Question on Earnest Money Deposit... - Posted by Rod

Real Estate Investing Real Estate Gurus
1

Posted by Rod on September 15, 2003 at 14:31:51:

Just to say thanks for your response.

Rod

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Question on Earnest Money Deposit… - Posted by Rod

Posted by Rod on September 13, 2003 at 17:30:06:

Hey, I’m pretty much starting out on REI and I have a doubt(question) when it comes to my earnest money deposit:

  1. I give xxx of earnest money to the seller after he accepts my offer. For xxx reason the deal does not go though, doesn’t he keep the deposit?

  2. If we agree on him only cashing the check(earnest money) after closing, why would he tie up his property when If the deal doesn’t happen he lost xxx of time?

Please shed some light.

Thanks

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Re: Question on Earnest Money Deposit… - Posted by T Hamilton

Posted by T Hamilton on September 13, 2003 at 21:12:43:

If you both meet all written contingencies on the contract and you decide you don’t want the property then the seller is entitled to your earnest money. If you can’t get financing, or the property does not appraise, or if inspections reveal conditions that are unacceptable even if corrected you may bow out and are entitled to your earnest money deposit.
Regards,
T (Realtor)