Wellington Florida Home Sales are sizzling!
Wellington Florida Home Sales are HOT!
The Wellington Florida home sales are SIZZLING ! In order to make sure that Wellington Florida home buyer stands a fighting chance when placing an offer on a property that they have fallen in love with…..there are some things to be aware of!
Please be AWARE that most sellers are looking for the HIGHEST and BEST offer.
Just what does that mean to a buyer?
- Go in prepared. Make sure that you have been pre-approved by a lender and not just pre-qualified. What is the difference you ask? A big one! A pre-approval is when the lender has actually gotten written documentation which include: copy of 2 years of tax returns, recent paystubs,proof of down payment which may include a copy of savings account statements, 401K statements etc. Loan officers will typically put this information through a computer-generated loan underwriting program. This program will take the information the loan officer enters (which is all documented information) and receive an unbiased approval or denial decision. This program retrieves relevant data, such as a borrower’s credit history, and arrives at a logic-based loan decision. A pre-qualification is based primarily on review of credit and information that the buyer has filled out on the loan application. The major difference between the two approvals is DOCUMENTATION. As a seller wouldn’t you prefer to take the offer that has been pre-approved?
- Make sure that you have enough money in your checking account for a substantial deposit also known as EARNEST MONEY. Ever heard of the saying, “You need enough skin in the game”? Sellers want to see a deposit … a sizable deposit is the best guarantee a seller has that you, THE BUYER, will not walk away prior to closing. Remember the seller is taking his home off the market for a month or more and has made a commitment to sell their home to YOU…during this time he has not entertained any other offers.
- The less contingencies and concessions you place in the contract, the better your chances of having your offer accepted. Sellers will probably not look at any offers with a contingency that could prevent the sale from closing such as the buyer including the clause, ”contingent upon selling my home”. Are you looking for help with closing costs? It may be a better idea to increase your offer price to include any concession that you are asking the seller to contribute towards. If you need $5000 in closing cost assistance, increase your offer by $5000 and it will be much more appealing to the seller than asking them to accept thousands less than their asking price.
- With Wellington Florida home sales, time is of the essence! Remember the old adage, “He who hesitates has lost”? Remember, if you like the property others do too! Get your offer in quickly. Each seller is different and this seller may be the one that will accept one of the first offers they receive! Seller motivation is the key!
What Motivates A Seller?
If you are ready to put an offer in a property that has been on the market 6 days you are going to have a much more difficult time getting the seller to accept a LOW priced offer than a seller who has had their property on the market for 65 days with little to no interest.
Is this an REO ( Real Estate Owned is a class of property owned by a lender ~ typically a bank, government agency or government loan insurer , after an unsuccessful sale at a foreclosure auction.) These properties usually request that buyers offer their HIGHEST and BEST offer by a certain date.
Check out the Palm Beach County Property Appraisers website at: http://www.pbcgov.com/papa/ You will find the sales date of the property as well as the price. If the seller purchased the property during the height of the market, there may not be much room for them to negotiate.
Remember Wellington Florida Home Sales Are Competitive…..