The Anna Maria Island Sun Newspaper

Vol. 13 No. 15 - January 23, 2013


What to know when accepting an offer


You finally accepted the proposal, there’s a sparkling diamond on your left hand and you’re thinking, “OK. Isn’t life great? Everything is falling into place.”

This scenario may work for a wedding proposal, but an accepted proposal for the sale of your home comes with a whole bunch of obstacles that could trip up the process.

With the real estate market breathing a little easier, 2013 is setting up to be a strong market for sales, but don’t think that just because you agreed on terms and price you’re good to go. It’s not uncommon for transactions to come apart along the way or at the last minute, but being proactive and keeping close tabs on the process will improve your odds.

A seller’s dream is an all cash buyer who is not asking for a mortgage contingency, and therefore, removes the stress of an appraisal and who will likely close faster. In the market we’re in, there are actually a lot of cash buyers since individuals have been sitting on their money waiting for an investment opportunity. Cash buyers know they’re golden and frequently will negotiate hard or ask for special concessions. If you receive an all cash offer which is lower than what you anticipated, you need to think carefully about the benefits of accepting this type of offer rather than continuing to market the property and hope you get a better offer in money and terms.

If you do have an offer that requires the buyer to obtain financing, make sure the buyer has been preapproved. However, even with a preapproval, lenders are requiring more stringent documentation, which could delay the process especially if buyers are unorganized about paperwork. Forty percent of transactions that fall apart are due to financing problems.

Of course, a mortgage will not be approved if the property does not adequately appraise. Appraisers in this market are sometimes overly conservative or just can’t find the comparables to justify the sales price you have agreed to. If this happens, the only way to save the deal is to reduce the selling price or for the buyer to come up with more cash or splitting the difference. Low appraisals are the primary reason you should price your home in line with comparable homes that have sold in the area.

Your accepted offer is also going to be contingent on a home inspection and title search. Even though you may think your home is in tip top condition, it is inevitable that a home inspection will turn up something. Be proactive in this area and get a home inspection at the time you put your property on the market, which will give you the opportunity to make any repairs you were not aware of that could sink a future transaction. In addition, providing the inspection to a serious buyer will make him/her feel more confident about the property. Same with potential title or assessment issues, especially if you are selling a condominium. Advising buyers at the beginning of the offer process that there is a special assessment will enhance your honesty with the buyer and give you both the opportunity to negotiate the handling of the assessment.

The main thing in a real estate transaction is to keep everyone on a tight schedule and move it along. Don’t wait for the agents to get back to you keep them on their toes by staying in close contact.

And finally, if a buyer is looking for a way out of buying your home even though you’re in contract, you may be better off taking them off the hook and looking for another buyer as soon as possible. Selling your home is just like being engaged. If all parties are not committed, it’s time to move on no, matter how much you like the sparkling diamond.

Real Estate Transactions
Real Estate Transfers from October 2012
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

11/05/2012 1,089,000 1,000,000 511 Loquat Dr 2752 85x117 3 Br/2 Ba SFR
11/09/2012 749,000 700,000 108 Willow Ave 1504 50x11 3 Br/2 Ba SFR 11/14/2012 429,000 429,000 516 Magnolia Ave 1401 52x145 3 Br/2 Ba SFR 11/14/2012 575,000 540,000 212 Coconut Ave 1653 52x100 3 Br/2 Ba SFR 11/15/2012 475,000 442,500 771 Jacaranda Rd 1447 52x98 2 Br/2 Ba SFR

Bradenton Beach

11/05/2012 325,000 230,000 301 Church Ave 1344 102x100 2 Br/2 Ba SFR, Short Sale
11/13/2012 399,000 395,000 303 22nd St 50x100 3 Br/2 Ba Inc. 11/16/2012 330,000 320,000 2407 Avenue B 1650 25x100 4 Br/4 Ba Inc.
11/16/2012 597,000 555,000 104 23rd N St 2088 5800 Units Inc.


11/29/2012 579,000 560,000 4130 Marina Ct # 511 2307 3 Br/2 Ba Condo
11/20/2012 825,000 825,000 12913 42nd W Ter 4058 5 Br/3Ba SFR Short Sale
11/02/2012 69,000 54,750 12614 Safe Harbour Dr 81x123x61x122 Vac.

Holmes Beach

11/05/2012 325,000 325,000 6200 Flotilla Dr # 242 1458 2 Br/2 Ba Condo
11/09/2012 499,000 445,000 7205 Gulf Dr # North 1032 3 Br/2 Ba Condo
11/20/2012 179,900 165,000 3607 E Bay Dr # 105 976 2 Br/2 Ba Condo
11/30/2012 475,000 465,000 3804 6th Ave # 3804 1725 3 Br/2 Ba Condo
11/07/2012 599,000 520,000 521 74th St 1625 100x110 3 Br/2 Ba SFR 11/07/2012 449,000 443,000 5805 De Palmas Ave 1150 50x101 2 Br/2 Ba SFR
11/16/2012 335,000 305,000 205 Peacock Ln 1653 43x87 4 Br/3 Ba SFR
11/16/2012 499,000 475,000 211 71st St 1344 54x105 2 Br/2 Ba SFR
11/16/2012 489,000 480,000 309 59th St # B 2083 3 Ba/2 Ba SFR 11/20/2012 859,000 790,000 520 Key Royale Dr 3720 100x108 5 Ba/2.5 Ba SFR 11/21/2012 449,000 445,000 5802 Imperiore Ave 1200 48x101 3 Ba/2 Ba SFR 11/23/2012 419,000 398,600 5704 Holmes Blvd 1678 82x117 2 Br/2 Ba SFR 11/26/2012 439,000 430,000 205 77th St # A 900 2 Br/2 Ba SFR
11/29/2012 400,000 415,000 116 81st St 1494 68x80 3 Ba/2 Ba SFR 11/29/2012 585,000 570,000 603 Dundee Ln 1920 3 Ba/2 Ba SFR 11/30/2012 450,000 425,000 312 57th St 1665 3 Ba/2,5 Ba SFR 11/30/2012 469,000 460,000 212 81st St # B 1200 90x90 3 Ba/2 Ba SFR
11/08/2012 389,000 369,000 3007 Avenue E # 2 756 100x105 2 Br/1 Ba Villa 11/08/2012 375,000 375,000 202 64th St # A 1481 67x100 2 Br/2 Ba Inc. 11/09/2012 350,000 320,000 302 60th St 101x107 Vac.

Source: Manatee County Property Appraiser’s Office

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