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maconline
Guest
0.10 Dollars($)
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 Posted: Sat Feb 04, 2006 12:42 pm Post subject: requirement of earnest money |
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Why do I need to make an earnest money deposit to the seller? Is there something special in it?
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Angel
Guest
0.10 Dollars($)
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| Posted: Sat Feb 04, 2006 12:45 pm Post subject: |
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| Earnest money is common in real estate buying. It is nothing but a deposit made by the potential home buyer to show that he is serious in purchasing the house. |
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 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Sat Feb 04, 2006 12:56 pm Post subject: |
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Hi Mac,
Earnest money is the money given by the potential home buyer to prove his sincerity in making the home purchase. If the offer is accepted this money becomes a part of the down payment or credited to you on the closing date when the real estate becomes yours.
This money is also known as good faith deposit. It's not compulsory but required to show your seriousness in buying the property. This money is usually held in trust.
God bless you.
For MortgageFit,
Samantha
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maconline
Guest
0.10 Dollars($)
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| Posted: Sat Feb 04, 2006 1:01 pm Post subject: |
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| Is there any precaution that I must take while making the deposit? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Sat Feb 04, 2006 1:17 pm Post subject: |
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Hi Mac,
I understand your concern. Probably you are talking about the deposit in case the deal is not successful.
At the time of signing the contract you must check specifically about what is going to happen to the deposit if the property is not closed for some reason. It should include where the money is going. Involve an attorney if required.
In some states there should be a mutual agreement between the buyer and the seller before the money is returned to the buyer. You must check with your state real estate agent or an attorney about the procedure in getting the money back if the closing doesn't take place.
God bless you.
For MortgageFit,
Samantha
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TEXAS
Guest
0.10 Dollars($)
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| Posted: Tue Jun 06, 2006 1:34 pm Post subject: RETURNED CHECK |
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| WHAT IF THE CHECK IS RETURNED |
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jameshogg
Joined: 20 Dec 2005
Posts: 1514
Location: nevada
210.98 Dollars($)
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| Posted: Tue Jun 06, 2006 2:36 pm Post subject: |
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Do you mean to say what if the check is returned to the buyer?  In that case the buyer can consider himself fortunate enough to get the money without much trouble or time (provided he is getting it soon).
The buyer can check with some different seller or agent for another home and negotiate the deal there. |
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cj
Guest
0.10 Dollars($)
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| Posted: Thu Jun 15, 2006 2:48 pm Post subject: Earnest money tips |
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| good information to know, you've answer many of my questions just by reading these previous post. Thank you |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Thu Jun 15, 2006 3:13 pm Post subject: |
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Hi CJ,
Welcome to MortgageFit Forums.
I feel happy to know that our efforts have satisfied you. Appreciation from you can only help us to develop ourselves and serve people better.
Feel free to post if you have any queries and doubts and do share your experiences with us.
God bless you.
For MortgageFit,
Samantha
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