emd: Perfect Offer Is Not A Sure Thing
- 07/22/23 09:08 AM
Many years ago, I was selling a one-bedroom, one-bath condo in a very posh building. Security cameras everywhere, in the garage, elevators, grounds, parking lot, and an alert when a vehicle comes onto the property. In addition, there was a 24-hour concierge.
It was not an easy sell because of its size and first-floor location. It was beautifully designed and furnished to complement the small space. And the building itself was very desirable.
My seller planned to sell the one-bedroom unit and then move to a new place in Florida. I had a showing for a young woman; she wanted and needed … (30 comments)
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emd: Presenting The Best Offer For New Buyers
- 06/18/23 06:43 AM
Working with first-time newlywed homebuyers, we wrote a contract for a highly sought out property.
We made our best offer over the list price, a flexible date for closing, a substantial deposit, a strong lender letter, and home inspections of 7-10 days. I called, texted, and emailed the agent ahead of the presentation. Buyers kept asking what they could do to ensure their offer was as good as possible.
Some of the things they could ask for that would take them out of the running:
Seller's contribution, pay for points, upgrade items, i.e., the electricity, and provide proof that the well/septic was in good working … (9 comments)
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emd: Let's Talk About Earnest Money Deposit
- 05/28/21 10:50 PM
Let's talk about deposits. You may hear the term EMD, GFD, earnest money deposit, or good faith deposit. The contract is written, with an agreed-upon good faith deposit submitted at the time of the offer. Sometimes, the agreement can call for a second deposit, maybe after the inspection time is complete. This deposit can be held in escrow by either the listing agent, buyer agent, or a third party like a title company.
Can a buyer get their money back? Not always.
One reason IF dates are missed. Maryland has a time is of the essence clause, so important it is the … (17 comments)
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emd: Even With Cash It Can Go Awry!
- 12/20/19 09:14 AM
The definition of AWRY is when something goes wrong
even with a decent plan
My latest blog But it's a cash offer reminded me of the following transaction.
It was a small inexpensive condo in a secure luxury building. We received a full price cash offer, closing in thirty days with a $10,000 EMD.
To me, it looked like a perfect fit, with sellers moving out of state.
But the sellers were leary.
Note:
In our Maryland contract, if a deal does not go through, and the deposit is forfeited to the seller, that deposit is split with the broker. So sure of this deal, it was … (14 comments)
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emd: But It's A Cash Offer
- 12/19/19 12:54 PM
Why do some agents and buyers feel that they can negotiate and get a much
better deal with a cash offer?
Don’t get me wrong; we all like a clean cash contract without contingencies.
But a well-written offer, with financing in place, and a substantial EMD has just as much chance.
To accept a cash contract, show me the money, proof of funds, and a good faith deposit.
Note: The seller will be receiving the same amount of money at settlement whether cash or financed.
A lot has to do with the reliability and reputation of the people involved, including the Realtor®, lender, title company, inspectors and … (30 comments)
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emd: Please Write The Offer
- 12/06/18 06:14 PM
Received a text from a buyer who was shown a home this past week saying:
'We are ready to write an offer.'
Checking the MLS...found out the property was TOM, temporary off the market. Reaching out to the listing agent about the status and to see if they were open to an offer...and they are.
So what has to be done to submit an offer?
This is the short list I texted back to the buyer
We need the following:
Name on the offer
Address on the offer
Cash or Financing
If cash send proof of funds
If financing send an approval letter
$10,000 Deposit made out to HomeRome Escrow
Pick a … (14 comments)
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emd: Confidence Is NOT Enough
- 01/05/18 11:16 AM
Some time ago I wrote Giving Advice With Confidence. If you have a minute, please read.
When giving and taking advice from someone... make sure they are the expert, trained and knowledgeable in the area you are seeking advice. Make sure they possess...
Some time ago, I had a very "confident" buyer's agent who said everything with assertiveness and authority.
As a seasoned REALTOR®, I heard "truth impaired" statements, found errors in the offer and watched how the buyer was being "misled".
Here are two examples.
1. When I questioned that the EMD had not been deposited. I was told this is only done when loan was approved. We did not proceed … (46 comments)
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Many years ago, I was selling a one-bedroom, one-bath condo in a very posh building. Security cameras everywhere, in the garage, elevators, grounds, parking lot, and an alert when a vehicle comes onto the property. In addition, there was a 24-hour concierge. 
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