How to Win a Real Estate Bidding War in Miami.

5 Home Buying Tips for Winning the Miami Home of Your Dreams
 
MIAMI - Aug. 6, 2013 - PRLog --  In the past 8 months, there has been a dramatic rise in the number of real estate bidding wars taking place in Miami. Some properties are getting as many as 12 offers from eager home buyers. In fact, more than 69% of homes that were on sale in the past month had multiple offers. Miami real estate attorney,Santiago Cueto (http://www.Cuetolawgroup.com) recently discussed several tips prospective homeowners in Miami could use to win a real estate bidding war.  

The strategies are outlined below:

Do Your Research
Ask your real estate broker what the asking price is of the property then check the price on popular real estate websites such as Trulia or Zillow. This will give you a good idea what your initial offer should be. The days of starting negotiations with a low first offer are over.  Buyers now must be more aggressive in the first offer that is made. In fact, you might think of making your maximum offer right away. This will demonstrate to the seller that you are a serious contender for the property.

Be Confident and Relax
It’s easy for bidding wars to escalate to a point where emotions can get in the way. That’s why it’s so important to know when to draw the line. If the price escalates past your financial limitations, be ready to walkaway from the deal with a prearranged number that’s the highest price you’re willing to pay.

Flexibility is Key
A good negotiator knows that flexibility can open doors in a heated round of negotiations. For example, allowing the seller to determine the move-out date or  waiving your right to an inspection, can go a long way towards ultimately closing the deal on terms you can afford.

Come Pre-Qualified
The more leg work you do in the beginning,  the better your chances of winning a bidding war. Perhaps the most important factor in moving quickly is  getting  prequalified for a mortgage before you put in a bid. Coming in with a bank-approved offer quickly can help you beat other bidders who failed to plan ahead,

Don’t Give Up
If you don’t win a bidding battle be sure to let the buyer know that if the winning offer falls through, you’d still be interested in the property. It just might turn out that you’ll get your dream house—at your dream price—after all.

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About Cueto Law Group, P.L.: CLG is an international law firm based in Miami, Florida representing business clients from boardroom to courtroom™. The firm provides a full range of legal and business solutions to a diversified customer base worldwide. Servicing both Fortune 500 corporations and Fortune 5 million small businesses, CLG has built its reputation by delivering on its 3-Point Promise™ while providing an outstanding client service experience at affordable rates. The firm’s managing attorney, Santiago A. Cueto is a board certified international law expert, a distinction awarded to less than one percent of Florida’s 80,000 attorneys. You can learn more about the firm by visiting the firm’s websites Cueto Law Group (http://www.cuetolawgroup.com/), and Miami Law Advisor (http://www.miamilawadvisor.com)  Santiago Cueto can be reached at 305-777-0377 and sc@cuetolawgroup.com

 
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