Home Buying in Miami Lakes>Question Details

Yohana, Home Buyer in Miami Lakes, FL

Putting an offer

Asked by Yohana, Miami Lakes, FL Sun Nov 21, 2010

Hello! Im ready to put an offer on my first home. I dont want to go over budget but I dont want to loose the place. what percentage should I discount in my offer? I need to make a quick move because I WANT THIS PLACE

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Anna M Brocco’s answer
Ask your agent for comps--recently sold similar properties in the immediate area, review the data and make a determination as to a fair offer--keep in mind that if a property is priced on target for today's market, or slightly below, multiple offers may occur.
2 votes Thank Flag Link Sun Nov 21, 2010
Yohana -

Ask the advice of your Realtor. If you don't have one - Get One!

They can tell you what the market is like in Miami Lakes - and can assist you in structuring an offer that will give you the best chance of getting the house you want.

Good Luck!

Gerry Dunn
Associate Broker
Serving Maryland, D.C. and Northern Virginia
703-216-9100 Cell
2 votes Thank Flag Link Sun Nov 21, 2010

If you really want it, how come you are thinking of discounting it? You discount things that you don't need or can buy somewhere else. But when there is only one and you need it, you buy it at full asking price or tatke the chance someone else will before you make your mind.

If you are serious about purchasing a property, there are some basic steps to do it right.
1. Get a Realtor, hopefully one referred by a trusted friend.
2. Get a bank pre-approval.
3. Have copies of all your financial statements in order.

When you fall in love with a home write an offer that same day, and if the home is selling below market value offer above asking price.

You can be happy to pay a little more for a home you love or can be regretful over loosing the home you loved over a few hundred dollars. I prefer the first option.

Tony Vega
Charles Rutenberg Realty of Kissimmee
1 vote Thank Flag Link Sun Nov 21, 2010
My recommendation sends the full price offer with a clause of the appraisal, purchase the property if your bid is equal to the appraosal, if the appraisal is less you do not buy the property.
0 votes Thank Flag Link Fri Feb 25, 2011
I want you to see a blog I wrote today on this very topic. What you need to do and WHY.
I learned this information at our office meeting this morning at Keller Williams of the Treasure Coast.

Check this out:

By the way, I have sent this to agents who low balled a listing of ours too.

It is just about being successful in getting your new home!

Good Luck~

Debbie Albert
KW of the Treasure Coast
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Wed Dec 15, 2010
Dear Yohana,

I hope all worked out for you with the property that you were pursuing. I saw your question and I wanted to give you my honest feedback. First and foremost, in today's market, you shouldn't be making offers based solely on the list price. The reason for this is because many realtors, and they all do this for different reasons, will list the property too high, too low, or just right. You need a Realtor on your side to point this out to you and then you can decided how much below or how much above the list price you would want to go for. I've seen and can point out to you many listings that have sold in Miami Lakes and in the surrounding areas for $30,000.00 more than the list price and at the same time the same is true for properties selling that much or lower below the list price.

The bottom line is that you need facts! You need to know how the market is doing not in your county, not in your zip code, but in that specific neighborhood where you would want to buy that property. Look for someone who you can trust! I hope you found this helpful!
0 votes Thank Flag Link Wed Dec 15, 2010
Dear Yohana,

"hiring" a Realtor should not cost you any money. The Realtor normally gets paid a fee by the Seller at closing. Ask family and friends for recommendations or you can also look for a highly qualified Realtor here:

0 votes Thank Flag Link Mon Nov 22, 2010
Consider hiring a realtor. Then, have her give you the most recent sold properties in the neighborhood of your potential home. This will give you a good indication of the fair market value of the property. Then price according. There is really no magic formula when preparing an offer. But, knowledge of the market and seller is key.

Please read my blog on preparing an offer

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Sun Nov 21, 2010
As everybody mentioned here, hiring a good realtor that could help you determine the market value by doing CMA can be necessary.
Then present the highest and best offer-Make every term of your offer as strong as possible. It is important in multiple offers scenario, but at the same time know your limits.
Good luck!
0 votes Thank Flag Link Sun Nov 21, 2010
You need to hire a REALTOR! They will be able to analyze your area of choice and determine the current fair market value. That is mostly bases on comparable sold properties in the area. Sellers pay expenses so you get the services of a professional for FREE.

The most well priced listings go fast, contact a Realtor today!

Debbie Albert, PA
Keller Williams
Web Reference: http://www.ronanddebbie.net
0 votes Thank Flag Link Sun Nov 21, 2010
Hi Yohana,

Your Realtor can help you with pulling up recent sales to determine what price you should offer. In some cases the listing price is below what it will probably sell for. This is especially true on Bank owned listings. You may have to offer MORE than the asking price to be the lucky bidder. These properties have mutliple offers so you much compete with other buyers. Also if the property is a Short Sale, it may not be possible to buy it even $50k above the list price. You see the lender will do an appraisal and set the required sale price. Sometimes short sales have listing prices that aren't even in the ballpark of being an acceptable sale price.

Also you will need a written preapproval from a lender to submit with your offer. If you want you offer to be more valuable you should get a written preapproval from an actual bank , not a mortgage broker that doesn't actually lend money. I can highly recommend HomeBanc and VP Kristine Bredeau. http://www.KristineBredeau.com

Hope this helps.
0 votes Thank Flag Link Sun Nov 21, 2010

Give me a call and I can better assist you.

Andy Mendez
The Keyes Company
6850 Main St.
Miami Lakes, FL 33014
Cell 786-287-3470
Off 305-822-9800
Fax 305-822-4543
0 votes Thank Flag Link Sun Nov 21, 2010
You really need someone to assist you who has seen the property in person. Some homes sell for 30% off list price, but many sell at or near the list price. No one can give you a good estimate online without visiting the home and knowing the market. It sounds like you need to contact a local agent.
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Sun Nov 21, 2010
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