Multiple offers on a property is the New normal, here are 3 tips to win the contract

Multiple offers on a property is the New normal, here are 3 tips to win the contract.

If you are in the market looking to buy a home, you're a first time home buyer or you are moving up or moving down, this is a new norm. You have to accept this new normal. Every desired home in South Florida  is getting multiple offers. So I'll give you three tips to be prepared when you're looking for a home. So that's the way there are no hurdles to find a new home for you.

Number one is to know your numbers, get a prequalification done, know the exact numbers. At this price, with this loan amount, this is the interest rate and this is the monthly payment you are getting, including taxes, insurance and everything. So that's the way when you're making an offer, you know exactly if you have to offer a little high, so what will be your monthly payment? Will that be in your budget or not? So knowing your number is very important. Also, from your realtor, know that particular market, the home values. Because in one neighborhood the home value could be different from the other neighborhood next door. That's another number you need to know. So, when you make an offer, you know that you are making the right offer or if you have to go up, you know that it is okay to go up or if it's not okay to go up.

Number two is be ready to move fast. Why? Because there's so much competition. So number one thing, make yourself available to look at the properties.

If a property comes in a market where the family is looking for the home, be ready to look at the home the same day because in two days from then maybe  the property will be gone. So be ready. Other things, also have the pre qualification, the detailed pre-qualification, ready from the lender, give it to the realtor. So everything is ready. You go to the property, you look at the property you like, you make an offer right there. So be ready to move fast.

And number three is make a strong but fair offer. One thing is the price you're paying to the seller. The other thing is that there are a lot of contingencies, the inspection contingency, the appraisal contingency, there's a loan commitment contingency and all that stuff. For example, don't put 15 days for inspection, maybe three days because you can have an Inspector go to the property next day and you can get the report very same day. These are the things that make your offer stronger. Try to make that offer as strong as possible because right now there's a huge competition going on when you are purchasing a property,  You don't want to lose out many times because your offer is not strong.

So hopefully these three tips are going to help you make a decision to make the right offer and get the right property for your family. Give me a call if you have any questions. My name is Shawn Bhakta, from Remax Presidential, South Florida Home Finder Team. Glad to help.

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