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Build A Plan Of Action And Get Ready To Buy Miami Real Estate
We all know that buying real estate is one of the biggest personal investments you can make. When you are buying in a competitive market, like the Miami real estate market, being organized and in control will contribute significantly to ensuring...
Is Your Real Estate Investing Comfort Zone Being Threatened?
Have you ever imagined yourself putting through a multi-million dollar deal, going to closing and picking up a check with six zeros?
It's the ultimate dream for real estate investors. But why must it be a dream when it can just as easily be a...
PROPERTIES FOR SALE IN CYPRUS - PLEASE VISIT www.propertyincyprus.com
BLUE SKY PROPERTIES IN CYPRUS work closely with a wide range of real estate professionals within our group of companies This allows us to assess your individual needs independent of pre-selecting any area or town. Our goal is to provide sound...
Real Estate Magnetize Offshore Outsourcing
Outsourcing is the buzz word in today’s time. Companies are coming a big way in outsourcing but the point to be noted here is to choose the right place for that. There are few factors which influence the decisions of the companies. Firstly they look...
Seven Steps To Make Buying A New Home An Enjoyable And Intelligent Move
Buying a new home is one of the most exciting and most important decisions you will make in your lifetime. For both financial and lifestyle reasons. However, it may not be apparent if you have made a good move until months or years down the road, so...
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Timing Clauses Stop Sellers From Inciting Bidding Wars
It is no secret that the current real estate market is hot, hot, hot. Sellers can receive multiple bids for their property on the same day. In the rush of the moment, your emotions can carry you into a bidding war. Using timing clauses can help avoid such a situation and protect you from buyer’s remorse.
Timing Clauses – Drop Dead!
A timing clause is inserted in an offer to avoid open-ended bidding wars. You do not want your offer to be “on the table” indefinitely. Such a situation inevitably leads to a bidding war where sellers “auction” up the price of home to a sellers benefit. To avoid this, you should choose to put a “drop dead date” on your offer. You would include language that says something like, “This offer is open until withdrawn or until 9:00 P.M. on Tuesday, June ____, 20__, whichever comes first.”
Let’s look at an example of how a hypothetical situation might work out.
Say the asking price of the home is $995,000. Your offer is $995,000 with a drop dead date of September 1, 2005. On August 29, 2005, the seller informs you of a competing bid for $1,000,000. While your immediate reaction is to panic and up your offer, you should instead calmly ask to see the competing offer. If the seller drags their feet or won’t produce it, the bluff is
called. Now the seller has to make up their mind before the 1st. They may decide not to accept your offer, but at least you will have avoided bidding against yourself. Alternatively, if the seller produces a competitive bid, you will know where you stand and make an informed decision on whether to raise your bid.
Timing clauses are fairly standard practice in most parts of the country. Make sure you use one to force the seller to make a decision. You don’t want to be left twisting in the wind.
About the Author: Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Source: www.isnare.com
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