Sick of Losing out of your St. Petersburg Home Offers?

Sick of Losing out on your St. Petersburg Home Offers?

Yep, we often hear that from St. Petersburg home buyers!  That is exactly why I like to ask the homebuyer about the details of their offer.

I have been an Exclusive Buyers Broker for 30+ years and have made thousands of offers on Florida homes and successfully won bidding wars, so listen up…Sick of Losing out of your St. Petersburg Home Offers?

Why the details of your St. Pete HOME OFFER does matter…

1.  Was your home offer professionally written and submitted?  Or did your agent just send a text wanting to test the waters? Seriously, that is a guaranteed way to kill your offer!

2.  If it's a great house, you are not the only one in town bidding. You will be in competition with other St. Petersburg home buyers,  so you should know the value of what you are bidding for and know exactly what you qualify for. Do those match?

3.  The seller does not want to grab just any offer… so they will dissect your offer to smithereens. Is your offer easy to accept? Did you send documentation that will make you look like a ready, willing and able purchaser? Was the offer presented without drama or disclosing your personal problems? Some things should be kept confidential…

If you think all offers are the same, think again. Making offers on St. Petersburg Real Estate is not exactly the same as other states. Every seller is different with different needs and manners of doing business. What the seller thinks of your offer is paramount and the terms and presentation of your offer is the sellers first impression. 

There are things that the seller needs to know about you…and there are things that your agent might blab that will work against your home buying objective. 

How sellers think and act. This is a business transaction…if you don’t think understanding what the seller needs is important, you may be losing out on bids forever.

What 3 things do home sellers want from your offer?

1.  The best price and terms: They want to know that they will get the best price for their property (or at least agree to an offer that satisfies most of their needs). While that is not always possible, sellers will not give your offer any thought if it is an unreasonable lowball offer.

There are high offers, lower offers, and reasonable low offers and then there are the “don’t bother me” offers that are submitted typically by investors that want to update and “flip” the property for a profit.

Nothing wrong with an investor offer if you are bidding on an investor type of property…one that needs work, has a funky floor plan or may not appeal to most home buyers. 

Picking a pristine property and making a low ball offer is contrary to what really happens in the Florida housing market…particularly in a city as popular as St. Petersburg. Homes in the west coast of  Florida are much in demand. I can’t remember the last time I saw a home listing expire before it got sold. 

Remember this tidbit:  Sellers who need to sell do not suddenly drop to half the price….they do price reductions in small increments…trust me on that!

2.  Security:  The seller wants to feel good about your offer.  Sellers want to sell to someone that appreciates their home.  If they think you are just “playing” with them and you act like a hot shot who is making lots of offers on property…that will not play well.

Sellers want to know that you are well qualified to purchase.  Provide a solid pre-qualification (PQ)  letter or Proof Of Funds that shows you will be able to close on the property without the seller worrying if you are qualified or not. 

On the flip side don’t provide documentation that shows you can pay double the price…ask me why! (727-293-5866)

3.  No hassle: Regardless if it is a great property or not, no seller wants a buyer that will give them a headache.  They will take a lesser offer before they will accept one from someone who wants too many concessions. Sellers are already stressed about moving.

I am not suggesting that you sacrifice yourself…just be smart and pick your battles. Don’t scare off a seller with your written offer.  Don’t ask for too much initially as you may be competing against offers that don’t ask for anything.  

If you have kept your inspection contingency in the offer (I sure hope you have) there will be a time and place where the seller will be more vulnerable and more open to negotiations.  After a seller is under contract and already planning their move, they are always more pliable.

What to offer and what not to say…if you want to win the home bid.


Optimize your St. Pete Home Offer

1. Pick an Experienced Buyer's Agent who is going to represent ONLY you and not the other side, or both sides…who you choose does matter.  

You also want someone who can hustle regardless if it is after hours, a holiday or a weekend. A great Buyer's Agent does not watch the clock…they also don’t do verbal or text offers.

2. Don’t take too long to submit an offer.  The property you saw today and want to buy tomorrow, may be gone.  A buyer that looked at it yesterday may be buying it today. If you are ready to make an offer don’t let your Buyers Agent delay because they turn off their phone at 5 pm.  

A quick offer submission may mean the difference between winning the house bid or starting over to keep looking.

3. Learn everything you can about the property: how long has the seller lived there, how much did they buy it for? Did they pay  Cash or Finance? How long has it been on the market? Any offers?  Why did it go back on the market? 

A good Buyers Agent has access to all that information, including the property permits.  You should know how old the roof, A/C, hot  water heater is, along with the comparable  properties.  All that will determine what you offer.

4. Review your contract offer…are there blank spaces?  Is it legible or was the printer running out of ink? Are the names and dates correct? Has your agent included your PQ or Proof of Funds letter and all the appropriate add ons?  They need to…Create a winning St. Petersburg Home Offer

A well written offer is the seller's first impression of YOU. Not only that but your offer should include addendums and special clauses that are clear to understand.  If you are doing FHA, VA financing, or the home was built pre-1978 you need special addendums. Don’t wait for the seller's agent to request it.

5. Put a larger escrow deposit with the offer. If you have contract contingencies, you will get your escrow back if you withdraw from the contract or it will be credited to you closing. Sellers like larger escrow deposits because they believe that will give them more security and keep you in the transaction.

6. Choosing a good lender:  I strongly recommend that you use a mortgage broker that is recommended…contrary to popular belief, it does not cost more to use one.  Hire the right lender for your St. Pete Home Offer

You can save money with a good mortgage broker because they will shop your mortgage around to find you the best rate and costs. 

They have more avenues to put you into a loan favorable to your financial nuances.

Stay away from banks. They have limited products that a borrower must fit in; they are not flexible.  Bank loan officers work on salary so they get paid the same regardless if you close on a property or not. 

Beware of online lenders like Rocket mortgage who deal in volume and overcharge the borrower. I have heard the buyers' stories first hand.  Read their poor reviews and why they changed their name…then ask us for a referral.

I once owned a very large mortgage company.  These are some things I learned: “There is no free lunch”.  Good mortgage brokers charge about the same because they must pay their bills.  If someone quotes you a “miracle interest rate”,  it does not exist.  If it ,sounds too good to be true don’t believe it. 

Borrowers are just like fingerprints, there are no two the same. Rates depend on your income, credit, secondary assets, cash on hand, type and length of loan and more… so don’t compare your loan with your co-workers.

Most of all if you are in a bidding war, you want a mortgage broker that will place a call to the seller's agent that knows how to schmooze and promote your financial capabilities in the best light possible.  Lenders for sure can make or break a deal!

Not long ago I called a lender to clarify some details about my buyer's mortgage qualifications. The lender gave me a diatribe of how long and hard he has tried to find a co-borrower for my buyer client yada, yada, yada…if he said something like that to a seller's agent, the buyer's offer would go to the bottom of the pile.  Please ask us for names of experienced lenders.

Stragetize your St. Petersburg home offers

Now that you have a better idea of how to get your next offer accepted, the next step is to call us so you can win.

 

727-202-9130

https://www.tampabuyersbroker.com/contact/

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