Common Questions Concerning Real Estate Deposits

By
Real Estate Broker/Owner with Bayou Properties Realty
http://actvra.in/zvy

Doug Rogers Bayou Properties Realty

 The ink on the contract to purchase is not even dry and already that agent is asking for money! Something about good faith money for this man named "Ernest"? Let's look at some common questions concerning your Louisiana home deposit.

1) I thought we had 100% no money financing, what are you trying to pull?-- The deposit demonstrates two things two the seller A) that you are serious and B) you are not broke. An affirmative response to both is needed for a smooth transaction.

2) Where will my money go? Are those new rims on your Jeep?-- Your money will go in a real estate broker's escrow account until closing. The money is held in a separate account from the company's business fund. The broker who uses escrow funds to upgrade his Jeep may soon end up making license plates for the state...

3) This home has more issues than Judy Garland, I suppose the deposit money is lost--Not so fast there mr buyer. As long as you are within the inspection period (and your agent did not amend the contract), buyers typically get the deposit money back IF they follow the contract procedures.

4) The only thing hotter than the weather is this check-- When will the other broker deposit this check? Generally we do not deposit until terms are agreed to. But beware, they can deposit the check at any time. Make sure funds are available BEFORE signing your name. Need to wait until payday? Let me know. There is a chance the seller will agree.

 At closing the buyer will get credit for the deposit amount. For clients using 100% financing, they typically get a portion of the deposit back in the form of a check.

 Need help with your home purchase? Call Doug Rogers with Bayou Properties Realty today (318) 613-1994

Doug Rogers Bayou Properties Realty

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Searching for a Top real estate agent in Alexandria Louisiana? Need help selling your Pineville, Louisiana home? Either way call Doug today!

Doug Rogers

Broker/Owner

Bayou Properties Realty

 

Bayou Properties Realty

301 Jackson Street, Suite 201

Alexandria La 71301

(318) 613-1994

 Equal opportunity housing. Doug Rogers is a licensed real estate broker in Louisiana

 

 

 

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Topic:
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Rainmaker
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Bill Cobb
Greater Baton Rouge's Home Appraiser
Accurate Valuations Group, LLC

Thank you so much for sharing this, Doug!  I shared on multiple sources and suggested. 

April 30, 2012 07:34 AM
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Doug Rogers
Your Pineville Louisiana Agent
Bayou Properties Realty

Thanks Bill!

April 30, 2012 07:44 AM
Rainmaker
776,333
Richard Weeks
Realtor, Associate Broker - Manager Business Development
Waller Group

Great information, thanks for sharing.  We like to use Title companies to handle the earnest money.  Very few brokers maintain an escrow account in Texas.

May 08, 2012 08:48 AM
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Doug Rogers

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