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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.
Marty Weil RE/MAX Equity Group 9790 SW Nimbus Ave. Beaverton, OR 97008 Phone: 503-680-4868 Email: Marty@MartyWeil.com
“We both feel grateful that we found an agent who was not only skilled and knowledgeable…, but also a genuinely considerate person." Marty Weil (pronounced “while”), a native Oregonian, has been providing exceptional service to real estate Buyers and Sellers in Beaverton, West Portland, Tigard, and the surrounding areas in Oregon for almost 20 years, ranking consistently as one of the highest producing agents in the local industry. In today’s market, having the assistance of a Realtor® with extensive experience is more important than ever.
It is Marty’s integrity, expertise and in-depth knowledge of our local market that enable him to so successfully represent both Buyers and Sellers. Marty’s past clients’ high level of satisfaction bears testimony to the exceptional service he provides. He is committed to helping clients seven days a week and making the home buying or selling experience enjoyable and stress-free.
If you expect exceptional service and the highest integrity from your Realtor®, give Marty a call at 503-680-4868, or send him an email today.
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