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When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
Debbie Wyrsch-Williams Coldwell Banker Residential Brokerage 180 W. Continental Road Suite 100 Green Valley, AZ. 85614 Toll Free: 877-273-2146 Office: 520-248-HOME (4663) Fax: 520-648-1180 Email: GreenValleyHomeAdvisor@NUMBER1EXPERT.com
Experience, Relationships, and Technology are only part of my formula for success in today’s demanding Real Estate marketplace. Marketing your property and negotiating for YOU sets me aside from all the others!
A consistent Customer Service Award winner and Top Producer, Debbie provides exceptional service to ALL Buyers and Sellers - the Professional Service You Deserve!
My in-depth understanding of the Green Valley, Sahuarita and Tucson Real Estate markets ensures that buyers have access to the broadest selection of home inventory while sellers can rest assured that competitive housing trends are monitored on both a regional and local level.
If choices, results and personal service matter most to you then don’t trust just anyone with your Real Estate investment. Contact me today to learn how I can make your next Real Estate transaction a successful one!
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