We have a simple way of calculating offers here at GFF Properties that allows us to respond with an immediate cash offer for any house.
Here’s how we do it:
Estimate Renovation Costs
Our first step is determining the amount of repair costs. Some of the more costly items include foundations, roofs, electrical or heating and cooling systems. These costs are computed on a cost per square foot basis. When more repairs are needed for some of the larger ticket items, the cost per square foot rises.
Research Property Value
We review all sold, active, and expired comps around Clearwater and the Tampa Bay region and the specific area your house is for sale in. Square footage, lot size, year built, construction materials, and nearby amenities are major points of comparison are. The type of sale is also important – whether it’s a short sale, foreclosure, on-market, or off-market.
Run some Calculations
GFF Properties has multiple approaches depending on the situation and how we can provide the best results for anyone selling a house. To simplify the process, we first determine whether or not the house will become a flip or a rental. Flip offers consider repairs, local demand, estimated time on market, holding costs, and re-sale price. Rentals offers focus on market rents, appreciation, and vacancy rates.
Price is not the only thing that matters when selecting an offer. It is important to note that anyone can offer anything verbally or in writing – however, investors or agents often propose a “high price” and fail to deliver.
Vetting the buyer and terms of the offer prevent wasted time
An offer is only as good as the written terms. Relevant contract terms include inspection days, closing date, financing, occupancy, and escrow deposit. When selling a house, it is helpful to assess the buyer by examining their work history, testimonials, social media reviews, and online reputation.
An offer is more than just a price!
Selecting an offer isn’t an easy process, and the highest offer isn’t always the best. The terms of the offer are often just as important and even more important than the price.
Many house buyers make offers with long inspections, financing and appraisal contingencies, or minimal escrow deposits on a regular basis. With so many ways for a buyer to cancel written into their offer, many of them don’t follow through. GFF Properties regularly works with sellers after other buyers backed out. Save time and frustration by working with professionals who are experienced in buying houses – especially in your area!