When you have an eager, willing and able buyer who is looking for a home under $200,000.00 in the Ft Lauderdale and Wilton Manors Real Estate market, the choices are very scarce with the limited Real Estate inventory in place.
Fort Lauderdale and Wilton Manors Real Estate Inventory for low to mid-priced single family homes and condominiums is at an extremely low level. Once a property appears on the market, it usually only stays active for a brief period before it is put in a pending sale. Offers usually flood in, making it a race to see who can get the first contract in place. Even though most of the offers never come to fruition as closed sales, getting an effective sales contract in Fort Lauderdale or Wilton Manors is a challenge within itself due to the limited inventory.
Limited Real Estate inventory in Fort Lauderdale Real Estate also has the effect of making the offers go higher than the asking price simply due to buyers just trying to solidify a sales contract. Once they do get the property under contract, now are the added tasks of performing the inspections, having the property appraise and getting the loan in place if they are not cash buyers.
When an offer is higher than the asking price, most often times the sellers are less willing to perform any repairs or give any credits for repairs. Due to the fact that they have multiple offers from many buyers for their Real Estate in Ft Lauderdale and Wilton Manors that they can choose from, so often times they refuse any negotiations about repairs or credits. They will simply let the buyer cancel the contract and move on to the next buyer waiting in the wings. However, working with Eric Miller and Associates gives you an edge with professional negotiators in your corner.
If the contract price is higher than the actual value of the property, the appraisals can be an issue if the buyer is getting financing. The appraisal must meet or be higher than the contract price in order for the financing to be approved.
Closing a sale in the Fort Lauderdale Real Estate and Wilton Manors Real Estate area is with its own challenges because of inspection contingencies, appraisals, and loan approval…and now the added ingredient of limited inventory in Fort Lauderdale makes it a more difficult task.