Buying a Home in a Multiple Offer Situation in Florida

The laws of conduct regarding the handling of multiple offer situations vary from state to state and ultimately it is the sellers decision not the listing Brokers decision on how to handle the multiple offer situation.  The listing Broker or their agent can only disclose the terms of the other offers to a buyer if the seller has given express permission to do so. Often times the listing Broker will ask the seller to put this request in an email or text message so they have a written consent. You may never know the terms of the other offers as a buyer which means you will want to present your highest and best offer.

Lets say you are pre-approved for a home loan for $225,000. and you cannot go above the purchase price already offered. You can make your offer "better" by having a shorter inspection period in the contract. You can also offer a larger escrow deposit or "good faith deposit" if you have the funds to do so. Lowering the amount agreed upon for repairs found during the home inspection is another way you can make your offer "better" without raising the purchase price. 

When deciding upon raising your purchase price be sure to have your Realtor review the recent sales of comparable homes most similar to the one you want to buy.  You want to make sure that the purchase price agreed upon in your real estate contract will meet appraisal value. If the appraisal is lower than the sales price or loan amount, you may not get financed and you will be unable to buy the home unless the seller agrees to lower the purchase price.  That can mean that you paid for home inspections and an appraisal and you don't get the home. 

A heartfelt letter to the seller may improve your chances of having your offer accepted. You can write a note to the seller explaining how much you love their home and wish to raise your family in the house. Compliment the home and let them know how much you appreciate the care and love they have put into their home over they years. 

The real estate market in New Port Richey and Port Richey Florida is a "Sellers Market" right now.  There are fewer homes available for purchase and many buyers actively looking for  home with puts the seller in a better position than in recent years. You will want to be as aggressive as possible to get the home you want.

You will want an experienced and knowledgable Realtor to assist you in today's market. Always remember, Your Agent Matters.