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Create a Jewel Box of a Powder Room with Venetian Plasters
Oh yes, it's the tiniest room in our home - and the one that all
our guests see, eventually. It holds such potential allure and
such realized dread. We want that critical bit of real estate to
make a good impression, we want it to be original, we...
Real Estate Marketing -- Postcard Ideas For Agents
Postcards can enhance your real estate marketing program by generating a response from prospects. But if you don't differentiate your postcards in some way, you're limiting the response you might otherwise enjoy.
Fortunately, one of the best ways...
Real Estate Terms – From Easements To Good Title
When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with “easements.”
1) Easement – permission given to (or acquired...
The Coolest Property Investment Opportunity In France
What are the signs of a good property investment opportunity? A unique location perhaps…good rental potential definitely…a 24/7 property management service that is professional yet not overpriced - absolutely! All of these elements come together at...
The Ultimate Short Sale Secret
Buying foreclosures can be extremely profitable for real estate investors. However, most of these homeowners are mortgaged to the hilt. They have no equity, and big loan payments. In fact, many actually owe more than the property is worth!
Most...
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Good Faith Deposit – Real Estate Transactions
In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest.
Good Faith Deposit
If you are selling your home, condominium or other real estate, you should always require a buyer to make a good faith deposit. The good faith deposit simply establishes that the buyer is serious and, to some extent, has the financial capacity to follow through on the purchase.
The amount of the good faith deposit is dependent upon the agreed sale price of the real estate. Although percentages vary from state to state, a cash deposit equal to three percent of the sales price is typical. For instance, the deposit would be $9,000 for home selling at a price of $300,000. As with most transactions, this percentage is negotiable. I don’t recommend that you accept anything less than two percent.
Once the buyer and seller agree to the amount of the good faith deposit, you have to figure out what to do with the deposit. Importantly, the seller should not hold the deposit as doing so could make the buyer very uncomfortable. Instead, the money should be deposited with a third party and held “in trust.” Potential third parties include escrow and title insurance companies as well as an attorney if your state requires their involvement.
A good faith deposit acts like an insurance
option for a seller. Moving through escrow can take 30 to 60 days, during which the property is off the market. The good faith deposit essentially compensates the seller for this time in the event the buyer is unable to follow through on the purchase of the property.
Depending on the laws in your state, a buyer who can’t close will lose the deposit. Typically, the only exception to this is when the seller allows language indicating the deposit will be returned if the buyer can’t get a home loan. Of course, including such language can open the seller up to repeated frustration when bad credit buyers repeatedly fail to get funding.
Good faith deposits are a fundamental part of a real estate transaction. Buyers should expect to pay them and sellers should demand them.
About the Author: Raynor James is with http://www.fsboamerica.org - FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to sell your home yourself with a free 1 month listing.
Source: www.isnare.com
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