5 Expert Tips to getting your offer accepted in the Florida Keys

Imagine you’ve found your dream home in the Florida Keys, and now you’re eager to make an offer that gets accepted. Here are five valuable tips to getting your offer accepted.

1. Offer Wisely: Avoid Lowballing Sellers

When a property hits the market, offering a lowball price isn’t your best strategy. In nearly 99% of cases, this will result in a flat-out rejection, not the outcome you desire. Effective negotiation involves presenting an offer that’s closer to the list price or within a reasonable range to prompt a counteroffer. Keeping the negotiation alive is key.

Some buyers opt for lowball offers on homes that have been listed for a while, which can be effective. However, it’s crucial to review the listing history, price reductions, and their frequency with your agent before taking this approach. Exceptional agents, like our team, often go the extra mile by communicating with the listing agent. Sometimes, you’ll discover that certain sellers have overpriced their property and lack motivation to sell.

Current Market 

In the Florida Keys, buyers typically secure an average discount of around 10 percent off the original list price, so offering within that range should be well-received. With an average time on the market of approximately 80 days, buyers can easily identify properties that have lingered and are likely overpriced. It’s worth noting that the typical seller in the Florida Keys often needs to make at least one price reduction, typically around 4 percent, while their property is listed. Understanding these current market statistics should empower you to make a more informed decision when determining the price for your offer.

2. Time is of the Essence

When it comes to the Florida Keys real estate market, time plays a crucial role. The standard contract outlines timelines for various aspects, including the deposit, inspection period, financing contingency, and closing. Most sellers aim to sell quickly while getting the best price, so adhering to these standard timelines is often appreciated. If you can expedite any of these timeframes, your offer is likely to be more attractive to sellers than one with longer deadlines.

Cash Offers

For cash offers in the Florida Keys, the standard timeline typically looks like this:

• Deposit: Due within 3 days from effective date
• Inspection Period/ Cancel: within 15 days from effective date
• 2nd Deposit: Some agents may include this on day 16, depending on the initial deposit amount.
• Closing: Within 30 days of acceptance.

This means that cash offers in the Florida Keys typically wrap up in just 30 days.

Note Effective Date – is the date when the last one of the Buyer and Seller has signed and delivered the offer

Financing Offers

Financing offers in the Florida Keys come with a few additional steps, thanks to the involvement of a third party: the bank. Here’s a breakdown of the standard timeline for financing offers in this region:

• Deposit: Due within 3 days of acceptance.
• Inspection Period / Cancel: Within 15 days of the effective date.
• 2nd Deposit due on day 15
• Appraisal / Loan Approval: Expected within 30 days of the effective date.
• Closing: Typically within 45 days of the effective date.

Ideally, a financing contract should close within 45 days. However, in reality, lenders may occasionally require more time. Additionally, since there’s a limited number of appraisers in the Florida Keys, delays can occur when they’re backed up. Insurance requirements by lenders can also contribute to delays. In some cases, you might encounter a 45-day loan period with a 60-day closing to accommodate these potential delays.

3. Have a pre-approval and or proof of fund ready.

If you plan to secure a mortgage for your new home, it’s wise to speak with a lender and obtain a pre-approval for your mortgage. Including a copy of this pre-approval letter with your offer is a powerful signal to the seller that you’re a serious buyer who has progressed further in the home-buying process than those without pre-approval.

Some buyers opt to include a pre-qualification letter with their offer. Here’s the difference:

Pre-Qualification: This is a preliminary estimate of the amount you could afford for your new home and the sum a lender might be willing to lend you. It’s a simpler process compared to pre-approval.

Pre-Approval: With a pre-approval letter, you provide the mortgage lender with concrete documentation of your income, assets, and debts. The bank typically conducts a credit check to verify your financial and employment details, sometimes involving a fee. Once your finances receive the bank’s approval, you receive a commitment letter specifying the loan amount they’ll provide for your home purchase.

Both real estate agents and sellers often place more trust in pre-approval over pre-qualification.

4.  Use a Local Lender

Since we are on the topic of lending, now is a good time to tell you that if you are going to buy a home in the Florida Keys, you should use a local lender.

Using a local lender can greatly facilitate the process. The Florida Keys have a complex web of rules and regulations, encompassing building rights, allocations, TBRs, SFA lists, mobile homes, co-ops, and a diverse range of property types. Navigating this intricacy can be challenging for a lender unfamiliar with the area. Having experienced deals falling apart with non-local lenders, most Florida Keys real estate agents would advise you to go local—it’s a decision that can significantly benefit you.

5.  Limit your Additional Terms

While making an offer, it’s essential to avoid overloading the seller with excessive demands. Some buyers tend to ask for extensive repairs or alterations before the closing date. To maintain a straightforward and appealing offer, it’s wise to limit additional requests so that the seller doesn’t perceive you as a burdensome buyer.

When it comes to furniture in the Florida Keys, it’s quite common for buyers to request that a property be sold furnished. Many sellers are more than willing to accommodate this request simply because they prefer not to deal with the hassle of moving furniture, especially if the house is intended for rental purposes. This arrangement often turns out to be mutually beneficial for both parties. However, there are instances where the seller resides in the home full-time, and in such cases, they typically prefer to keep their furniture. Being considerate of the seller’s circumstances is always advantageous.

So there you have it—our top 5 pro tips for getting your offer accepted in the Florida Keys!

Prumo & Carden

Amy’s success as a Florida Keys Elite Agent and Diamond Award Winner is truly awe-inspiring. With over decade of experience in the real estate industry, she has cemented her position as a trailblazer and pioneer. Her unwavering commitment to excellence is reflected in her impressive academic credentials, which include a Master’s Degree in Marketing and Management. Amy’s marketing programs are simply unmatched, ensuring that your property is showcased to the widest audience of potential buyers, thus guaranteeing maximum exposure.

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