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Making An Offer >Keeping Your Earnest Money Safe
When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
All agents are NOT alike! Find out why I am a top Cheyenne Real Estate expert. Call me at: 307-635-0336.
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Connie Webb Century 21 Bell Real Estate 2103 Warren Avenue Cheyenne, WY. 82001 Toll Free: 800-221-5064 Phone: 307-635-0336 Fax: 307-632-6125 Email: Connie@Move2Cheyenne.com
Connie Webb takes a positive approach to life and you can see it in everything she does. From spending time with her family to helping her clients reach their dreams, Connie always has a smile on her face and a winning attitude in her heart.
Connie brings that same positive approach to her career as a leading real estate professional in Laramie County. Her clients can count on her to be there when they need her, to listen closely to their needs and to provide strong guidance and support during the entire real estate process. Connie loves what she does and it shows. Her positive approach to life helps her to make a positive difference in the lives of her clients.
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