As a full time buyers agent here in Orlando I have worked with just about all types of buyers, from the first time home buyer to the seasoned veteran. I have assisted clients who are Orlando natives and those that have come as far as Denmark. One thing remains true patience is needed when purchasing a home.
As a professional in my field of Real Estate my job is to educate home buyers and make the process as easy as possible. With the market being flooded with bank owned properties and short sales this becomes especially true. It's a whole different beast then a regular resale.
Here are some common concerns and questions my buyers have had recently that may just help you when it's time to purchase a home.
1. The bank has verbally approved my offer but we haven't received the executed contract back yet, are they trying to get a better offer?
This is very common for most buyers to feel this way. They become upset and frustrated with the bank and the process and it can leave a bad taste. Please know that no deal is final until you have both signatures on the contract, but bear in mind that generally on a bank owned property if the bank says they are taking your offer, they are taking your offer. They aren't holding out for more money, they have a process they must go through to get the contract signed. Once the offer is verbally approved it often times goes from the Asset Manager that the listing agent deals with to an upper level manager who has the authority to sign contracts to get signed. This person may have 100 or 1000 of contracts just like yours from around the US, so it can take sometimes 2 weeks to get the contract back. In the meantime the listing agent has to leave the property active on the market, because without the signed contract they cant put it pending.
2. Why would the bank come back with almost a full price counter to my low ball offer?
Banks price their homes with a value that would sell the home in 30 days or less. Meaning these properties are generally below or at market value. If the home just entered the market the bank has no intention of just giving it away. Now if you want to get a low ball offer accepted wait til the house has been on the market 90 or 120 days and doesn't qualify for anything but cash and you have a good shot of being able to low ball the bank. Otherwise realize that if the home is new on the market it's priced where it needs to be and there are probably other people in line to purchase the home at full price or even over. (most my buyers dont have this scenario, they are fully educated and prepared for today's market and getting their offers accepted.)
3. I am told I have to have things done in 24 hours or quickly, why can the bank and their title company take so long to do their job?
Unfortunately the only actions we can control are those of our own. As a buyer of property you never want the default to fall on your shoulders. You dont want to not have something done because of your actions, it can cost you 100s or 1000s of dollars. The bank on the other hand sometimes has free reign and if it's their fault we are late they cant come back on you as the buyer. So it's better to do what we are suppose to quickly and try to understand that the bank is servicing 1000s of others just like you every day and is doing the best they can, patience is the key here. I promise as your Realtor I will do everything in my power to ensure your deal closes smoothly and on time.
If you are a buyer around the Orlando area and are ready to purchase a home remember a little bit of patience is needed, especially in this market, but a skilled professional in the Real Estate Industry can increase your chances for a stressfree transaction.