OfflineHi again!
My broker will be submitting 28 offers today. Whoo hoo! He said "$1000.00 deposit must be cashed upon acceptance of offer. At that point your in a contract. If your buyer backs out you have 10 days from date of acceptance to cancel for property reasons only." I don't necessarily have $1000. Do you have any suggestions on what I can do?
Thanks
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You can always put in the contract that the earnest money will be paid at closing, and then have your end buyer go ahead and pay the money when they enter the deal.
Or you could put something in the contract that says if you haven't paid the earnest money in a certain amount of days then the contract becomes null and void. Thus giving you some time to find an end buyer.
Also, I may stand corrected, but you can always write a check because it will just sit in escrow and not actually cashed. Then when you have your end buyer you have them give you a "deposit" of how much you payed for earnest money. Or you could put in the contract that if the deal goes south you get your earnest money back.
Success and Nothing Less!
I know of some people that will make copies of checks for when the submit their offers, but they do not give the actual check. And always have escape clauses, subject to, have some clause in there where you are not responsible, as long as you have your escape clauses then you are OK. When and if offer is accepted then I would get earnest money from buyer.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I greatly appreciate your advice.
Thanks again
Anne
When I was speaking with an agent face to face he said in order to flip or reassign a contract you still have to have earnest money and that you do have to pay it. He said it would be illegal to do it any other way. Can someone clarify this for me? I told him we would have the buyer pay the earnest money but he said the only way we could do that is if we were able to buy the house out right first.
I'm confused.
You can't save the world but you can offer a hand up to a few along your way.
I just wanted to know if my payment was successful,and how soon will it be before they arrive.
I just wanted to know if my payment was successful,and how soon will it be before they arrive.
I am looking at a property that will probably short sell. My agent says the lender hasn't decided to short sell and won't be looking at bids for another 3 to 4 months. My agent wants me to give him a photocopy of a cashier's check now for earnest money. Should I tie up my money for a deal that might not go through, or should I keep looking for something more immediate?