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earnest money: Real Estate Mediation - is there ever a winner? - 03/08/11 09:46 PM
Real Estate Mediation - is there ever a winner?
This is my 9th year in real estate, and tomorrow I will attend my first real estate mediation court hearing. In our Oklahoma Real Estate Sales Contract, it is agreed that if there is a dispute of any kind between the Buyer(s) and Seller(s), we will attempt to resolve the dispute through mediation before hiring attorneys.
It's my understanding that I will be unable to speak unless asked a specific question. To prepare for the mediation, I met with my clients to go over a timeline of events and supporting … (14 comments)

earnest money: Components of the real estate offer - what to consider when you receive an offer on your home for sale - 03/04/10 10:23 AM
Components of the real estate offer - what to consider when you receive an offer on your home for sale - When a Seller receives an offer on their home for sale, it’s important to look at all the components of the offer.
The Buyer didn’t offer full price - are you surprised?

Did the Buyer ask you to pay part of their closing costs? How much did they ask you to pay in repairs? Did they ask for a home warranty? Does the Buyer want to close in a time frame suitable to you?
Let’s compare the components of … (9 comments)

earnest money: Components of a real estate offer: what a first-time home buyer needs to know - 02/25/10 08:39 AM
Components of a real estate offer: what a first-time home buyer needs to know
Our first-time home buyer has been pre-qualified with a Lender and has been shopping online and in person with his/her Realtor.

Now you’ve found the perfect house and are ready to make an offer.
The first thing your Realtor will do is prepare a CMA (Comparative Market Analysis) to show comparable properties in the neighborhood and what they have sold for. We study what has been sold in the past six months and use this data to determine a fair market value price. What you decide … (11 comments)

earnest money: Earnest Money and Your Offer on a Real Estate Sales Contract - 12/08/09 08:56 AM
Earnest Money and Your Offer on a Real Estate Sales Contract
While writing an offer on a real estate sales contract yesterday, my Buyers and I contemplated how much earnest money to offer. We are making a fair offer but are also asking the Seller to contribute towards the Buyer’s closing costs. In our market, earnest money amounts are expected to be approximately 1% of the sales price.
Whatever amount a Buyer pays in earnest money is credited towards his required down-payment at the time of closing. So why not write a 2% earnest money check and impress the … (2 comments)

earnest money: Selling Your Home in Tulsa, Oklahoma - Negotiating the Contract: offers and counter-offers - 08/22/09 07:59 AM
Selling Your Home in Tulsa, Oklahoma - Negotiating the Contract: offers and counter-offers - You’ve chosen your Listing Realtor, agreed on a list price and have prepared your home for sale. You’ve received feedback and have finally received your first offer – maybe more.
There are several elements to consider in an offer, so please don’t focus solely on the purchase price offered.
How many Seller “concessions” did the Buyer ask for? Are they asking for closing costs? Are they asking for a residential service agreement or any special type of survey? Your Realtor will prepare a Net-to-Seller with each offer, … (3 comments)

earnest money: Earnest Money – How Much and When Is it Cashed? - 08/16/09 10:51 AM
Earnest Money – How Much and When Is it Cashed? -  If you’re a first-time home buyer and have a lot of questions, please do not feel embarrassed! If we bought homes OFTEN, we wouldn’t have 1st-time buyers!
Probably the question I am most often asked is “How much earnest money is needed, and when is my check cashed?”
I recommend that Buyers write an earnest money check in the amount equal to 1% of the sales price. So, on a $100,000 house, that would be $1,000 earnest money.
The purpose of earnest money is to show the Seller that you … (4 comments)

earnest money: Earnest money - what is its purpose? - 06/23/09 02:09 PM
Several Buyers have asked me lately WHY they have to write an earnest money check when submitting a contract or they question why it is cashed prior to closing.
An earnest money deposit is to show the Buyer's sincerity. Period. Once all the terms of the contract (sales price, repair cap, closing date, etc.) are agreed upon by all parties, the Seller will take his property off the market, the Realtor will discontinue marketing the property and the earnest money is deposited -- usually in the Listing Realtor's escrow account.
Should problems arise with financing or inspection results, the earnest money … (2 comments)

 
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Lori Cain - Midtown Tulsa Real Estate www.tulsahomeforsale.net 918-852-5036

Tulsa, OK

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Chinowth & Cohen Realtors

Address: 1441 E. 41st Street, Tulsa, OK, 74105

Office Phone: (918) 392-9900

Cell Phone: (918) 852-5036

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