Is this common to write a good faith check,He was standing his ground and did not want to make the offer without the good faith check.Shouldn't he atleast grant my request,to see what happens,a yes or a no?
2006-06-14 04:32:15 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Typically a good faith check or "earnest money" will grease the wheels of a real estate deal. it is not required, but is highly recomended. If the deal were to fall through, this money will be refunded to you.
2006-06-14 04:38:20 · answer #1 · answered by p_stanleyrox 3 · 0⤊ 0⤋
Yes this is a common practice. Most Realtors want to know that you are serious and the buyer wants to know you are going to go through with the offer. This money is usually in the form of a check it will be held in the escrow account till you close on the house. If you make an offer on a home with out a good faith check most buyers will not except because you will be holding the property till close and can back out with no loss to yourself and they may have lost another buyer who saw the home was under contract.
2006-06-14 05:21:34 · answer #2 · answered by Hollli 3 · 0⤊ 0⤋
It is typically called "earnest money". It is sometimes a percentage of the purchase price, or sometimes a flat dollar amount, depending on the type of sale. It lets the seller know that you are a serious buyer. If the sale goes through it will be applied to the purchase price. If the home fails inspection you will get this money back. If you walk away from the deal for no reason the seller keeps the money.
2006-06-14 04:39:02 · answer #3 · answered by Sharingan 6 · 0⤊ 0⤋
it is STANDARD practice to offer some sort of consideration when making an offer. this is called earnest money, and it lets the buyer know you are serious about buying the property. although it is not required that you give earnest money when making an offer, you should do so, and offer as much as you can to insure that you are a serious buyer. and, if the seller rejects your offer, the money will be returned to you, in full. if the seller accepts your offer, you will recieve credit for the earnest money at the closing.
2006-06-14 04:38:38 · answer #4 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
It is usual to write a good-faith check. Do it only if you are serious about the house you want. If you change your mind on the deal, you forfeit the money.
2006-06-14 04:37:15 · answer #5 · answered by correrafan 7 · 0⤊ 0⤋
This is common practice and it is called 'earnest money'. If your offer is rejected you will get your check back. If it is accepted it will go into escrow as part of your fees and down payment
2006-06-14 05:35:50 · answer #6 · answered by IntermeDx 2 · 0⤊ 0⤋
They all want some kind of check to make sure you are serious- sometimes, if you withdraw your offer they will give the check back, even if they do not have to.
2006-06-14 04:36:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No its not right. You first finalise the rate, and then give a small token of committment. In case you are giving a big amount, get into an Agreement to sell with the owner right away. with all terms and conditions.
2006-06-20 19:09:53 · answer #8 · answered by petalsoft992002 1 · 0⤊ 0⤋
Yes. this is your earnest money or good faith deposit.
it tells the seller that you are serious about the offer.
2006-06-14 15:47:32 · answer #9 · answered by cafe_blue_note 3 · 0⤊ 0⤋
Usually, they want to make certain that you are serious and they don't cash the check, they just hold it.
2006-06-14 04:37:21 · answer #10 · answered by whatdoIknow 1 · 0⤊ 0⤋