Bidding Wars..Frustrated Buyers

Reblogger
Real Estate Agent with Vacasa SA634540000

Beth Atalay always has such great advice and I would advise any buyer that is frustrated by this market to listen to what she has to say about it.

Original content by Beth Atalay

Bidding Wars..Frustrated Buyers

With a low inventory of homes in the Clermont area, multiple offer situations have become the norm. This is not only frustrating to the buyers but the home sellers as well.

Homebuyers may think they will have an advantage if they contact the listing agent directly since they have a relationship with the sellers but I would caution you! Please keep in mind that;

-The listing agent represents the seller and look out for their best interest
-The buyers' agent represents the buyer and look out for their best interest

Frustrated home buyers get tired of several rejected offers and decide to wait for a later, calmer market to purchase a home but, is that a good strategy? None of us have a crystal ball that would give us an inside on what’s to come. We can make predictions based on history but we can never know for sure what type of real estate market we will see in the months to come.
With that said, the best time to buy is when you are ready! Don’t be discouraged, instead, keep pushing forward.

In a sellers’ market, it is best to get pre-approved if you are financing your next home, if it will be a cash purchase, be sure to have a letter from your lender to show proof of funds.

What should you do if there are multiple offers on the home you see yourself living in?

-Regardless of the market, no buyer wants to pay for a home than it is worth. However, that’s not what we are seeing in my local market. For instance, a home may worth $300,000, there are multiple offers ranging from below asking price to well over asking price with no contingencies. The fact is, not every buyer can afford to pay $20,000, $30,000, $40,000 over list price. Especially if they have been approved for a certain amount and don’t have extra cash to put down. In that case, my suggestion is to look at homes below your mortgage amount so you have some room.

-Make your offer as clean as possible. For some sellers, money isn’t always the deciding factor. An earlier closing date may put your offer in the winning bucket. Sellers concessions are another one that may cause your contract to be rejected by the sellers’.

-Preview homes as soon as you are able to and if you can see yourself living in, don’t sleep on it. Chances are, there will be others who feel the same way.

Lastly, don’t get discouraged and don’t give up. You may get a few rejections before your offer gets accepted.

If you are looking to buy a home in the Clermont, Minneola, Groveland, Mascotte, and Winter Garden areas, I would love the opportunity to speak with you. Call or text me at 407-929-1852, email bethatalay@gmail.com or visit www.WhereToLiveInOrlando.com

Bidding Wars..Frustrated Buyers





 

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Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
Your Orlando Agent - Where to Live in Orlando

 

CAM Realty

Comments (9)

Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Good reblog with sound advice. Don't give up!

Mar 27, 2021 07:13 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Brian, for sharing this reblog selection.

Take care, be safe and have a lovely weekend.

Mar 27, 2021 09:11 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Saturday Brian and great reblog to share with us in the rain that missed it first time around.

 

Mar 27, 2021 09:23 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Brian,

What a wonderful post to reblog.  Beth has a superb way with words,  I really liked this post. A

Mar 27, 2021 11:47 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Brian every offer I have seen these days has been over asking price, and without any Seller paid cost.  The big issue is getting the property to appraise at an over listed price.

Mar 27, 2021 03:32 PM
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836

Hi Brian England.  I read your reblog of the Beth Atalay post with interest as some of our TeamConnect also farm and cover the same areas as Beth -- Winter Garden, Clermont, Groveland, etc.  And yes, it is definitely a Seller's Market and our INVENTORY is LOW. Good reblog.

Mar 27, 2021 11:14 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Brian.

Around my area, I see offers going 5K over asking price, but not much more than that.

Mar 28, 2021 03:25 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Brian,

It can be frustrating and disappointing but it is our job to encourage buyers and be optimistic.  It will always work out in the end. 

Mar 28, 2021 01:17 PM
Dora Griffin
D A Griffin Financial.LLC - Fort Thomas, KY
NMLS 6380

Here's my question, exactly when did real estate agents and appraisers throw comparable sales out the window? I ask this out of frustration since I see qualified buyers write contract after contract and never win a bid. Real estate agents used to represent their buyers by showing them the values. Now they have to determine how much over the value the home will sell for and hope their buyer gets the bid. Inventory is part of the problem. An equally big problem is homes selling way over what they should. What problem will that present in a couple of years? 

Apr 14, 2021 09:41 AM