earnest money: How to Determine How Much Earnest Money to Put Down - 08/16/19 03:28 PM
Determining how MUCH Earnest Money to put down when making an initial offer is VERY IMPORTANT!
The amount of Earnest Money you include with your offer is highly important. It sets the stage for negotiations and the strength of your offer. The amount you choose to put up as Earnest Money has both advantages and disadvantages, protections and exposure.
If you were working with the Seller's Agent (the agent who listed the home that you are offering to buy), they would likely try to get you to put down a very large sum of money. This might be because if you were to … (0 comments)

earnest money: Earnest Money Protects BOTH Buyers and Sellers - 08/12/19 02:30 PM
Most people think of Earnest Money only as a protection for the Seller.
Maybe a Buyer gets cold feet. Or perhaps, a Buyer ties up the property, but is ultimately unable to perform after all contingencies have passed. In these cases, the Earnest Money is widely considered to be a fair amount to pay the Seller back for the lost time on the market or other expenses and inconveniences.
However, in Utah, the Earnest Money Deposit is protection to the Buyer as well!
In Utah, Section 16 of the standard Real Estate Purchase Contract states that if the Seller defaults, in addition to return … (0 comments)

earnest money: What You Need to Know About Earnest Money - 08/06/19 12:39 PM
Once Homebuyer Representation has shown you all the available homes on the market that fit your budget and match your criteria and you have decided on the one you want to make an offer on, it's time to get serious!
In Utah, in order for your offer to be valid it is required to be backed by what is termed "good and valuable consideration."
In most cases, this means that your offer must be backed by a monetary deposit, called Earnest Money. The larger your earnest money, the stronger your offer. When the transaction comes to a successful close, your earnest money deposit is … (0 comments)

earnest money: How is Earnest Money Applied at Closing? - 04/08/09 04:35 AM
Earnest Money is applied as a credit to you at Settlement.
The settlement sheet is basically a balance sheet. The money you owe is on the top of your side (purchase price, closing costs, your portion of property taxes, etc.) All the money paid on your behalf (loan proceeds, earnest money, the seller's portion of property taxes, etc.) is on the bottom of your side and is a credit to you. The difference between what you owe and what you have paid (including the Earnest Money) is what you have to bring in to closing (or what is refunded to you … (0 comments)

earnest money: Does Your Offer Have a Financing Contingency? - 05/17/07 03:56 AM
In Utah, THE FINANCING CONTINGENCY in an offer is a protection to the Buyer if their financing falls through.
It allows the Buyer to cancel the contract without forfeiting their Earnest Money. If not included in the offer, and the Buyer's financing falls through, the Seller can either cancel the contract and retain the Earnest Money deposit as liquidated damages, or return the Earnest Money and sue the Buyer for not performing thier duties of the contract. They can also pursue other legal remedies, if available and if they have chosen not to retain the Earnest Money as liquidated damages.
If the financing … (0 comments)

earnest money: How Earnest Money Protects the Buyer - 05/17/07 03:30 AM
Most people think of Earnest Money only as a protection for the Seller.
In some cases a Buyer gets cold feet. Other times, a Buyer ties up the property and is ultimately unable to perform after all contingencies have passed. The Earnest Money is widely considered to be a fair sum, to pay the Seller back for lost time on the market or other inconvenience.
What many Buyers do not know, however, is that: In Utah, the Earnest Money Deposit is also a protection to the Buyer.
In Utah, Section 16 of the standard Real Estate Purchase Contract states: "If Seller defaults, in addition to … (1 comments)

earnest money: Determining How Much Earnest Money to Put Down - 05/14/07 08:23 PM
Let's Talk More about Earnest Money...
DETERMINING HOW MUCH EARNEST MONEY TO PUT DOWN when making an initial offer. (Very Important)
The amount of Earnest Money you include with your offer is important because it can create advantages or disadvantages in setting the stage for successful negotiations.
If you were working with the Seller's Agent, they would likely try and get you to put down a very large sum of money. Then, if you were to default on the contract, the Seller could cancel the contract, keep your Earnest Money, and leave you without a home and less money to make an offer on … (4 comments)

earnest money: What is Earnest Money? - 05/14/07 06:29 AM
You have seen the available homes on the market that fit your budget and match your criteria and have decided on the one you want to make an offer on. GREAT!
In Utah, in order for your offer to be valid it is required to be backed by "good and valuable consideration."
In almost every case, this really means that the offer must be backed by a monetary deposit, called Earnest Money. The larger your earnest money, the stronger your offer, but if you breach the terms of the contract, you can lose your earnest money to the Seller. If the transaction comes to … (1 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

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Homebuyer Representation, Inc.

Address: PO Box 701481, SLC, UT, 84170-1481

Office: (801) 969-8989

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