Home : Blogs : Marlene Scheffer, Realtor to Kitsap County, WA : Kitsap Homes

"Well, I don't have to, but..."

Apparently, there is a checklist at many of the larger brokerages in Washington State for agents to follow during a transaction. These checklists are inaccurate, and if brokers and agents were paying attention, they might realize this.

Lately, agents have been asking me for a copy of the earnest money check when I represent the Buyer. Today, I had an agent get very huffy with me when I explained that since Mutual Acceptance was Friday, I actually had two business days to collect the earnest money check. Therefore, our deadline for collecting it was actually tomorrow. I also told her that I would have to get the Buyers' permission before releasing that to her. As I was asking her if there was anything else she needed, she actually hung up on me.

Nice, real professional. No wonder our profession in general has such a great reputation! But we'll save that for another blog post.

I can certainly understand why a copy of the earnest money check would be useful. Whenever I am the Seller's Agent, I write into the contract that the Buyer will provide a copy of the earnest money check within 24 hours of mutual acceptance.

BUT! Unless you write it into the contract, there is no requirement in the NWMLS forms that the Seller receive a copy of the earnest money check. If the Buyer is not required to do it, then I have to ask permission before releasing a copy of the check to the Sellers.

Frankly, some Buyers will not want their personal information released to the world. There is such a thing as fraud and theft in the world.

So, Washington State agents, if your office wants a copy of the earnest money check, you better explain this to your Sellers, and get it written into the contract. I usually try very hard to cooperate with other agents, but I don't have to.

And please, don't get huffy with me because you haven't read the contracts you are having your clients sign, and you are not properly doing your job!

Posted by Marlene Scheffer, Realtor to Kitsap County, WA on 05/19/2008 10:58 PM

Comments (7)

earnest money, real estate, bremerton, kitsap, kitsap county, realty station

Post is included in group: Life on the Kitsap Peninsula WA
Post is included in group: Washington's Wet News
Post is included in group: Almost Anything Goes
Post is included in group: Puget Sound - WA Real Estate

7 Comments on "Well, I don't have to, but..."

In our market, it is typical for a copy of the EM check to accompany the offer. I have always thought it was a silly tradition since the Buyer's home address, phone number, and occassionaly their drivers license number are all on the check. But who am I to ruffle feathers? :)

It's amazing how different training between brokerages within the same market can vary so much.

05/19/2008 11:11 PM

by Anthony Clark (AMA Real Estate Group, Inc.)

It's a bit different in California. The contract is an offer AND receipt for deposit. No grace period to get the deposit.

05/20/2008 12:29 AM

by Joe Virnig, "No Ordinary Joe" (RE/MAX Gold Coast REALTORS, Ventura County, California)

Good post Marlene, Never send a copy(fax or e-mail) unless you blank out the banks routing info, etc. And yes there are many agents that really haven't studied the contracts that are the life blood of this business. Makes you wonder sometimes just what are they teaching in all those in-house classes.

05/20/2008 12:30 AM

by Kim Harris-Broker/Owner/Sound Realty (Sound Realty)

Now that I am out of a bigger local brokerage, I do get a lot of these issues and it is so amazing how many times I have had to teach another agent about the contract. I actually enjoy teaching newer agents so that is fun, but when it is an older agent who is just operating how they want to it does get a little difficult. Hang in there - that agent should be thanking their lucky stars that you brought them a buyer when your buyer had so much to choose from.

05/20/2008 08:53 AM

by Courtney Cooper, Owner/Broker, Realtor- Seattle Real Estate (Cooper Jacobs Real Estate Services )

Not all of us have been in real estate since we were in diapers... BTW, it was nice meeting the family yesterday.

Good point, there are a lot of agents that don't actually read the contracts... or understand them.

05/20/2008 08:26 PM

by Lane Bailey - REALTOR & Car Guy (Diamond Dwellings Realty)

Marlene, like Anthony the tradition here is for a copy of the check to be included with the Offer. However, we are not copying the account and routing info on the bottom of the check, to help deter ID Theft. It is making sense to me as a selling agent to fill out the NWMLS FORM 89, Earnest Money Receipt and use this form in lieu of a copy of a check or Promissory Note.

John

06/05/2008 03:47 PM

by Alexander ∞ Slocum Real Estate Team - Vancouver WA Homes (RE/MAX equity group, inc. - Vancouver)

Certainly showing what she is going to be like to deal with through the transaction early isn't she! (GOOD LUCK)

06/30/2008 12:17 AM

by Todd Clark (Realtor), GRI (Washington Co, Beaverton Oregon) (Kastings & Associates, Beaverton Oregon Real Estate)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?