SURVIVOR GUIDE FOR REAL ESTATE BUYERS ~ PART 1

By
Real Estate Broker/Owner with BROKER of Green Realty Properties® - 954-667-7253 BK3175566
http://actvra.in/zKD

As a South Florida Listing Broker, I often hear from Buyers who are sad and disappointed that they can’t get into a property or can’t close, and most of the time, issues giving Buyers difficulty are avoidable.  Below is Part One of my Two Part Series on tips for Buyers to getting under contract and to the closing table.

 

Buyer Tip # 1: Vet Who You Hire.

 

1)     Hire a good real REALTOR. Do your research before you decide on an Agent to help you find a home. Any licensee can show you a home, but that’s just the beginning. Make sure the Agent can accommodate your schedule, reads through all the attachments that the listing agent provides, can answer any questions you may have (especially when it comes to short sales and bank owned properties), and gives you realistic expectations for your situation. You can check up on the Agents by seeing how experienced they are, reading online reviews about them, and speaking to previous clients.

 

Buyer Tip #2: “Best” is Called Best For a Reason.

 

2)      Make your best and highest every time you make an offer because there is lots of competition. No longer are Buyers saving Sellers in short sales… Sellers now have multiple offers on their property and are able to go with the best and highest without having to make counteroffers. Contingencies and contribution requests will take you out of the running, so avoid them if possible. If you don’t have the money for your down payment and closing costs, consider waiting until you do to find a home. Banks aren’t so inclined to take money away from their net in short sales and foreclosures, and Sellers with equity will go with the offer that nets the most and has the least contingencies.  

 

Buyer Tip #3: Reading is FUN-damental.

 

3)      Make sure to read EVERYTHING, and ask to see if there are any special disclosures or addenda before you put in an offer. I would actually encourage you to do all this before you even see the home so that you are not hit with any surprises after you fall in love with the home. Once you put in an offer, make sure your offer documents are complete, correct, signed, initialed to avoid any delays or issues with the transaction.

 

Buyer Tip #4: Take Your REALTOR Seriously. Seriously.

 

4)      While you make your own decisions and take your own risks, take your agent’s advice seriously. You hired the agent for expertise and experience. If your agent warns of red flags, please don’t be surprised or upset later on when it goes badly. Keep in mind that we are not trying to kill the deal (since that’s how we get paid), we are just looking out for your best interest. An agent’s #1 goal should be your satisfaction, not just putting you under contract in the hopes that a transaction will close.

 

Buyer Tip #5: Don’t Play Hide and Seek.

 

5)      Be available, and if you are not, let your agent know. It’s imperative for us to be able to contact you, just in case something comes up.

 

Buyer Tip #6: Speak Through a Hefty Deposit.

 

6)      The higher the deposit, the more serious you look to the Seller. I say this all the time to my Buyers, especially if they’re putting in an offer for a short sale. Lenders are looking for market value, so offering more on short sales doesn’t necessarily make your offer stronger, especially if you are financing because the home might not appraise. What makes your offer stronger is putting in a high deposit. That sends a message to the Seller that you won’t continue shopping around for a home since you have a lot to lose if you breach the contract, and that’s the offer that the Seller should choose.

 

Buyer Tip #7: Spend a Little Money to Save a Lot of Time.

 

7)       Do inspections, even if you think the home is fine. Make inspection period short, ours is for 7 days. If you are buying a short sale, do the inspection up front instead of waiting until there’s a short sale approval. I know that most Buyers don’t want to spend the money, but it’s better to know that the home has issues you don’t want to deal with upfront instead of 3 months later. In the time it took to get the approval, you just missed out on many, many properties that could have been a better fit.

 

Buyer Tip #8: Cash Doesn’t Mean 50% Discount.

 

8)       As a very active listing office, I see this issue come up a lot… cash Buyers send in an offer for tens of thousands of dollars less than the listing price. Yes, Sellers prefer cash Buyers because it’s easier than financed Buyers, but that doesn’t mean that they are willing to give away their home or are willing to risk a short sale approval. Of course equity Sellers have the final say on how little they are willing to accept, but distressed Sellers (short sales especially) know that whatever their lender’s value came back as is what the offer needs to be. If the home is priced correctly or if the lender has already done the value, don’t offer for less because you are likely to get a counter by the lender if the Seller accepts your offer.

 

For More Tips, Please Read:

SURVIVOR GUIDE FOR REAL ESTATE BUYERS ~ PART 2 - Buying a home Using Financing

 

Getting a loan? Read this first: 

 Why do you keep asking me for all that paperwork Mr. Loan Officer?

