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layla983 | When do you put down earnest money? |
My fiance & I are looking to buy a home. We are first time buyers, of course, so we are taking baby steps & trying to figure out what we're doing at the same time. We've looked at several, but are now working with an agent that requires earnest money to even make an offer. He's asking for proof of pre-approval on a loan (have it) & $200 in earnest money, then we can make an offer to the seller & try to make a deal.
My father finds this very inreasonable & says I should just demand to not have to give earnest money. However, everything I've come across says that unless I back out of the deal, I get this money back (like if they pull out of the deal for whatever reason) or if we settle on an offer the earnest money goes towards the payment of the house.
Is earnest money to start making an offer unreasonable? Am I correct in my research that we'll get this $200 back if the sellers back out or refuse our offer? We're in West Virginia if that matters. Thanks.
Additional Details
OK, so from the couple answers I've gotten so far I'm seeing this is a weird request afterall.
This is the actual agent for the house we really like, so avoiding him at this point is almost impossible. If we go ahead & go through with this, because we really love this house, will we get this money back if they do not accept our offer? |
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southern_zen419
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Once you sign a contract to buy the home, everything goes into Escrow. It is best to have the earnest money at the contract signing so it is written into the initial paperwork. If the sellers refuse your first offer, thats ok. If they flat out refuse to sell to you, your money will be given back to you. Make sure your first and/or second offer is reasonable. Don't make your offer untill you have had an inspector come to the home and look it over (unless it is being sold as an 'as-is' fixer upper).
The inspection will give you some negotiating power if something in the house has been found to be in need of repair. That way, you can make an offer which everyone is happy with, or ask for the seller to repair it themselves before the home is sold.
I did kinda give ya some different advice, but as an answer to your question...yes, put in the earnest money. It helps. If the deal falls through, you will get it back. |
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Ann Michelle
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You usually put up the earnest money when drawing up a contract to make an offer, so that the sellers know you are making a serious offer. If the sell is not completed by either parties the earnest money goes back to you. If it does go through the money does go towards the down payment. Good luck with finding a house! |
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hometech02
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that's the answer.. get another agent. we put up 500 when we offered. you can always base it contingent on your fathers approval of the house.. or a home inspector. one thing that i missed when we bought a house was that we always looked at the ads in the paper for a new house and thought we could never do it. If i had to do it again.. the first place i would look would be to a builder (bigger names) they can also work some financing deals. |
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josh m
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I agree with your father. I'm not giving anybody $200 just to start negotiating. Am I the only one who really doesn't like real-estate agents?! Sorry, lost myself for a minute there! |
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Monika Lewinskeeze
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You give a deposit at the time that you make an offer. If the seller doesn't accept, you get your deposit back, or let's just say, you get your uncashed check back. If the seller accepts, the money should go into an escrow account. Some broker realtors have an escrow account, or it may be submitted to a title company, or whoever is going to do your closing, such as a lawyer with an escrow account. That money will count towards the purchase price of the home.
Yes, you get your money back. Don't act like you really like the house. They won't lower they price if they see you are digging the house. Don't go for the asking price...that's all it is, is an asking price. |
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rhsaunders
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Earnest money is not required by law or by custom, but it is pretty standard to tender some, and $200 is cheap. The potential seller is much more likely to consider that your offer is serious if you have some earnest money on the table. The earnest money goes into the realtor's trust account, where it remains until closing or the deal is aborted. If the deal is aborted by the seller, you get it back. If the deal goes through, the money gets paid to the seller either directly or by an escrow agent. Escrow agencies are common in the West, less common in some other parts of the country, where attorneys often do the work. The work consists of organizing all the paperwork, figuring out who gets what (including prorations of utilities and taxes), preparing the closing statements (the US HUD has a standard form for these), collecting the funds from mortgage lenders and buyers [you], distributing funds to the seller and possibly to taxing authorities or others, getting the signatures, and recording the title changes in the public records. When I bought my first house in 1967, I signed my name six times: two checks, the offer, the escrow instructions, the trust deed (notarized), and the loan agreement. Nowadays, six signatures will hardly even get you started; by the time you are done, you will have signed dozens of papers, one of which will say that your signature on all of the other papers is valid. [I am not kidding.] |
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Linda
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I brought my first home 4years ago. I had to put up $1000 earnest at the time I submitted my offer (not before) for my home (a guarantee that I was a seriuos buyer-even after pre-approval). Luckily the house I wanted I loved and got without having to wrestler with the seller & compete with other buyers. The money did go against the actual purchase. I heard horror stories of people loosing their earnest because the deal feel thru. My lawyer and realtor advised me to have it written in the agreement specifics on earnest refund to protect me thought. |
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Martel
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When the contract is accepted. |
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bvpeterson
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You should make your earnest money deposit at the time you submit your offer, with the signed contract. Your realtor is out of line to ask for a deposit before your offer is presented. Get a different agent. |
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sunshine_today
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Who are you giving the $200 to and for what? When I put an offer in, I wrote a check for $1000 that went into escrow as soon as the offer was accepted. $200 is nothing, and it sounds like it is your agent who is wanting that money upfront and that is ridiculous. An agent working on your behalf as a buyers agent gets paid out of the proceeds and you will pay him/her nothing--it is paid by the seller. Don't get ripped off.
Okay, I see your additional comment-- the agent who has listed the house for sale works for the SELLER, not you. Get your own agent and have your own agent negotiate for you. The listing agent has a fiduciary (primary) duty to the SELLER, not you. He is trying for the best deal for the SELLER, not you. You need another outside agent who you ask to be your buyer's agent. That agent will pull comps and make sure all the required inspections and disclosures are in place and it will cost you nothing to have this person. That agent is paid out of the proceeds. The agent you are talking to now does not want you to get another agent because if he represents both you and the seller in the deal, he gets twice the commission--but even at that, he is still duty-bound to act on the SELLER's best interest, not yours. |
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