollars allowed for repairs become a punch list of nickel and dime issues.  These added headaches for a seller can be a reason to reject the potential buyer with a repair amount within the offer.

But, as alluded to above, buyers are not always out in the cold.   Even though an "as is" contract sounds like a take it or leave it condition that is not always the case.

Read:  Why would a seller makes repairs on an "as is" contract?

If you are getting ready to buy a home in Florida read this Cheat Sheet For Florida Home Buyers. 

The Florida home buying process is not really that confusing.  Read Contract to Closing in Twenty Steps!

Key point:  Anyone considering buying a home in Viera or Melbourne, Florida, hire a local knowledgeable real estate.

Need a Viera, Florida real estate agent, call or text me at 321-693-3850.

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