Buying Fort Lauderdale Real Estate
Buying a home is an involved process and requires the guidance of a trained professional. The content within this section will provide you with a solid foundation on which to build a lasting and trustworthy relationship with your prospective buyers as you guide them along the path to their dream homes.
1. Making a Good Deal
Everybody wants to make a good deal when buying Fort Lauderdale real estate, and working a motivated seller into a bargain purchase price is the goal of most buyers. This will influence the process in almost every aspect through to closing. Getting a seller to their rock-bottom price line will generally ensure that they will not agree to further concessions for repairs or money to correct inspection problems.
2. A Really Low First Offer Can Backfire on You
A slowing market with rising inventory sometimes encourages buyers to make low-ball offers to test the sellers’ motivation. In some markets, it’s not that unusual, and sellers simply come back with a high counter offer to draw the buyer up to a reasonable price. However, sometimes a very low offer can offend them. Today’s market is just the opposite with the lowest inventory in almost 16 years. There are lots of buyers for very little property. Before an offer is made think about what the house is worth to you since you will be the one paying for the property. Comps are useful but not as valid as they once were coming from a depressed market to an increasing market. AND sellers know this.
3. Offer a Comparative Market Analysis
Agents are always asked “What price should I offer for this home?” As mentioned above, it is the buyer who must determine what the property is worth to them with a CMA just as a bottom and where you can go from that. Buyers must understand that a comprehensive market analysis of similar recently sold properties in that area should only reflect the last 6 months. In many cases there have been no sales during that time frame and appraisers should not be using a longer period since the market trend has changed from over 6 months ago.
4. Help Your Buyers Locate Resources
Lucky for you that you are on the South Florida Home Pros Network, since we have many of the resources you will need right in the network. We will also give you options so that you can choose whom you want to use. Our network includes inspectors, closing attorneys, contractors, decorators, landscapers and other services you might need before and after the sale.
5. Buyers Agreement
Florida has an assumed position of transaction brokerage which means that unless specified differently, our representation is to the transaction and must treat all parties in the transaction with honesty and fairness.
6. Don’t Buy That New Furniture Until After Closing
With many of today’s buyers purchasing homes at the top end of what they can afford, there isn’t any room left in their loan qualification score. Deals have been lost days before closing because the lender did a final credit check and found several thousand dollars of new furniture had just been purchased on a credit card.
7. Stuff Happens – Don’t End Up Temporarily Homeless
There are so many variables involved in a closing that it’s not that unusual for there to be last-minute delays that move a closing a few days farther out. Many times this is due to loan documents, as the lender wants to see all appraisal, survey, title and other documents first. If any of these are delayed, then the closing might be later than expected. Be sure that your client has a contingency plan should a delay occur.
What is an MLS?
MLS stands for Multiple Listing Service.
Basically, the MLS is a big property warehouse – sort of like a “home depot.” When property is available for sale, it goes in the warehouse. When it is sold, it gets taken out of the warehouse.
The MLS is actually a database – an extremely convenient way to know what is available for sale at a given moment. That is why real estate agents developed the MLS. Quick knowledge of home inventory made agents more productive.
The Evolving MLS:
Although the multiple listing service is a guarantee of cooperative payment to fellow Brokers, with modern technology, it allows professional REALTORS® to search through the listings of all of the participants in the MLS. Unlike in many other countries, here in the USA, all of our Brokerages share the information regarding their listings and offer compensation to the buyer’s Broker out of the promised commission to the listing Broker. The co-operative compensation is stated in the MLS and therefore is guaranteed.
Beginning in 1996, some property information from the MLS was placed on the web. It isn’t as current as dialing directly into the computer, and information on the web does not contain all the properties available in the MLS. Plus, there is no national MLS or database. Information you find on the web is compiled from local and regional MLS systems, not all of which participate on the web to the same extent. Some internet sites include: www.century21hansen.com; www.century21.com; www.realtor.com; www.worldproperties.com; and of course www.southfloridahomepros.com.
Why the MLS works for home sellers:
The whole MLS idea is a boon to sellers because of “supply and demand.”
Being placed in the MLS expands a home seller’s sales force, exposes the property to a larger pool of prospective home buyers, and creates more demand for the property. The higher the demand, the more pricing power enjoyed by the homeowner – and the quicker a home will sell.
Why the MLS works for home buyers:
It is extremely convenient, does not cost a penny to buyers, plus you get a qualified and experienced guide to help you through the complicated process of becoming a homeowner. The experts within the South Florida Home Pros Network are all highly trained in using this system. Our members undergo additional training in not only the most recent updates and software but have taken additional training in working with Fine Homes and Estates, in working with our Senior Population and, of course, in working with the International buyers and sellers.
Bankrate.com Loan Calculator