 

Posted by

If you or anyone you know need help Selling or Buying a Home in Broward & Miami-Dade Counties, please don't hesitate to call me at 954.667.7253

 

Help lots of people and have a great day!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC, RSPS

BROKER - REALTOR® Serving South Florida ::: 954. 667. SALE (7253) ::: Green Realty Properties®

Visit www.WeLoveSouthFlorida.com for SouthEast Florida's best properties.

 

 

Copyright © 2008 - 2015 By Patty Da Silva, CDPE©. All Rights Reserved.

Legal Stuff: This article (Contents) reflects the opinion of the author and it is not to be considered legal advice. The author is not an attorney or a CPA. If you are in need of legal or tax advice, it is recommended that you to contact a trusted professional advisor.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Christopher Green 05/05/2012 03:28 AM
Topic:
Home Buying
Location:
Florida Broward County
Groups:
The Art Of Marketing You
The Lounge at Active Rain
"Whacked"!!!
Bananatude
Americana
Tags:
buyers
cash buyers
broward realtor
patty da silva
financed buyers

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Rainmaker
1,266,660
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Well said...needs to be a featured post!

May 05, 2012 03:23 AM #1
Rainer
17,603
Christopher Green
Green Realty Properties, Inc - Davie, FL
Cooper City :: Davie Top REALTOR

Awesome Patty! Yes Li, this should be a featured post for sure! Share to all...we need EVERYONE to read this! ;)

May 05, 2012 03:26 AM #2
Rainmaker
3,241,183
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding and Marketing

Patty,

This is an excellent post, and I concur with the first two comments, it should be featured and I am suggesting. A

May 05, 2012 03:49 AM #3
Rainmaker
2,354,092
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

Patty,  Great home buying tips!  #8 resonates with me and the misunderstood expression that "Ca$h is King."  Cash is not King. Cash is Cash. Also Suggested.

May 05, 2012 04:35 AM #4
Rainmaker
1,202,985
Tony & Darcy Cannon
Keller Williams Legacy - Woods Cross, UT
The C Team

Patty, This really is a great post, I agree, this is one that needs to be a featured post!  I too like tip #8, cash talks, but it doesn't mean that you shouldn't expect to pay market price for a home. 

May 05, 2012 05:31 AM #5
Rainmaker
2,127,904
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Patty - Thank you for sharing detailed quality information on survivor guide for real estate buyers in2012, part 1.

May 05, 2012 07:47 AM #6
Rainmaker
1,096,566
Jane Peters
Home Jane Realty - Los Angeles, CA
Connecting you to the L.A. real estate market

This is an excellent list to prepare your buyers, Patty.  I love the last one too.  Buyers looking for properties in the Davie, FL area will be well served to use Green Realty.

May 05, 2012 09:31 AM #7
Ambassador
1,709,615
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy and evening Patty

Patty my friend, each of those sure are all mighty fine tips for folks to follow.

Have a good one
Dale in New Hampshire

May 05, 2012 12:20 PM #8
Rainer
21,866
Marianna Athanasiadis
Green Realty Properties® - Davie, FL

Hopefully this will get some Buyers' attention. We all say this until we're blue in the face, but until they're experienced it first hand, they're less inclined to listen.

May 07, 2012 12:39 AM #9
Rainmaker
640,513
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Li, glad you found this info relevant.

Christopher, thank you so much for re-posting it.

A, so kind of you to suggest it.

Kathleen, when a buyer purchases with a mortgage, the seller receives CASH at closing, not rocks. :)

Tony, I agree with you!

Jane, there is so much buyers can do to assure that they are successful, so I wanted to put it in a easy to read format for them.

Dale, I tried to keep it simple :)

Marianna, there are buyer who will only really believe their agent once they have lost the home they loved... but then it is too late.

 

May 07, 2012 02:00 AM #10
Rainmaker
1,416,393
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Thanks Patty for sharing such great tips and well worth the read, all the best to you

Jun 05, 2014 02:51 PM #11
Rainmaker
640,513
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Thanks Joyce :)

Jun 06, 2014 03:04 AM #12
Rainmaker
3,104,034
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Patty

Your survivor guide for real estate buyers, part 1 . . . .  is right on point.

Good luck and success.

Lou Ludwig

Mar 02, 2015 04:12 AM #13
Rainmaker
640,513
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Thanks Lou!

Mar 04, 2015 03:17 AM #14
Rainmaker
1,416,393
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

All good points Patty and will certainly help the folks with their decisions and in knowing who to call

Mar 06, 2015 11:17 AM #15
Rainmaker
640,513
Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR
BROKER of Green Realty Properties® - 954-667-7253 - Davie, FL
Top Listing Broker

Thanks Joyce!

Mar 07, 2015 12:04 AM #16
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Patty Da Silva, Davie, Southwest Ranches Cooper City, Plantation, Weston, REALTOR

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