Multiple Offers are soooo 2006… Well if you think so, take a deep breath because while it might seem ludicrous to make an offer on an OrlandoÂ condo – or any other home, if it means competing with another buyer, things have started to change. In the last few weeks, there has been a sharp rise in the number of multiple offers on Orlando real estate Â – and all because foreclosures are finally making their way through the bank pipelines. Many banks, overwhelmed with homes are pricing their inventory to go fast. And when the price is below market, there will be multiple buyers – and multiple offers.
The first thing the bank will do is have you sign a â€˜multiple offer’ disclosure form to acknowledge that the property is being bid on by several potential buyers. This doesn’t mean you have to pay more than the asking price (although it might help). And of course, the highest bidder is not always the winner. There are far fewer financially qualified buyers in the home-buying market today than there were two years ago due to credit tightening, more rigorous financial qualification requirements (particularly condos) and recent stock market losses. In some areas, as many as one-third of home sale transactions fail to close, often due to over-confident buyers’ inability to obtain financing. Cash or a solid financial backing is key to winning the bid.
To illustrate the demand for some of these deals, let me say that it’s been many, many months since I’ve bumped into another OrlandoÂ Realtor at a house showing, but the last two properties I’ve shown have had simultaneous visitors show up. Folks, I don’t know if this is “absolute bottom” – but it really doesn’t matter anymore. Some of these properties are going for a steal and if you don’t think you need to move fast on the best of these deals then you’re plain wrong. Because the best are usually under contract within 24 hours. So if you want a bargain but you don’t have ready cash or financing already in place, then you’re probably not behind the 8-ball.
For more info read our recent Orlando foreclosure blog or call us to find out where the best deals are. If you need assistance with lending, we can help. Just call 407-290-3408 or email Info@CondMetropolis.com