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Real Estate Tips
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.

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Real Estate Trivia
Q 
What Oscar-winning 1999 Best Picture about two neighboring American families was filmed in the interior of two actual homes located 12 miles apart?
A 
"American Beauty," starring Kevin Spacey and Annette Bening.
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The Home Source Team, REALTOR®, real estate agents and broker for Lynnwood, Everett and Marysville, Washington home listings, property and land for sale - NUMBER1EXPERT(tm)

The Home Source Team
Keller Williams Realty Everett
500 SE Everett Mall Way B200
Everett, WA 98208
Phone/Fax: 425-238-5081
RoyChambers@NUMBER1EXPERT.com

Providing expertise and experience that inspires our clients to share our services with their friends, family members and colleagues.

CRS Equal Housing REALTOR


Keller Williams Realty Everett

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