I can't even remember the last time I closed a normal sale down here in South Florida, maybe that is because so very few exist any more. It seems that every property is in some kind of trouble and the only alternative is an REO.
So, I go on like all the other agents here and do my very best to close them, working diligently on each one for months at a time, hoping like heck it closes. But not just for me, moreso for the client who I know is drowning in a financial quagmire. So, three months go by before I get some kind of an answer on the offer from the bank and low and behold they did not accept it. What a surprise.
But by then it is too late. The buyers have either found something else or just plain got a case of buyer's remorse. Happens probably 8 out of 10 contracts I write. It is the nature of the beast in this day and age of residential real estate in South Florida. But there is hope. Make sure you have the right agent looking out for your best interest and stick with the plan. Afterall, the reason you are probably buying the place in the first place is for the investment opportunity. So give it a chance to blossom. You will never see results right away in a market like this, but you will see them with a bit of patience.
Just look at the bulk buyers coming in from all over the world. Do they know something we don't? Absolutely not. They just have the guts to pull the trigger and stick with the plan, which is to invest and watch your investment mature. Real estate today is not like making a cheap beer. It's more like producing a fine wine. You have to let the grapes grow and be picked at just the right time. Then, just watch your investment blossom into a fine wine and reap the rewards. No matter how much you think there might be a better offer out there while you are waiting for this one to close, odds are there is not and you probably have just the right one. A wise realtor friend of mine once told me that your first offer is usually your best, so why risk it? Give it a chance. Afterall, it is pretty darned hard to lose money on a real estate investment in this crazy market. The only question in the future is going to be how much is the reward going to be?