Earnest Money Escrow For Edwardsville Homes For Sale

 

ear-nest

1. serious and intense; not joking or playful; zealous and sincere.
2. not petty or trivial; important.
3. money given as a part payment and pledge in binding a bargain: in full earnest money.
4. something given or done as an indication or assurance of what is to come; token.

Q: When do I submit my Earnest Money check?
A: When You submit your first offer...

Q: What happens to my money if the seller rejects my offer?
A: You receive your un-cashed check back...

Q: What happens if the seller accepts my offer?
A: Per state law, the broker must deposit the funds within 24 hrs...

Q: Where is it deposited?
A: In a non-interest-bearing account...

Q: Do I write the check directly to the seller or agent?
A: Never to the seller or an agent, but to a Brokerage Firm or Title Co...

Q: How much Earnest Money should I offer?
A: Usually $1,000...

Q: Can I give cash as Earnest Money?
A: Yes, but please don't. Certified or Personal check is best.

Q: What happens to my Earnest Money, who gets to keep it?
A: You will get credit for the amount at closing, against the purchase price...

Q: What happens if I am not able to get a loan?
A: If you used the right contract, you get the Earnest Money back...

Q: What happens if the house does not appraise to value?
A: If you used the right contract, you get the Earnest Money back...

Q: What happens if the house does not pass my inspections?
A: If you used the right contract, you get the Earnest Money back...

Q: What happens if I "Just Change My Mind" and not buy the house?
A: It is very possible you would lose your Earnest Money...

Q: If the deal falls apart, can my agent get me my Earnest Money back?
A: No.

Q: If the deal falls apart, can my Lender get me my Earnest Money back?
A: No.

Q: What happens to my Earnest Money if the Seller will not release it?
A: It will remain in the Escrow account... Then go to the Illinois Treasurer’s Office, Division of Unclaimed Property.

Q: What Happens if the deal falls apart, I can legally get out of the contract and the seller refuses to release to me my Earnest Money back?
A: You go tell a County Judge about it, then he decides...

Q: I tried to buy a For-Sale-By-Owner, the sellers never refunded
my Earnest Money, sold it to someone else, and then moved to
the State of Texas. What do I do?

A: Never write your check directly to the seller or private party, but always
to a third party...

Q: We thought it was OK to give $5,000 to the Builder. But when we
noticed that the house was defective and wanted out-of-the-deal,
the builder kept our 5 grand... What did we do wrong?

A: Builders are For-Sale-By-Owners... you have no third party.
Never give a private party your Earnest Money. Never sign the
builders contract, it's usually in the builders favor... Could be, There
is no clause addressing who gets the Earnest Money if the
transaction turns out bad... in fact they like to protect themselves
with a non-refundable clause.
Use a contract prepared by a licensed Broker.

information is authors opinion only & not intended to be advise.

Submitting An Offer On Edwardsville Real Estate

Before Submitting An Offer To Purchase An Edwardsville Home For Sale...

An offer to purchase real estate in Edwardsville consists of much more than
throwing a number on the table. There are several components that make up a solid and successful contract that will not only protect you during the pending status, but will make the transaction go smooth
until & after the closing date.
Read More>>

 


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