There are often multiple offers on the best condos for sale in Panama City Beach, with a hot real estate market that is competitive throughout the year. If you are getting ready to make your offer on a condo and you want to stand out, a higher offer isn’t necessarily the right choice.
Even if you are willing to pay more for the condo, offering above asking can often lead to an appraisal gap or future regret. Instead of offering a higher price, consider these ways to make your offer stand out.
Offering a Flexible Closing Date
Time is money, right? For many sellers, the closing date is just as important as getting the price they want. If you can accommodate the seller’s preferred closing date, whether it’s a quick close or giving them extra time to move, this could give your offer an edge. For example, if the seller is eager to close quickly, and you’re prepared to move forward fast, this can make your offer more appealing. On the other hand, if they need extra time to relocate or find another property, offering to extend the closing or being willing to do a rent back agreement can reduce their stress and make your offer more attractive.
If you have the flexibility in your own timeline, extending that to the seller can set the tone for mutually beneficial negotiations.
Include an Offer Letter
A personal letter can be the feature that makes your offer stand out from the competition. It’s not always going to make a big difference, but some sellers have an emotional connection to the home they are selling and it really matters to them that the home goes to a certain type of seller.
Including a brief, personal letter sharing what you love about the property and why you hope to buy it can build an emotional connection that is stronger than the purchase price. However, avoid giving too much personal information that could introduce complications or legal issues, such as your family structure or employment, as fair housing laws prohibit discrimination based on these factors.
We can help you determine if including a personal offer letter is a good idea in your unique scenario, and then advice you on what to include in the letter.
Limit the Contingencies in Your Offer
Some buyers are tempted to include as many contingencies as they can when making an offer. Contingencies are conditions that must be met for the sale to go through, and while they protect buyers, they also add uncertainty for sellers.
If you can limit or remove certain contingencies, your offer may stand out. For example, a typical offer includes a financing contingency, which allows the buyer to back out of the deal if they’re unable to secure financing. If you’ve already been pre-approved, you might feel confident enough to waive this contingency, which would reassure the seller that the sale is less likely to fall through.
We’re armed with the local market knowledge and expertise to help advise on what contingencies to include based on your unique needs.
Offer a Larger Earnest Money Deposit
The earnest money deposit is a sign of good faith that shows the seller you’re committed to purchasing the condo. While typical deposits range from 1-3% of the purchase price, offering a larger earnest money deposit can make your offer more attractive without increasing the purchase price. It shows that you’re serious about buying the condo and that you have the financial stability to make the deal work.
Without actually offering more money, just offering more of it upfront can set your offer apart from other offers with similar purchase price.
Work with an Experienced Agent
Finally, perhaps the most important thing you can do to make your condo buying experience more smooth is choosing an experienced real estate agent. You need someone who understands the current market conditions, but also your own position, preferences, and needs. Working with a well-connected and experienced real estate agent in Panama City Beach can give you an edge over the competition.
Ready to learn more about Panama City Beach real estate? Contact us any time.