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Blog entries tagged with "deposit":
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Some people wrongly believe that there is no binding contract unless a deposit is paid when an offer is made. This is untrue. The three main requirements for a contract are offer, acceptance, and consideration. Consideration is something done or promised to be done by a party in return for something … (0 comments)
I receive numerous emails on various topics that I have written with in the past. I try to answer as many as I can personally, but I thought if one person takes the time to write me with a question then I have other readers who have the same or similar … (6 comments)
I recently attended a 3 hr. course offered through my real estate board regarding FINTRAC. The new federal law being implemented to deter identity theft, ant terrorism and money laundering that requires us to get proper identification when acting for either the buyer or seller. In addition to this we must also … (0 comments)
Let's talk about earnest money. Most clients want to know that you are sincere in your attempt to purchase their home. I know there are a lot of people out there who tout buying property with "NO MONEY DOWN" but I am not one of those. If you do not have … (0 comments)
When you are buying a home, there is more than just picking a price. Your offer needs to include all conditions and the terms that you want to have met. Any counter offers need to include this information also.
… (0 comments)
Here is just another example as to why you should always have a real estate attorney review your purchase and sale agreement.A relative of mine walked into an open house with no Realtor. So another Realtor who had just finished showing her clients the place approached him and asked if he … (3 comments)
In the last century, the required down payment for a home purchase changed significantly, decreasing from 50% of the price to 20% to as little as $0. Recently, though, banks have started to ask for more. For most homebuyers, without a special deal through an organization like Nehemiah, 3% investment is … (4 comments)
"Do you have some money to lend me?" "...Let me see.. Tell you what ....let me ask my lawyer... if he says YES then I'll get a new one." We all know the truth. No body wants to give or lend money very easily and with good reason. Often times its for … (0 comments)
It's no secret that the mortgage industry is in trouble... we are hearing about it on a daily basis through our favorite media outlets. 
Common Questions About Down Payment Assistance Programs. 
In Good Faith - What is Earnest Money and What Happens To It?
When a buyer and seller reach agreement on a home sale, the buyer typically puts a small amount of money into a trust account. This up-front deposit is more commonly known as "earnest money".A sales contract's earnest money requirement will vary from contract to contract. It can be as high as … (0 comments)
Equity is the most important thing a home buyer or seller can have. Equity is basically your interests in a property after your obligations are deducted. If you purchased a $100,000 home with 20% down that means your equity is $20,000 dollars. It is a sad commentary in this current real estate market that most … (6 comments)
Current Active listings in Woodbridge (1/10/08) 69Number Sold Last 12 Months 94 (7.8 Sold Per Month)Number Sold Last 6 Months 48 (8.0 Sold Per Month)Number Sold Last 3 Months 23 (7.7) Sold Per Month)Current # of Months Inventory: 9 For a Full report of Woodbridge Connecticut Real Estate Market Report for December … (0 comments)
Tip #1: Ask who is responsible for major repairs. What happens if the A/C breaks, if the refrigerator stops running, or if a hurricane blows out a couple of windows? Make sure there is a provision in the lease stating which repairs you will be responsible for and which the landlord … (0 comments)
Recently, here in Oregon, we had a lady that was finding vacant homes that were for sale and posing as the owner. She was advertising that she was doing lease options and meeting potential buyers at the home. She would collect a large upfront option fee and first months rent and … (14 comments)
In talking with my mortgage lender recently, I found out something interesting...
Good morning folks. When I am not ranting and blowing off steam with silly posts, I try to make a point that will be helpful to someone.
What do you do when a seller decides to make claim to the escrow deposit when you are the listing agent and there is no valid excuse except revenge for cancellation of a contract? What do you do when you are the buyers agent?I recently had a seller make claim when … (6 comments)
OK real estate gurus. Here's a situation you never want to find yourself in. I received an email from a Realtor friend of mine. His client (Seller) found herself at the end of the road called "Dead Deal." It went a little something like this:
When buying a home, would you consider asking the sellers to "hold" their home off the market without offering to give them a deposit? As a seller, would you take your home "off the market" for purchasers who were unwilling to give you a sum of money as a deposit? In … (0 comments)
"That's a lot sooner than I expected," she said as we walked out of the open house towards my car. He nodded and I mentally went back over my notes about their priorities. We hadn't seen that many homes so I wanted to ask a few gentle questions to make sure … (1 comments)
Prospective buyers just left the home you have For Sale. They said they would pay full price which sounded great. But then they asked you to hold the house for them until next month. They didn't offer to give you a deposit to hold the home, either. Do you think you … (1 comments)
The initial deposit a Buyer is willing to make to purchase a home is a good indication of how serious and credible thier intentions are. When lending standards were more lenient, we would usually accept a purchase offer with less than a 3% deposit. In California a 3% deposit is the benchmark … (0 comments)
What is the Buyer's Premium? The buyer's premium is a service charge that is added to the high bid for our public auctions. A 10% Buyer Premium is normal additional to the winning bid. In this regard, buyers pay our fee not the sellers. Sheriff's auctions or foreclosure auctions generally do … (2 comments)
Up Front Costs for Buyers in Lafayette & West Lafayette Indiana http://www.yourrealestatespecialists.com/ 1. Earnest Money -Typically $500 - $1,000 (can be any amount)(Deposit made at time of writing offer, which will be credited back at closing towards closing as per purchase agreement) •2. Inspection Fees - Typically $250 - $400(includes whole house, … (0 comments)
Of the many tools available to a woodworker, one that they really hate to use is the mechanic's lien. I am currently learning the ropes on how it works.When you start a project you truly hope that things will go smoothly. The objective is to provide value to the client that … (1 comments)
I attended a presentation from brokers marketing a new condo with anticipated closings starting March 2007. They are requiring 10% deposit with signing and another 10% in 90 days. No financing contingencies.When asked why they responded "the developer felt less buyers would walk with 20% invested." The lowest priced unit is $735,000. … (3 comments)