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Good evening, my readers I wanted to squeeze in one post before the day was through. You also get a sneak peek of a home that is not even on the market yet. I know I spoil you all. Well I wanted to write tonight about a very important topic when buying a home…. Your escrow money. Now escrow monies are typically put down on a home when an offer is submitted. In addition to the escrow money, usually they will have contingencies such as contingencies for financing, inspection or appraisals. The list could go on and on but the main factor is to keep a very good watch on the contingencies you place within your offer and that you do everything within the appropriate time frames. For instance, family A wants to buy a home from seller B, now Family A puts a $10,000 escrow deposit down because they really want the house. In addition to the escrow monies Family A also puts a 3 day inspection period because they want to show the owner they are ready to move on the home. Well seller B accepts the offer and all is set in motion. Now you need to know that inspections, appraisals and the like become effective on the date the offer is accepted on (for the most part) and the clock starts to tick. Now Family A attempts to get an inspector in but they are all booked (HINT: you should have the inspector and appriser in place before you even have the offer in. It is always better to be over prepared than under). Now the the family thinks they can just extend the inspection period and sure they can happen but they lose track of time and their 3 days are up and Family A says nothing to the seller that they won’t buy the home and so a week later Family A wants to back out of the deal and they want to pull their money out of escrow but its too late, the seller has claimed it because it was assumed that they were going to buy the home since nothing was said and Family A held the property up and took it off the market so the seller has right to the monies and Family A just lost $10,000 and YES, this does happen. Please do not misunderstand my point with this blog, my point is that you need to ask the right questions, know all the details and time frames and work well within them. I would hate for you to lose thousands of dollars because you didn’t understand how the offer may work. As well, there are always different circumstances and conditions so I employ you to speak to a well established and knowledgeable real estate attorney with any questions, comments or concerns.
As always, if we can be of any service or you would like to know more about this topic feel free to email: firstname.lastname@example.org or call/text 954.610.9112.
Happy selling, buying and investing – there is no greater time to do this than now!! -Eddie
Video of new home as promised: http://youtu.be/LAXXQznDRLQ