When making an offer on a home in Miami, if it’s a home you love, you want to ensure you are making a good offer. There are quite a few details that you will want to consider and some that you may have never thought of before being a new buyer.
If the home is right and the price is fair, you want to make sure that you make a good offer so that you can guarantee your odds of your offer being accepted.
4 Tips for Effectively Making an Offer on a Home In Miami
1. Understand How Much You Can Afford
“While it’s not nearly as fun as house hunting, fully understanding your finances is critical to making an offer.”
This ‘tip’ or ‘step’ should really take place before you start your home search process.
As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be done to the house (ex: new roof, new furnace).
2. Act Fast
If you are in the area where the properties are selling fast (seller market), make sure you are ready to pull the trigger. Our single-family home market in Miami (under $1M) is moving quickly, and there is nothing worse to than finding a right home and waiting. Then you decide to put an offer, only to find out that someone else put an offer your dream home and now it is no longer available.
3. Make a Solid Offer
Have your agent review the comps and make suggestions based on the market value that you perceive as fair and realistic. Often sellers get offended with low-ball offers and don’t take them seriously. I find that many times when buyers low-ball the sellers get annoyed, and if they decide to counter, they counter at a much higher price than what they may be willing to accept. (Not everyone will agree with me on this, but that’s my experience.)
“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the areas you are considering will be instrumental in helping you put in a substantial offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”
Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!
4. Be Prepared to Negotiate
“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.
Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”
If your offer is approved, always get an independent home inspection, so you know the actual condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.
Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in the market is your best bet in making sure the process goes smoothly. Happy House Hunting!
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