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Thursday, February 15, 2018

Buying a Home in Florida: Don't Play With "House Money."

When working with buyers who want sellers to "give" them closing cost monies I like to remind them that they are "playing with house money."

Of course the "house" I am referring to is the "house" they "want to buy."

There is often an assumption among buyers that a seller has extra money available to offer them  The assumption by many buyers is their offer will be the best or only one coming.  No matter how much a seller needs to sell they may not have the "house money" to concede.

First of all,  sellers have overhead costs.  Sellers possibly have a mortgage to pay off.  Sellers have different motivations.  [Just because an MLS entry says "sellers motivated" doesn't mean they are desperate (or even motivated).] 

In the current real estate market there are plenty of folks looking to buy a new home in Florida  

My last Brevard County, Florida housing data I viewed (December 2017) revealed the inventory of single family homes  to be just above 2.5 months with home prices up about 19% over the previous December.   The likelihood of sellers not receiving additional or even multiple offers is pretty slim.

Multiple offer situations can create a real dilemma for buyers in a seller's market.  Care should be exercised to not get into a "bidding war" that results in a win that is a loss!   Seek the counsel of your real estate agent and don't let emotions take rule!

In a multiple offer situation the key is to provide the cleanest offer consistent with the budget constraints.   The cleanest offer means the fewest contingencies necessary to seal the deal.  Read "What is a contingency?

Buying a home is very often the largest financial decision many buyers make and should be undertaken with the guidance and counsel of a professional Realtor who knows your market.

If you are considering buying a home take a look at the below articles.  If you have questions about the home buying process in Brevard County, Florida, call me at 321-693-3850.

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