Miami Realtors Urge Patience Before Accepting Offers

by Isaac Benmergui, Esq on August 5, 2013

Questions_cropIt’s been a seller’s market since the Miami home market started rebounding a few months ago, and realtors are urging home sellers to have patience before accepting one of the first few offers they receive for their home. Listing prices are just the starting point for negotiation as many home buyers, anxious to have their first offer accepted, are discovering much to the pain of their pocketbook.

Some bidders try offering cash deals in hopes of getting a discount on the purchase price, but realtors will advise a homeowner to wait it out for a week or two for the full-price offer, which invariably comes if the listing carries a fair price and the home is in decent condition.

With demand exceeding supply in the Miami area, buyers circle properties as though they are fresh meat, hoping to win the bid they’ve put in. If buyers find a prime property, they need to be prepared to offer a little more and may have to raise their offer a couple of times in order to be competitive.

Sellers must be careful, however, not to scare away buyers. If a counteroffer comes back as too high, their bidders may disappear. And buyers should ask before putting in a bid if there are other offers on the property in order to understand if they may need to put in a higher bid. Real estate agents are not required to offer information on multiple offers, unless asked by the buyer.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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