Florida Mortgage Applicants: How to Cash in on Buyer’s Market

There’s no debating the fact that we’re in a major buyer’s market. Therefore, the question isn’t whether or not this is a good time to apply for a Florida home mortgage - it’s how to go about ensuring the best possible deal.

After finding a suitable residence to purchase, the next vital step is making a written purchase offer. With this in mind, we present several key steps to avoid overpaying:

1. Just as smart home sellers insist their listing agents prepare CMAs (competitive market analysis) showing (a) recent sales prices of comparable nearby homes, (b) asking prices of competitive neighborhood residences now listed for sale, and (c) asking prices of recently expired similar listings (usually overpriced), savvy home buyers should also insist on a CMA before making a purchase offer.

2. Home buyers, with the help of their buyer’s agents, need to then discuss the pros and cons of the homes shown on the CMA to arrive at a fair purchase-offer. Just because you’ve received Florida home loan approval doesn’t mean you’re finished; no one wants to overpay.

Remember: you can always raise your purchase offer during negotiations, but you can never lower it after the seller accepts. Buyers can be sure their buyer’s agent will show the CMA as justification to the seller when the purchase offer is presented.

3. Every house or condo purchase offer should contain two key contingency clauses: (a) one for the buyer obtaining a Florida mortgage based on a satisfactory appraisal of the property confirming the sales price and (b) another for the buyer’s approval of a professional inspector’s report on the house or condo to be obtained at the buyer’s expense within five business days.

Conclusion: Local home sales market conditions vary widely, but it’s an ideal time to be a purchaser when a buyer’s market exists in your price range and location. Savvy home buyers should complete our FREE APPLICATION above, speak with a Florida home mortgage broker and see how low of an offer you can make.