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Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	Whose mansion sold for about $2 million after just one day on the market?
A	Soon after the death of George Burns his home was put on the market; the home sold in 24 hours.
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Vickie is the Real Estate Queen of Randolph County
I would highly recommend Vickie Gallimore to anyone in real estate in Randolph County.
Melanie Richey
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Vickie Gallimore, REALTOR®, real estate agent and broker for Asheboro North Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

Vickie Gallimore
RE/MAX Central Realty
231 S. Fayetteville Street
Asheboro, NC. 27203
Office: 336-626-5600
Home: 336-629-7716
Mobile: 336-953-9500
Fax: 336-626-2253
Email: vickiegallimore@NUMBER1EXPERT.com
Vickie is a member of the RE/MAX Hall of Fame and recipient of the Diamond Club Award, a new award recognizing a higher level of production in the RE/MAX network. Vickie and her office both are #1 in the Asheboro market and have held this distinction since 1990. Look for her weekly article in Randolph County's local newspaper, The Courier Tribune.

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