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Home Buying in Shorewood : Real Estate Advice

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  • Home Buying4
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Activity 4
Sun Jun 1, 2014
Dan Tabit answered:
Sorry for the none responsive spam below.
Your earnest money check is like a security deposit that says you'll hold up your end of the contract or the seller can keep the money. Now, the goal is not to lose the money and the best way to protect yourself from having this happen is to use a great agent and pay attention to the time lines of your contract. you'll likely have an inspection or due diligence time frame to make sure the house, area, HOA are all acceptable. Once you waive your contingencies, your earnest money will be at risk.
Earnest money is typically held in a trust account by the Realtor's office or an Escrow company. There are strict rules that must be followed by whoever holds it and how and when it can be released.
If you complete the purchase, it's applied to your down payment or closing costs. If your rescind your deal, the seller "may" try to claim some, but if you are legitimately allowed to get out of the deal they can't. If the push it, there will be a process to resolve the issue.
Talk to your agent for the best, most local answer.
... more
1 vote 1 answer Share Flag
Fri Aug 16, 2013
Andrea Gomez answered:
Yes you can get approved with a 600! You probably don't need to get your scores up anymore. There are a few Lenders that can do a 600 mid score home loan. They just aren't always easy to find and some try to over charge you on the rate and fee's. I have had a lot of my clients with 580-600 scores approved for a home loan with The Lenders Network, not bad rates either. ... more
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Sun Jul 1, 2012
Phil Rotondo answered:
Can you be more specific?
Address or MLS # would help.
0 votes 1 answer Share Flag
Tue Aug 19, 2008
Scott Godzyk answered:
The answers before hit it right on the head, the listing agent always holds the escrow deposit. It can be applied as down payment or closing costs at the closing, the closing company can indeed refund you any overage that you paid. If you only needed to pay $700 and you paid $1000 you would get back $300. It is your money afterall. It is not the same as say the seller crediting you an extra $1000 and you getting a $2000 check at closing. Good luck with your purchase. ... more
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