Selecting the Best Offer for You
Once you have received a purchase offer (or multiple purchase offers) on your home you have a lot to consider. Examine the purchase price offered, the buyer’s financial health, the good faith deposit and any contingencies are they requesting, including implied contingencies. You and your Tody Homes Real Estate Agent will need to go through each offer individually. Here is where the expertise of our agents will become apparent. You can trust our professionals to help you thoroughly evaluate every offer without compromising your marketing position. Some things to keep in mind while you evaluate the purchase offer:
- Is the buyer Pre-Approved or Pre-Qualified for a mortgage? There is a big difference. A pre-approval letter from the buyer’s lender states they are officially approved for a loan to purchase your property.
- What type of mortgage options can a buyer use to purchase your home? Each type of mortgage comes with both pro’s and con’s.
- Does the mortgage commitment deadline and closing date work for you?
- Will your home appraise at the purchase price the buyers have offered, and if not what safeguards are in place to protect you?
- Who is the buyer’s lender? Are they local and responsive, or are they some obscure lender no one has ever heard of?
- Cash deal vs. an offer with a mortgage.
- Can I get a higher price for my home with a counter-offer?
Once you decide on a purchase offer your Tody Homes Professional will remind you of any contractual dates that need to be adhered to and help you navigate the uncharted waters to the closing table.
Good Faith Deposit
The Good Faith Deposit, also known as an earnest money is provided by the buyer to show the seller that the buyer is serious. This money is deposited in an escrow account and is credited towards the final purchase price.
- The average good faith deposit is between 2-3% of the total purchase price and should accompany the purchase offer.
Our Listing Agents will get you to the closing table with no surprises
- Establish their own lines of communication with the buyer’s mortgage company making sure the buyers have applied for a mortgage and ask for periodic updates. This ensures there are no unpleasant surprises when the mortgage commitment deadline comes.
- Establish lines of communication with title companies.
- Communicate with agents and attorneys throughout the real estate transaction process.