House Bidding War in Miami Florida
But why there is no inventory?
In today’s market, it’s not unusual for a seller to receive 5+ offers when there’s very little inventory on the market. But why there is no inventory?
What is a multiple offer scenario?
So, as a realtor in miami I have been saying for the last couple of months now, there is low inventory real estate because the real estate market is hot!
The reason is because we saw sellers put on hold to sell their homes when it all started a few months ago and put it on hold until or after everything was back to normal. What they did not expect was for how long and that the interest rates dropped historically low and resulted in a big demand of home buyers.
After you go house-hunting, you submit an offer. Even though there is no guarantee in today’s market that your offer is the winner, YOU REALLY NEED to have a good representation. A good representation for you is to get you pre-approved ready or proof of funds ready, advised you of today’s condition, and to be creative. You have to have a person who can show your offer as the best and most qualified buyer ever. Listen, sellers want to sell at the highest and with the best terms so be prepared.
So how do you make sure your offer wins when there are multiple offers on a house?
Here are some good things for you:
- First of all you must have pre-approved, not pre-qualified. This is important since you want to show as a serious and ready buyer against the rest.
- Second I would say submit a large initial deposit. Keep in mind that your initial deposit is part of your down payment, you want to show the seller that you are serious about closing.
- Third I would say shorten or waive some contingencies. Some of the contingencies, of course depending on what type of buyer you are, are inspection, loan approval contingency, and appraisal.
- The last point I would it is: send your higher and best offer. We are not in a market where you use to hope for a counteroffer for negotiations.
Remember, we are dealing with multiple offers you want yours to be the winner. Don’t low ball! You may get only one shot to express your interest in a home, so if you truly love it, your first offer should be the upper limit of your budget.
Don’t hesitate to contact me if you are interested, as a realtor in Miami i can help you to know more about the home buying process or to know how we can do a free virtual buyers/sellers consultation.
Also, If you are thinking about buying or selling in Miami, CLICK HERE or you can call me at 786-376-2398.
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Sharon Colón
Your Favorite Real Estate Agent in Miami
Home Miami Realtors
786-376-2398
[email protected]
www.sharoncolonre.com
