The Anna Maria Island Sun Newspaper

Vol. 14 No. 29 - May 14, 2014

REAL ESTATE

Is there a mystery to real estate offers?

 

We all love to read a good mystery. John Grisham, Mickey Spillane and Sr. Arthur Conan Doyle have written intricate and page-turning stories, keeping us at the edge of our seats. But when it comes to either waiting for an offer on your property or waiting for an acceptance on an offer for a property you want to purchase, being in the middle of a mystery just isn’t fun.

Buying and selling real estate is always an emotional rollercoaster, but we’re all human and we all make mistakes in judgment sometimes driven by frenzy and greed. But if you follow a few simple rules and keep your emotions in check, you’ll come out ahead, whether you’re the buyer or the seller.

Sellers, especially in an escalating market, frequently make the mistake of pricing their property too high. With the level of super informed buyers in the marketplace today, it doesn’t take long for an overpriced home to wither on the vine. After a while, properties sitting too long become stale and they, therefore, get very little traffic through them.

For sale by owner listings are notoriously guilty of this. Not only do they think they can do it without a broker and save the commission, but they also expect to get top dollar. The general consensus is that if you’re priced appropriately you’ll get an offer in the first 30 days.

Believe it or not, sellers also can price too low thinking that they will attract a mob of buyers creating a bidding war to get this fabulous under priced property. Generally, unless you have a rare property, this doesn’t work. Buyers are disappointed when sellers refuse to accept low offers, and sellers are left with no sale.

Sellers also should not wait too long. The best offers always come in the early days and weeks of a listing. Remember there are always buyers out there who are ready, willing and able to perform and are just waiting for the right property.

The biggest mistake that buyers make is low balling an offer. The affect this has on sellers is usually to assume you’re not serious. It insults them and makes them not even want to negotiate with you. Don’t think that there isn’t anyone else interested in the property, there always is someone else.

Remember that a seller’s broker has a fiduciary obligation to the seller and has their best interest at heart. This doesn’t mean that they won’t treat you ethically, but don’t expect them to be cutting commissions just because they’re on both sides of the transaction.

So how do you make your offer stand out? Assuming it’s a fair offer, the next best thing you can do is come in with all cash. Nationally, 44 percent of winning offers were all cash. Cash offers remove the mortgage contingency, and if you really want to sweeten it up, also remove the inspection contingency.

Finally for sellers, if all else fails, you can always buy a St. Joseph Home Selling Kit. I kid you not, traditionally Joseph the husband of Mary is the patron saint of home and family. Believe me I’ve heard crazier ideas. And for buyers, cover letters submitted with an offer of purchase have become very popular. A cover letter can concisely review the terms of the offer, as well as making a personal case for why you want this property.

Basically there is no mystery to making and accepting real estate offers. With due respect to Sherlock Holmes, sometimes a mystery is just overrated.

Real Estate Transactions
Real estate transfers as of October 1-31, 2013
Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

01/03/2014 1,400,000 1,400,000 107 Beach Ave. 2789 150x100 4 Br/3 Ba SFR
01/06/2014 895,000 800,000 806 Gladiolus St. 2250 69x100 3 Br/3 Ba SFR
01/06/2014 317,000 470,549 205 Elm Ave. 1203 52x110 2 Br/2 Ba SFR Reo
01/06/2014 749,000 683,000 517 Magnolia Ave. 2219 75x115 4 Br/2.5 Ba SFR
01/10/2014 989,000 910,000 213 Spruce Ave. 937 105x100 2 Br/2 Ba SFR
01/22/2014 1,495,000 1,450,000 203 Spruce Ave. 696 2 Br/1 Ba SFR
01/24/2014 850,000 849,900 113 Gull Dr. 2447 91x100 3 Br/2 Ba SFR
01/29/2014 522,000 465,000 8806 Gulf Dr. 936 50x100 2 Br/2 Ba SFR
01/30/2014 510,000 502,000 524 Blue Heron Dr. 1653 3 Br/2 Ba SFR
01/30/2014 1,345,000 1,325,000 214 Spring Ave. 3189 52x145 6 Br/5.5 Ba SFR

Bradenton Beach

01/31/2014 425,000 385,000 252 17th St # 252 1268 2 Br/2 Ba Condo
01/02/2014 289,000 282,000 1801 Gulf Dr N # 238 1080 2 Br/2 Ba Condo
01/31/2014 635,000 617,500 2300 Avenue B 2832 50x100 4 Br/4 Ba SFR
01/16/2014 259,900 259,900 2515 Avenue C # A 1584 50x100 Inc.
01/31/2014 635,000 617,500 2300 Avenue B 2832 50x100 Inc.
01/10/2014 297,777 290,000 200 22nd St . 50x100 Vac.

Cortez

01/13/2014 439,000 400,000 4207 126th St. W. 3412 100x100 4 Br/3 Ba SFR

Holmes Beach

01/02/2014 330,000 315,000 5808 Gulf Dr. # 206 912 2 Br/2 Ba Condo
01/08/2014 375,000 330,000 6250 Holmes Blvd. # 65 1206 3 Br/2 Ba Condo
01/14/2014 392,900 366,250 6400 Flotilla Dr. # 96 985 2 Br/2 Ba Condo
01/16/2014 359,900 347,000 600 Manatee Ave. # 136 1179 2 Br/2 Ba Condo
01/23/2014 318,000 283,000 201 35th St .# 5 630 1 Br/1 Ba Condo
01/27/2014 279,000 265,000 3801 E Bay Dr. # 108 1121 2 Br/2 Ba Condo
01/27/2014 379,000 370,000 6200 Flotilla Dr. # 262 1266 2 Br/2 Ba Condo
01/29/2014 219,900 208,000 3000 Gulf Dr. # 6 756 1 Br/1 Ba Condo
01/03/2014 689,000 671,750 117 51st St. 1536 3 Br/2.5 Ba SFR
01/09/2014 565,000 535,000 502 83rd St. 1728 3 Br/3 Ba SFR
01/10/2014 1,049,000 950,000 509 68th St. 2546 80x102 3 Br/2 Ba SFR
01/10/2014 896,000 725,000 313 61st St. 2374 4 Br/3.5 Ba SFR
01/10/2014 799,000 772,000 213 65th St. 2184 3 Br/2.5 Ba SFR
01/23/2014 399,000 390,000 2819 Avenue B 2332 3 Br/2 Ba SFR
01/24/2014 450,000 450,000 113 31st St. 1682 50x105 3 Br/2 Ba SFR, Reo
01/24/2014 350,000 325,000 502 Bayview Dr. 1214 75x120 3 Br/2 Ba SFR
01/29/2014 598,000 565,000 5606 Holmes Blvd. 1040 3 Br/2 Ba SFR
01/29/2014 775,000 775,000 4118 5th Ave. 2786 6 Br/3.5 Ba SFR
01/31/2014 974,900 907,930 637 Key Royale Dr. 2422 100x151 4 Br/3 Ba SFR
01/13/2014 339,900 275,000 4501 Gulf Dr. # A 1325 1554x800 Inc.
01/21/2014 500,000 450,000 212 Haverkos Ct. 108x110 Vac.

Source: Manatee County Property Appraiser’s Office


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