Steven Angelil

Please visit me at www.youtube.com/stevenangelilrealtor

This Washington DC area Realtor has his stuff together! I would like ALL potential buyers of REO properties in South Florida to read and understand what Frank writes about in this particular blog post:

http://blog.franklyrealty.com/2009/04/terms-vs-price.html

Another way to make your offer appealing to the seller is to let them pick the title company of their choice. Typically, buyers pay for title insurance and thus get to choose the title company. However, most banks are willing to pay for the buyer's title insurance if they (seller) get to pick the title company, aka closing agent. In a perfect world I like for the buyers to use a title agent that I am personally aware of, but in dealing w/ bank REOs, the seller is in charge of most everything excpet for the price. The price is set by the buyers in what amounts to a silent auction.

Here are many other finer points that can improve your chances:

• As a buyer have your financing pre approved, not merely prequalified. Pre approved means that the loan officer has a full application on file, has pulled credit and has verified all information. All that is left is a sales contract, good appraisal showing a minimum of contract price, and good title to the property.
• Use computer to generate all offer forms and addenda. Gone are the days of chicken scratch faxed offers. Today everything is printed in and sent via email in pdf format. It's also green!

If you would like more information about the preapproval process or offer structure options, please call today!

The easiest way to win in a multiple offer scenario is to be able to pay cash, close in 7 days and offer a minimum of full price. If you do all 3, in my opinion you would win at least 85% of the time. But what if you can't pay cash? Can you still win? The answer is yes you can, but you have to put your offer in the best possible light. For example:

• It's not ALL about offer price. Most buyers want to deposit the minimum amount for an escrow deposit. If you want to win, I suggest offering your full down payment as the escrow deposit amount. If you are planning on putting 10% down, offer 5% upon acceptance and 5% after your inspection period. Sellers, especially banks, want to know you really want the property as they have multiple offers. They do not want to waste time selling to someone who is unsure if they really want to close on the property.
• Typically, inspection periods in South Florida are anywhere from 7-10 days. To sweeten your offer how about making it 3-5 business days? A licensed inspector can usually be found the next business day to conduct an inspection. Then that gives you an out if you have reservations. All we have to do is submit the written inspection report to the seller, either as a negotiating strategy or to inform them that you do not want to move forward on the purchase.

There are many other parts of the offer that can also be addressed in order to get YOU the house! For more information, stay tuned to my next posting or call/email anytime!

In this bipolar residential real estate market in Broward county, it is a very tough proposition for someone looking to jump into the real estate market for the first time. The very most important idea to take away from this post is the following:

1. CURRENTLY THERE ARE TOO MANY BUYERS BIDDING ON TOO FEW PROPERTIES!

The statement above affects everything else for the buyer looking to obtain their first home (of course this applies to ANY current buyer as well). If a buyer can understand the ramifications of this statement then he/she can be successful in this market.

What this means is that if a home is priced right for the area/condition, there is a very good chance that there will be multiple offers on the property. In this case, the listing price has to be used as a starting point rather than a firm asking price. Most of the current inventory is bank owned properties (aka REOs) and short sales. These owners/lenders have already lost a tremendous amount of money by the time a property has come to this point. The sellers main objective is to have the listing agent price the property to attract multiple offers from which they can choose the highest and best from.

So the bottom line is this, if a property I show you has multiple offers, there is only going to be one "winner" and all other offers will be "losers". If my suggestions are taken, I will do everything possible to put your offer in the best light to the seller. This will increase your chances of winning that property! Bidding on a property receiving multiple offers is like the game of

Next time I will discuss some specifics on how I can assist you with submitting a winning offer.