Comments on: What is a Good Faith Deposit, and Why Do I Need One?

By: Clearwater Florida Homes

Clearwater Florida Homes — Tue, 04 Dec 2007 15:24:51 +0000

Sandi – this is helpful information especially if Chico homebuyers haven’t bought a home in recent history.

By: Bob Carney

Bob Carney — Sat, 01 Dec 2007 13:15:36 +0000

Very informative…and well explained. Similiar to what we do here in Maryland. The selling broker usually holds escrow here and the title company accounts for it on the HUD1.

By: Indianapolis Real Estate-Paula Henry

Indianapolis Real Estate-Paula Henry — Thu, 29 Nov 2007 14:57:21 +0000

Sandi – Very informative post about the earnest deposit. I was recently reminded buyers do not always know and education is important. Educated buyers make good decisions. I’m sure Chico home buyers appreciate your knowledge and ability to explain the details.

By: Karl Burger

Karl Burger — Thu, 29 Nov 2007 03:19:20 +0000

Sandi – Glad to see you are posting on this topic also for your Chico real estate clients. I recently posted about this same topic because I was always taking for granted that my buyers understood the good faith money concept. Boy was I wrong. I’m glad to have a forum to post my information, and glad to see you are helping educate your Chico real estate buyers also. Thanks – Karl

By: Charles Woodall

Charles Woodall — Wed, 28 Nov 2007 02:58:54 +0000

Excellent synopsis of what earnest money is and is supposed to be Sandi. This is the way it is supposed to work in Chico and here in Dothan.

I am sure you are as thorough with the entire real estate contract as you are with the earnest money discussion. Chico home buyers and sellers are lucky to have an agent that is on top of everything.

By: Albuquerque NM Real Estate

Albuquerque NM Real Estate — Tue, 27 Nov 2007 08:32:36 +0000

Sandi – what a great explanation of good faith money. I really do like the way CA handles it. I have seen in my area offers with as little as $1000 on $3000,000 which just doesn’t seem enough to me. But as you say local customs. – Ashley

By: Mary De Luca

Mary De Luca — Tue, 27 Nov 2007 03:59:37 +0000

Sandi-
Earnest money deposit is such an important topic to cover. It’s so hard to get first-time buyers to focus on the mechanics to writing an offer once they find the home of their dreams! If you can get them to read the contract- actually READ it- you have accomplished something.

We don’t have escrow here in Virginia- so maybe- sometime soon – you can explain it to us who are not so blessed.

By: Raleigh Real Estate

Raleigh Real Estate — Tue, 27 Nov 2007 00:54:30 +0000

Sandi – Great article! You should make sure every client has their checkbook with them before you go looking at homes for sale in Chico.

I agree with the strategy of a larger earnest money deposit in a competitive situation. I recently got a client the home of their dreams where we competed against 3 other bids by offering 3% earnest money. The other agent told me afterward that this is what tipped the scales in the favor of my client. The neat part is this strategy doesn’t cost the buyer one penny extra! –Bob

By: Marty Van Diest

Marty Van Diest — Mon, 26 Nov 2007 21:28:33 +0000

The amount of an earnest money deposit seems to be somewhat of a local custom. I like the way it is done in Chico with a larger deposit for a longer escrow.

We have done similar types of arrangements in Wasilla but usually our deposits are smaller.

By: South Charlotte Real Estate

South Charlotte Real Estate — Mon, 26 Nov 2007 13:28:12 +0000

Sandi, I’m glad you are trying to educate the Chico Californian home buyer- especially the first time buyer, on the ins and outs of real estate in Chico. it is so needed, I try and do the same with Charlotte buyers! Terry McDonald