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buyers agent: What Is an Earnest Money Deposit? - 12/20/08 12:38 PM
An earnest money deposit is money that a buyer puts forth, to guarantee their contract on a property.  The earnest money shows that the buyer is serious...so serious they are putting their own money on the line.
Earnest money goes toward closing costs or down payment at settlement.  However, if all the buyers closing costs are covered by the seller, and the buyers is purchasing the home with a rare 100% financed loan, it is possible for the buyer to receive a refund at settlement.  However, the buyer can never get more money back, than they orignally put down in their earnest money … (8 comments)

buyers agent: Why Have a Home Inspection on "As-Is" Properties? - 12/19/08 06:05 PM
Bank owned homes (foreclosures, as they are more commonly known) are purchased "As Is".  There is absolutely nothing the banks will guarantee about these homes.  And in the Commonwealth of Virginia, banks are exempt from the Residental Property Disclosure Act.  Yippee!!! 
So you may wonder to yourself, why even bother to have a home inspection if you are buying a property "As Is."  I will give you a first-hand account from real life experience.
My buyer (let's call her Mrs. Jones), is a first time home buyer.  The Northern Virginia market is loaded with bank owned properties and Mrs. Jones knows that she … (22 comments)

buyers agent: Great Buyer Reactions!! - 02/22/08 04:41 PM
In my three years selling homes, I had never gotten that one buyer that had a reaction I will never forget....that was...until today.
It began with a negotiation that had my buyer and I on the edge of our seats.  An additional offer came in at the last minute, just when we had verbally accepted an offer from the Bank (Bank Owned Property...of course).  Suddenly it was a new playing field.  Start over.  Highest and best offer.  And at zero-dark-thirty last night, "The bank won't except an escalation clause.  We need your absolute best offer."  What a nail biter.
She won the negotiations … (2 comments)

 
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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

Office Phone: (703) 402-0037

Cell Phone: (703) 402-0037

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