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Buyer Check Points

July 23, 2023

 
  • You will likely be competing against cash offers. About 40% of offers are either cash or waive the mortgage contingency (which I don’t recommend).
  • It will probably take two or three tries to get a property due to competition, so let’s add another 30 days onto the 60-day window of making an offer and closing.
  • The closing costs are not just the down payment, but transfer tax, title insurance, the appraisal and tax plus homeowners insurance escrows.
  • You can get more than one mortgage pre-approval as you are looking. Get to know who responds, the rates and whom you trust. You do not have to decide which lender you will use until you are under agreement.
  • The team you put together (agent, lender, title company) will give you an edge in finding properties and give you a better chance of your deal being accepted. Listing agents/sellers want an A team that will get to the finish line.
  • Sometimes your first offer is your only chance. Don’t assume you will get a counter. The seller may just sign the best offer presented, especially if there are many to choose from.
  • When you get into summer or holiday months, you may start to see price reductions and wait for the price to go lower. Then, boom! The real estate season changes, prices strengthen and that home you’ve been waiting for is gone.
  • Even if a property has been on the market a long time, it can just one day sell strong, or even have multiple offers. There are new buyers looking every day. Some move quickly.
  • There is no formula for how long a property will be on the market, or how much it will sell for.
  • Things like contingencies, closing date and financing can be as or more important than the price you offer.
  • The longer you wait to buy a home, the more time you are missing out on appreciation, which is how you build wealth.

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Buyer Check Points

You will likely be competing against cash offers. About 40% of offers are either cash or waive the mortgage contingency (which I don’t recommend).

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Start Working With Kirsten

Her firsthand experience buying, renovating, and investing in real estate provides valuable insight that helps clients make confident, informed decisions at every stage of the process. Contact her today so she can guide you through the buying and selling process.

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Contact Details

Kirsten Smith

(561) 350-0348

[email protected]


444 E Palmetto Park Rd

Boca Raton, FL 33432