I am asking because this house we want to buy just went down in price and I dont want anyone to buy it out from under us, but I am waiting on taxes to make my offer so I can put down my $500 earnest deposit. Are there ways to deal with the seller, such as us letting her know that we are using tax money to put down the deposit and asking her to not cash the check right away? Geez just saying it, it sounds bad. Any advice?
2007-01-26 01:56:21 · 7 answers · asked by ♥♫♥ Crystal ♥♫♥ 4 in Business & Finance ➔ Renting & Real Estate
Your earnest money check has to be deposited within 3 business days of the acceptance of the contract. You can put an offer on the property without a deposit though, it would be up to the seller to accept/reject or counter your offer.
2007-01-26 02:53:01 · answer #1 · answered by kyrealestateagent 1 · 0⤊ 0⤋
Honestly, if you don't have a mere $500 in savings to write an earnest money check right now, then you don't have any business buying a house.
Inspections will cost AT LEAST that. You'll also have to pay for a year's worth of insurance all at once...also AT LEAST $500.
When I bought my first house I had about $15,000 saved up. Even I was surprised at how quickly that went during and after the buying process -- and I bought my house with ZERO down.
It doesn't sound bad. It just sounds like financially you're not prepared to buy a house. As much as you want it, from what little I know, it's just not a good time for you.
2007-01-26 04:08:35 · answer #2 · answered by cardinalboy97 3 · 0⤊ 1⤋
In Texas, the earnest money check must be deposited at the title company within 2 business days after acceptance of the contract by both parties.
The title company immediately deposits the check.
I can't speak for any other state.
2007-01-26 05:46:59 · answer #3 · answered by txrealestateagent 3 · 0⤊ 0⤋
confident. that's what they are meant to do. Then they carry that earnings believe, as a impartial third social gathering. final is the appropriate area of the transaction, the place you get the deed and the vendor gets the money. once you assert you're nevertheless interior the flexibility of negotiations, i ought to anticipate that there is a purchase order and sale settlement signed by ability of the two events, and the negotiations are approximately inspections, maintenance or different comparable info. otherwise earnest funds does no longer generally come into play. (If there is no "signed around" purchase and sale settlement, then the identify business enterprise shouldn't funds the verify, or maybe have the verify for that matter till escrow is opened.) remember that earnest funds is a thank you to guarantee the vendor which you're severe and which you will no longer purely back out of the deal for no reason. in case you do, then the vendor might get some or all your earnest funds to help reimburse the vendor for his or her difficulty and for the lost sales opportunities they might have had while you had the valuables under settlement. this provides the vendor the boldness that in case you default, he/she would be ready to no longer be caught with a canceled verify and could pass to courtroom to get the earnest funds.
2016-11-01 08:26:25 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It depends where you are. Here we cash the check and deposit it in the agency escrow account. Are you doing a FSBO? If not talk to your agent--not the sellers agent YOUR agent.
Good Luck
2007-01-26 02:21:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The check isnt cashed until the escrow closes. Your agent can answer any other questions.
2007-01-26 02:04:51 · answer #6 · answered by mom of twins 6 · 0⤊ 0⤋
Instead of EMD as cash, you can do a note payable when the tax refund comes in.....
2007-01-26 02:39:18 · answer #7 · answered by boston857 5 · 0⤊ 0⤋