In a slow market many sellers are so eager to sell they quickly take the first offer they get. This is most times a wise choice but here are some common pitfalls you would watch for before you accept.  Your Agent can help you recognize some warning signs to watch out for:

The buyer is not pre-approved for a mortgage loan. This person can tie up your home, preventing you from considering better offers. You can take your home off the market for 30 days and then find out the Buyer can’t secure the loan. 

Mortgage Fraud: A Buyer tells you to take your house off the market for a period of time, and in exchange, the Buyer will pay you more than the asking price later. This is usually a sign that the person plans on using your home as part of a mortgage fraud scheme in which he obtains a loan for more than the house is worth, pays you a little more than what you were asking, and pockets the excess proceeds.

A cash back at closing deal in which the person offers you more than the home is worth if you agree to kick back the extra money at closing. Don’t do it.

The offer comes with no or very little Earnest Money Deposit. A word to the wise: the lower the EMD, the more likely the deal will fall through.

The prospective buyers make the purchase agreement contingent upon their home selling.  This is a common one but you should understand that several other transactions must occur first. It may be a good deal but remember it may be months before you actually close on your home – if at all.

A good Agent will make certain you consider all the consequences of an offer. They should have plenty of experience and expertise to make certain you are not disappointed.  If you’re ready to sell or buy a home give me a call at 402-964-4251 or email me at Marie.Otis@cbshome.com and get ready to MOVE WITH THE BEST!