Home Selling in 79998>Question Details

Bill, Home Buyer in 79998

Can a broker on behalf of the seller demand a none refundable deposit of $6000 dollars based on an FHA loan?

Asked by Bill, 79998 Mon Sep 20, 2010

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Scott, just thought I should respond to your response so Bill doesn't get the wrong impression.

Attorney's are not typically involved in Texas residential real estate transactions as they are in some other states. So, while it may be advisable in some circumstances to have an attorney review contracts and closing documents, it is seldom practiced here in Texas and it is not mandatory in any sense.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Mon Sep 20, 2010
Hi Bill. I appreciate all of the answers posted below by agents, but I have the most important question for you:

Why don't you have an attorney representing you in this transaction? You MUST have an attorney review your offer, docs, terms, conditions, time lines, etc. A good real estate attorney costs less than $1000 and will not let anybody take advantage of you!

Go get an attorney.

GOOD LUCK.

Scott Miller, Realty Associates, Boca Raton, FL
0 votes Thank Flag Link Mon Sep 20, 2010
Bill,
Do you have a Realtor representing you?
If so...... You should consider firing them!!!!


Bottom line.... Conventional loans close on time a higher % of the time than Conventional. Although those numbers are getting closer. And the 'old' (think 100 yr old realtor with a glamour shot) thinks that things haven't changed.

If the listing agent is demanding a higher deposit because you are using FHA.... that listing agent is likely as crappy as your buyer's representative.
0 votes Thank Flag Link Mon Sep 20, 2010
Do you mean earnest money deposit? The broker representing the seller is obligated represent the seller's best interest, but not act in his or her place. Certainly the seller or listing broker can ask (or as you state, demand) a large earnest money deposit but you do not have to accept that demand.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Mon Sep 20, 2010
Howdy Bill
Goodness what a question. First of all anybody can demand but YOU have the choice to accept or reject
As a Broker the term nonrefundable throws up flags and fireworks
The only non refundable reason I let my clients enter into would be upgrades done prior to closing and this puts seller at risk if property does not close
So Bill, it pays to have a great REALTOR and I just happen to know where to find one LOL
All joking aside if you have any further questions with this transaction or any real estate questions, I would be more than happy to answer. Just email me or call.

Wishes for God’s best to you and yours in every way each and every day!
Cynthia Ann Morris,
"At Home With Diversity: One America" REALTOR®:
CNE, CRS ,CSP,ePRO, GRI, TAHS,Texas Property Tax Arbitrator
Certified Real Estate Instructor
Sales, Property Management and Investing
First Time Home Buyer Specialist
Short Sales and Foreclosure
WE BUY HOMES
Broker-Owner
Serving you and all of El Paso County..
Phone 915 471 4300
Fax 915 855 4609
email cynthia@EPHomeSearch.com
Website http://www.EPHomeSearch.com
I want to be the only REALTOR ® you will ever need
Web Reference: http://www.EPHomeSearch.com
0 votes Thank Flag Link Mon Sep 20, 2010
The amount and details of any earnest money deposit are negotiable. The standard TREC contract has provisions built into it that allow for the return of earnest money in different situations however provisions that are written into a contract may take precedence over the stard provisions. If you have questions about the specifics of the contract you should consult an attorney as real estate licensees are not allowed to give legal advice. Bottom line, if you don't want to give a non refundable deposit....don't. There are plenty of houses out there.

Good luck
Web Reference: http://elpasosnewhomes.com
0 votes Thank Flag Link Mon Sep 20, 2010
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