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It's not about not seeing another title search. The one title company isn't going to call the other and ask if earnest money was released. Earnest money is not a requirement in Texas so it's not a call they need to make. They can assume everything has been released on the other side as they will be holding an executed contract.
Not necessary, we offered the house for 285K and the seller wanted the deposit for 10K to prove that we're serious and potential buyer.
Thats your decision. I do think buyers can be goaded into "proving" their sincerity and ability to purchase. A good seller and LA will use this to their advantage and demand things (like 10k on a 285k house). There is a fine line b/t a buyer demonstrating sincerity and caving in negotiations to prove ones worth. If the seller asked for listing price to prove that you are serious, would you do it?
A savy BA (or buyer) can effectively present their buyer as "willing and able" and negotiate to minimize their buyers liability, this includes #EM.
thank you for all who have help with some answer/opinions..
My lawyer is really firm about using ONLY denial from Bank Of America, he already forward the denial to the seller but they refused to accept it. Because they said they gave us an extension mainly because we were going with another bank, but it is not written on the extension letter. Many times my lawyer emails the seller broker firmly stating that per our contract we are under no legal obligation to apply for mortgage with another bank however with our own diligent efforts we tried to apply for another bank, It's clearly written on the PS that Bank of America is the ONLY under the Mortgage contingency.
give them the denial letter from the second bank...if you get one. If you dont' get one, then you're stuck. You made the bank change request and sellers accomodated you. You have to comply w/your change. It's pretty simple.
Koale
Shouldn't the escrow company be the one's who hold the 20k, and also the one's deciding what happens to it in accordance with the RE Agreement????
Whoever holds the escrow does not usually make the decisions on who gets the escrow. If there is a dispute b/t buyer and seller, they need a judgement before they can disperse.
Shouldn't the escrow company be the one's who hold the 20k, and also the one's deciding what happens to it in accordance with the RE Agreement????
The escrow agent doesn't decide anything. The escrow agent does what they're told to do. Those orders either come via mutual agreement between the parties involved in the transaction or via a judgement from the court or an arbitrator depending upon what the contract that governs the transaction requires.
Quote:
Originally Posted by RE Skeptic
Thats your decision. I do think buyers can be goaded into "proving" their sincerity and ability to purchase. A good seller and LA will use this to their advantage and demand things (like 10k on a 285k house). There is a fine line b/t a buyer demonstrating sincerity and caving in negotiations to prove ones worth. If the seller asked for listing price to prove that you are serious, would you do it?
A savy BA (or buyer) can effectively present their buyer as "willing and able" and negotiate to minimize their buyers liability, this includes #EM.
Please enlighten us as to how one might prove their dedication to buying a property without putting some "skin in the game." I would love to hear your ideas on a non-monetary commitment.
Whoever holds the escrow does not usually make the decisions on who gets the escrow. If there is a dispute b/t buyer and seller, they need a judgement before they can disperse.
Thanks for the clarification, I know next to nothing about RE.
I guess the Seller got the 20k because a judge or some other legal authority ruled that way??
Or maybe the buyer gave the seller the 20k directly.
give them the denial letter from the second bank...if you get one. If you dont' get one, then you're stuck. You made the bank change request and sellers accomodated you. You have to comply w/your change. It's pretty simple.
Koale
There is nothing in writing saying they applied at a second bank, so I don't know how they would be required to produce this.
Thats your decision. I do think buyers can be goaded into "proving" their sincerity and ability to purchase. A good seller and LA will use this to their advantage and demand things (like 10k on a 285k house). There is a fine line b/t a buyer demonstrating sincerity and caving in negotiations to prove ones worth. If the seller asked for listing price to prove that you are serious, would you do it?
A savy BA (or buyer) can effectively present their buyer as "willing and able" and negotiate to minimize their buyers liability, this includes #EM.
Quote:
Originally Posted by MikePRU
Please enlighten us as to how one might prove their dedication to buying a property without putting some "skin in the game." I would love to hear your ideas on a non-monetary commitment.
Where did I ever a mention a “non monetary commitment”?
I have repeatedly emphasized the importance of immediate “monetary” deposits to keep the buyers “skin in the game” in numerous discussions on this forum. In fact you have participated in many of these discussions.
To reiterate, I think BAs should minimize their buyers “liability” in EM and listing agents should try to maximize it for their sellers. Do you disagree?
Ironically, you are the one who questioned the importance of EM (see below).
Quote:
Originally Posted by RE Skeptic
The whole concept of deposit monies is to get the buyers skin in the game and tighten up the outs for the buyer. According to your argument, why even get a deposit at the time the contract is signed?
To which you replied...
Quote:
Originally Posted by MikePRU
Many states don't have an option fee. In these cases, what's the difference if the EM is paid via personal check? If a buyer is going to walk it's better they do it right away.
You seem to be perpetuating a circular argument.
Is there any way to hit a button so I can ignore trolls?
Let's just face the facts that nobody on this forum is qualified to offer a definitive answer to the OP's question. Only a Real Estate attorney would be qualified. We can all offer opinions and agree or disagree but it ultimately will not help the OP.
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geez...
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