earnest deposit disputes: Earnest Deposit, what is it? who gets it? - 06/20/09 07:23 AM
Most times people are asked to place a deposit along with the offer to purchase.  Also known as the purchase agreement.
This deposit is know as the earnest deposit.  In Michigan we place earnest deposits into escrow accounts which are governed by state law.
I have an article on my website that explains the process of the earnest deposit and goes into more detail.
The more you know about the real estate process the better the decision you can make when you decide to purchase or sell.
The series of articles on my website can help you sort through many of the … (4 comments)

earnest deposit disputes: Hey! That's my earest deposit! Maybe! - 09/19/07 02:10 PM
 
  One of the most contested issues that can cause tempers to flair is a dispute over earnest deposits.  You want a migraine....deal with two sides that both think they have been had!
The contract outlines how the earnest deposit can be retained and relinquished if the buyer does not follow the contract.  Yet many buyers are surprised when the seller says.....I want the earnest deposit. 
How does this happen? 
Simply not understanding the contract.Not having representation that can guide you through the contract.Poor representation.Disregard for the contract, thinking the seller would not claim the deposit.Contract language that requires forgiture of the earnest … (2 comments)

 
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375, Real Estate Services You can Trust! (Flexit Realty "Flexible Home Selling Solutions")

Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375

Real Estate Services You can Trust!

Grand Rapids, MI

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Flexit Realty "Flexible Home Selling Solutions"

Address: Grand Rapids, MI, 49544

Office: 616-214-2388

Mobile: 616-821-9375

Grand Rapids Real Estate & West Michigan real estate markets, trends and issues discussed. Technical and personal thoughts pertaining to buying and selling real estate. How-to information, view 1000's of active listings. Go to our website for over 30 Free Reports that could save you thousands. For immediate service... Call: 616-784-2360 or Email: GaryWhite@FlexitRealty.com Flexit Realty® offers "Flexible Real Estate Home Selling Options"


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