On this episode of the Stephen Cooley Real Estate Show, Stephen and Landon talked about getting offers on your home and how to tell which offers are stronger than others. Here are some tips that Landon gave to ensure you select the strongest offer.
- Look at Ernest money: Ernest money is money that the buyers give when writing an offer to buy. It is extremely important to look at this because it can tell you how serious the buyers are. Also, if the buyers walk away after submitting an offer, the sellers may get to keep the earnest money.
- Look at the price: Just because the price is higher on one offer than it is one another doesn’t mean it’s better. If the price is higher than the asking price it could mean that the buyers are asking for the seller to pay for things like closing costs.
- Look at dates: It is extremely important to look at things like due diligence. Due diligence is a period where buyers can walk for any reason, so it is always important to look at these dates. Also, it is important to look at closing dates. Some buyers have to be in a new home by a certain date which means the seller will have to know where they’re going as well.
- Look for contingencies: Many offers may be contingent on the buyer’s current home selling. This is extremely important because if the new buyers old home doesn’t sell, then the offer falls through.
If you are interested in buying or selling real estate, please contact Landon: landon.stephencooley.com or 803.818.1895.