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5 Tips To Ensure That Your Offer To Buy A Fort Lauderdale Real Estate Home Or Condo Is Accepted

Jun 7, 2008
It seems that just about everyday there is another story in the newspaper or on television about the Fort Lauderdale Real Estate market being down.

While some of what is being portrayed is true, you can't expect that EVERY homeowner selling a home is desperate, in foreclosure or in some other form of distress.In order to submit a successful real estate offer in today's Fort Lauderdale Real Estate market, here are 5 helpful tips:

1. Find Out What The Target Property Is Really Worth
Have your Realtor perform a true financial valuation on the target home checking comparable sales similar to the property you are interested in. This means in the same vicinity (the closer the better and hopefully in the same subdivision) and within the last three to six months.

In addition, make sure your Realtor performs a regression analysis as well so you know where the particular Fort Lauderdale Real Estate market your target home is located is likely headed. Placing a reasonable valuation on comparable properties is not easy. Remember to find out and evaluate factors such as:

a. age of the property, when the property was built
b. Lot size
c. Square feet of living space
d. Number and sizes of bedrooms and bathrooms
e. Notice any updated improvements to the property (also pull a permit history to make sure they updates are legal)
f. Find out when the roof was also replaced (also check for these permits as well)

There are other items you will want to have knowledge of when making a comparable analysis such as how long has the property been on the market and how many times was the price reduced while it has been on the market.

2. Make Sure You Offer What You Are Prepared To Pay, But Be Reasonable
Make sure you have all of your due diligence performed and make an offer based upon the results of your research. Make the offer at what you expect to pay.

I love low ball offers (actually there is no such thing) and love to present them, but they have to be substantiated by the numbers and information. I don't believe there is such a thing as a low ball offer, except of course if you are just throwing a media induced hail mary of an offer out there to see what sticks.

That's not the way to obtain a bargain on your Fort Lauderdale Real Estate home or condo. It is however, a good way to lose the opportunity to buy the home you want. Don't tick of the seller for no apparent reason. Be professional in your approach to buying your Fort Lauderdale Real Estate home or condo.

By working with an experienced agent and doing some of your own financial evaluation, a reasonable offer can be submitted. A well thought out and supported offer has more of a chance of convincing the seller to come down to your offer than an off the cuff offer they and their agent will consider a "low-ball offer".

3. Make The Offer Count
Make sure you submit the offer on a fully executed contract. If you have a pre-approval letter or proof of funds letter, it will provide even more substantiation to the seller that you are ready to negotiate and are serious. Many times presenting a formal offer and the correlative supporting documentation can lessen the blow of the price of your offer. It's also important to know that verbal offers are not enforceable in the State of Florida.

4. Be Prepared To Negotiate
Too many buyers, and in turn, too many of their agents, are not skilled in the art of negotiation. There are two main aspects to negotiate on every contract. Terms and Price. Be reasonable and flexible in your approach and issue a mandate that the agent representing you does the same.

If your flexible on terms then be more firm on price. If your flexible on Price, be more flexible on Terms. Successful negotiation occurs when both the seller and the buyer agree to be open and understanding of the other's needs.

5. Be Prepared to Close
You would think that it goes without saying but some people enter into contracts without the intention of closing. You may receive a counter-offer from the seller.

Or perhaps you may be the one submitting a counter-offer. Once both buyer and seller go back and forth to arrive at an acceptable contract with agreed upon pricing and terms, it is important that the buyer actually follow through and close on the transaction.

Barring the discovery of some defect in the property, or a declination of financing within the mortgage contingency period, there is no reason for the transaction not to close.

An experienced and knowledgeable Realtor should be able to ascertain whether or not there are any problems with the transaction and should be able to advise the seller and the buyer if there is anything that they foresee that could negatively impact the transaction.

A real estate transaction is not a difficult process but it is a process that requires competent management and open communication between all of the parties involved.

If you as the buyer can work with an agent who can properly put together a reasonable offer and submit it formally, you will be in a good position to enter the negotiation stage of the process and if all goes well you could be closing on your new Fort Lauderdale real estate area home in 30-45 days.
About the Author
Robin Sing-Cunningham is a South Florida real estate specialist and works with buyers in the Fort Lauderdale real estate market.

Her website, the Fort Lauderdale Real Estate Blog
is loaded with information on buying and selling a home in the Fort Lauderdale real estate area.
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