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One thing that everyone can agree on when trying to buy a home is that they want to save as much money as possible. The cost of buying a Sarasota home extends far beyond just the asking price of the home. You have the interest on your mortgage, the closing costs and lots of other fees you never even planned on. That´s why most buyers are looking for any advantage they can get in the buying process.
One way that a buyer can put themselves in a good spot is by finding out if the seller has a deadline to sell their home or not. A seller may have a deadline due to a tight financial situation or many other factors, but whatever the case may be, it translates to good news for buyers. Let´s take a look at why a selling deadline is good for the buyer.
A selling deadline is, quite simply, a fantastic motivator for the seller to sell their home by a particular date. And a motivated seller is willing to make certain concessions that they otherwise wouldn´t make. While this can seem too good to be true if you´re looking to buy that particular home, you still need to be careful. If it has become common knowledge that the seller is on a deadline, a feeding frenzy-type situation can erupt. Nothing attracts buyers to a piece of Sarasota real estate like the thought of an honest to goodness bargain. Most buyers will try to submit a bid that is significantly under the asking price, thinking that since the seller must sell by a particular date, they will just take the offer. But there could be a dozen offers on the home and you wouldn´t even know it. It is extremely tempting to submit a low-ball offer, but if your realtor tells you there are other offers, you might want to think twice.
You can also come at this issue from the other side, as well. If you hear about a motivated seller through your realtor and it is on a piece of property that you weren´t even interested in, you might be able to place a bid far below the offer price and swoop in and grab up the property. Tens of thousands of real estate transactions happen every year in just this manor. Once in a while an opportunity will present itself that is simply too good to be true and you might just have to take advantage of it.
In most cases, finding out if a seller is on a deadline or not will come from your realtor, but there are other ways to find out, too. If you´ve hired a lawyer, they often find out inside information that can help you out and save you some bucks at the same time. Your loan officer at the bank is also a good source of information on the property you´re looking to buy. Chances are, if the seller is on a deadline, it´s a deadline that was imposed by the bank. If you live in a small area where there isn´t a large selection of banks, you could be going through the same bank as the seller, and therefore, you loan officer would have all the financial information on the seller. If the bank is looking to save themselves some money, they may even authorize you for less money on your mortgage since they know you won´t need to offer as much to get the home you´re after.
There is nothing in world quite like a motivated seller. It is every buyer´s dream come true. One of the best motivations for a seller is a deadline. While the seller is going to do everything they can to hide the fact that they are on a deadline from you, it often slips since there are so many people (realtors, lawyers, bankers, etc) that look at financial information. If you´re lucky enough to find yourself bidding on a piece of property like this, make sure you are the only bidder before you submit a low offer. You don´t want to get caught bidding too low and have another suitor take the home of your dreams away. A motivated seller is a great thing, but don´t overplay your hand or you could be the one who leaves empty-handed.
GBrey
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