Buyer’s FAQ

WHAT IF I NEED TO SELL MY HOME BEFORE I BUY A NEW ONE?

To put yourself in the best negotiating position before you find the new home you want, the Echo Fine Properties Team will help you put your current home on the market.

Once you write an offer on a new home, your offer will be “contingent” on the sale of your home. A buyer in this position may not have the same negotiating power as one whose home has already sold (or at least has an accepted offer).

ONCE I HAVE FOUND A HOME, HOW DOES MY OFFER GET PRESENTED TO THE SELLER?

The Echo team will call the agent who is the listing agent for the home you have chosen and will make an appointment with the seller to present your offer.

The Echo Fine Properties Team is there to explain the details of your offer and negotiate on your behalf.

HOW MUCH DID THE SELLER PAY AND DO THEY HOLD A MORTGAGE ON THE PROPERTY AND HOW MUCH?

There are two resources for finding this information:

• Property Appraiser’s Public Access System
• Palm Beach County’s Clerk & Comptroller Public Search

WHAT HAPPENS IF I OFFER LESS MONEY THAN THE ASKING PRICE?

If you offer less money, the seller has three options. They can accept the lower offer, counter your offer, or reject it completely.

Remember that there could be another buyer out there who is also interested in the home you’ve chosen. If they happen to write an offer at the same time you do, the seller will have two offers to compare. There are usually many aspects of each offer to consider, but ultimately the seller will want to accept the best price and terms.

In active real estate markets, homes often sell near their listed price. In hot markets, there may be many buyers vying for the same house, which sometimes drives the final sale price above the original listing price. Jeff can help you plan your strategy, based on the current real estate market in our area.

DOES IT COST ME MONEY TO MAKE AN OFFER?

When you write the offer on the home you’ve chosen, you will be expected to include an earnest money deposit, typically a total of 5-10% of the purchase price. The deposit is a sign of your good faith that you are seriously interested in buying the home.

WHERE DOES MY EARNEST MONEY GO?

The earnest money is deposited into the Escrow Account. That deposit becomes a credit to the buyer and is applied towards the purchase price.

CAN I LOSE MY EARNEST MONEY?

Real estate contracts are complicated legal transactions. This is another area where having a knowledgeable and professional agent is a necessity.

Rarely does the buyer lose the earnest money. Most often, if the transaction falls apart, there are circumstances beyond the buyer’s control that cause it to happen. However, if the buyer willfully decides that they no longer want to buy the house and have no legal reason for rescinding their offer, they may lose the earnest money deposit. Specific legal questions should be taken up with a Florida real estate attorney.

IS THAT ALL THE MONEY THAT’S INVOLVED?

There are other fees, including, but not limited to: appraisal, credit report, inspection, recording fees, and taxes, which will be debited at closing.