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 technical areas of real estate. Should you still have questions you will know what questions to ask when seeking professional advice.
Click on the link below for this article.
If you live in the Grand Rapids or the West Michigan area, are not under contract and would like to sell or buy a home....give me a call. It could save you thousands! FlexIt Realty designs selling and buying programs to meet our clients' needs. Your call is always confidential and you are never pressured.
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Call Toll Free: 877-667-4699 Local: 616-784-2360 Email: garywhite@FlexItRealty.com