Home Buying in 32807>Question Details

Lucy, Home Buyer in Orlando, FL

I need tips on how to get my offers accepted

Asked by Lucy, Orlando, FL Wed Sep 26, 2012

Okay so I've been trying to purchase a property for a year now, I am just looking for a 2 or 3 bedroom condo and there are definitely hundreds that have come and go here in central florida. The problem is that my offers never get accepted! My realtor and I always put in offers based on recent comps, which is usually well above listing price. I am a cash buyer with a budget of 60k, always submit updated proof of funds, and my realtor seems to be very good about making her homework and making sure the offer is competitive, fair to the market and value of the property. Could the fact that my offers are always contingent on inspection and/or that I dont send in a deposit check that could be hurting my chances? (We always check the option that says the deposit will be made once/if the offer is accepted). During this whole year, we've submitted about 15 offers to short sales or REO, only one was accepted and unfortunately the bank didnt approve the short sale. What am I doing wrong? HELP!

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BEST ANSWER
Hi Lucy,
Don't get discouraged. Here's a few things to consider:

1. At that price range, you are probably one of several (if not many) cash buyers. These properties
attract investors literally, by the dozens.Most of these properties go well above asking price.
2. Personally, on an REO or short sale, I would never advise my buyer to submit a deposit check on
offer. You would then be at the mercy of a bank's time frame. And THAT is not a good thing..ever.
3. Honestly, if you've been at it for a year, and put in only 15 offers, you're probably not aggressive
enough. I know that sounds counter-intuitive. But in this market, with ALL the other buyers
competing against you, that number should easily be double or tripled.
4. In the REO world, you need to have patience that would make a monk blush! Whatever you may
have considered "normal" in your previous home buying experiences,this isn't it.

I hope this helps.

Pat Palmer-Realtor
Boca's Best Broker

Direct 786-286-6557

Keller Williams
2424 N. Federal Hwy #318
Boca Raton, FL 33431
0 votes Thank Flag Link Thu Sep 27, 2012
Just curious when looking at this old question. Did check and found 128 condos with at least 2 beds on the market even now in 2013. But the interesting thing is that only one is from this century. Do keep in mind that when you look at the low end, you are looking at relatively old frame (all wood) buildings that almost certainly have defered maintenance issues.
0 votes Thank Flag Link Mon Jun 3, 2013
Hi Lucy

Just yesterday I posted an article on that yesterday. You can read it at. http://activerain.com/tcard69776

Best of Luck

Tony Card
0 votes Thank Flag Link Fri May 31, 2013
contact the listing agent directly, we were looking for a year and a half and the kept getting rejected. We finally went thru the listing agent and our offer was accepted.
Good luck!
0 votes Thank Flag Link Fri Sep 28, 2012
Lucy,
The evidence (you have not purchased a condo) clearly indicates your offer are/is noncompetitive. You believe as stated in your text, "making sure the offer is competitive" is clearly incorrect.
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Do a bit of research on the actual selling price of the condos you lost. If this historic data shows price is the issue, you meed to offer more money for the condo you want. Be aware, the statistics you use to calculate your offer is YESTERDAY'S data. Adjust accordingly.
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Removing the inspection contingency does not mean you can not have the unit inspected. Discuss with your real estate professional the buyer protections in place. They are significant.
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All offers need to reflect the 'sincerity' of the buyer with an appropriate deposit. There is a REAL cost the seller will incur should you fail to purchase. Your strategy to submit the deposit upon offer acceptance is not an issue and should be continued.
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The only short sales you should consider are those your agent has listed. PERIOD!

Best of success in your condo purchase,
Annette Lawrence, Broker/Associate
Remax Realec Group, Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Thu Sep 27, 2012
not sure you are doing anything wrong. It's just a whole lot of competition in that price range. if you are buying as an owner occupant, that should give you a bit of an edge, at least with the REOs. Too often, these properties are priced low to generate bidding wars which gets the price up above the actural market value, good for the bank, not so good for the buyers (in my humble opinion, anyway)
Keep on plugging.
0 votes Thank Flag Link Wed Sep 26, 2012
You may need to make more aggressive offers - larger deposits, shorter inspection periods and even a higher purchase price. In a year's timeframe 15 offers might seem like a lot but in a competitive market may not be.
0 votes Thank Flag Link Wed Sep 26, 2012
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