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Understanding your Buyer and Types of Offers
Understanding your Buyer and Types of Offers

 
Wednesday, March 20, 2013
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When you have decided to list your home for sale certain items come to mind that should be addressed. Most likely your realtor will give you some very basic directions for making your home appeal to buyers in your area, such as: removing personal photos, de clutter, fresh coats of paint, and a good professional cleaning. The consultation with your realtor will also educate you on the value of other homes sold in your area and how to establish the most effective asking price. Sellers are emotionally attached to their homes and tend to have an overinflated perception of value. They want to list high, thinking buyers will make offers, giving them room to negotiate. Buyers are looking for value and generally do not look above specific price ranges for their specific building or area. Your Realtor can guide you in this most important area.

Although the real estate market in Fort Lauderdale continues to improve each month, many buyers are still making low offers in hopes of getting that “great deal”. When receiving offers on a condominium, it is important for the Seller to understand the different type of buyers and what to consider when evaluating payment terms in a contract. When evaluating a CASH offer, there is no difference between a primary residence buyer, a secondary home buyer or an investor. All 3 types of buyers tend to offer low, knowing that cash is premium.

An offer with financing presents different challenges, especially when purchasing a condominium. A knowledgeable Realtor can explain how to evaluate financing terms in a contract to insure a smooth path to a successful closing. It is important to understand the financial stability of the condominium: whether the building provides a minimum of 10% annual reserve funding, whether there is pending litigation, and the number of rentals and delinquencies. A limited condo review can avoid these questions and is available for the primary residence buyer with a maximum of 75% loan to value or the second home buyer with a maximum of 70% loan to value. A full condo questionnaire, addressing all these questions, is required for the primary residence buyer wanting to finance more than 75%, the secondary home buyer wanting to finance more than 70% and for the investor. Understanding the financing challenges for the different types of buyers, when presented with an offer, can eliminate the risk of the deal falling apart just prior to closing.

If you are a buyer interested in purchasing a home Fort Lauderdale, contact me today. If you are looking to sell your home, I can guide you through these challenges to a successful closing.

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