Home Buying in San Mateo>Question Details

Christine Du…, Real Estate Pro in San Mateo, CA

What happens to the buyer's "earnest money deposit"?

Asked by Christine Duncan, San Mateo, CA Fri Mar 25, 2011

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I have asked open ended (obvious) questions on these threads as an educational conversation for buyers.

It's so easy to act superior and critical on these threads, sadly, when you do that you come off as pathetic.

Yeah, I'm sure you will come back and make nasty remarks about me. Bring it.

I know this agent. She is a professional and is a good person. The fact that she didn't just delete this thread, speaks volumes of her character. When you relish the act of humiliating someone openly, it shows everyone you lack of self worth and respect.
1 vote Thank Flag Link Mon Mar 28, 2011
It is held by the Broker until escrow is open then it goes to the Title company.
1 vote Thank Flag Link Mon Mar 28, 2011
I'd be inclined to give her the benefit of the doubt. She might be a newbie just seeking advice, not insults or slams, from fellow "Professionals". Perhaps her question is incomplete but once again if she's a Freshman RE agent she may not know how to posture or frame that question yet. That doesn't mean that we should embarrass her or make her feel bad for even asking a question.

We should encourage not discourage questions from anyone be they professionals new to the game or people outside the RE community looking for sound, logical and reliable information.
1 vote Thank Flag Link Mon Mar 28, 2011
You'e absolutely right John. Some tones sound pretty harsh if not down right curt. I thought this forum was intended to help and support not criticize and demean. It's one thing to offer up a direct and concise answer but when you start coming on with pompous rhetoric that's where I draw the line.

I sometimes think that some answers are rushed and not well thought out just so contributors can rack up points. I would rather take time on the questions I answer and go for a more qualitative as opposed to quantitative answer. I often research and follow up with links that will provide guidance and solutions to questions.

Folks are seeking Trulia out because it's an online go to venue for folks with legitimate questions or contributions to share. I do think Trulia members should always act professionally and respectfully at all times.
1 vote Thank Flag Link Mon Mar 28, 2011
I would respectfully disagree with John that the group is being overly harsh. The question is being tendered by someone who is supposed to be an agent, and the question isn't even complete.

However, I will agree that many people post here simply to rack up numbers and don't really offer a lot.
0 votes Thank Flag Link Mon Mar 28, 2011
Wow, Christine! You are dealing with a pretty tough crowd here.
0 votes Thank Flag Link Sun Mar 27, 2011
This seems like a rather odd question coming from an agent. There must be something more to this question--perhaps a particular situation that has come up or? Anyway, the earnest money deposit typically is used toward the down payment.
0 votes Thank Flag Link Sat Mar 26, 2011
Are you an Agent asking this question, if so have you closed a transaction?
0 votes Thank Flag Link Sat Mar 26, 2011
According to the terms of the contract it will be used for the buyer as either part of the down payment or toward closing costs.
0 votes Thank Flag Link Fri Mar 25, 2011
Presumably there is more to that question, but since you are supposed to be an agent why aren't you asking your broker?
0 votes Thank Flag Link Fri Mar 25, 2011
That's a pretty open ended question. Depends on the buyer's exit strategy for the most part i.e. cancel before due diligence, contingencies didn't muster up to expectations? Buyer should get deposit back. Buyer walks all the way up to the alter then abandons the bride for no apparent reason? Good luck. Give me something to sink my teeth into.
0 votes Thank Flag Link Fri Mar 25, 2011
Are you really asking this? Or is there more to the question?
0 votes Thank Flag Link Fri Mar 25, 2011
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