What are any options for keeping it for ourselves as we have satisified all remedies found through the home inspections It just doesn't seem fair and is just another insult to injury.

What is the purpose of earnest money? | Yahoo Answers

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What is the purpose of the earnest deposit? Highest rated Recent Oldest. Mary Starkey, Dayton, OH. Sun Jan 20, Sue, most contracts used by Realtors in Ohio have a clause stating the purchase of the home is contingent on financing.

Therefore, the contract implies that the earnest money be returned to the buyer. However, on acceptance of a contract, you may include as a counteroffer that earnest money will be retained by seller if financing falls through. If I was working as a buyer's agent, however,I would not advise my buyers to accept such a contract. Jim WeldenAgent, Greenwood Village, CO. Sat Jan 19, Around here, the new home builders typically require a Buyer to be preapproved with their lender and I am beginning to see more banks require a Buyer to get pre-approved with a specific lender for the properties they are trying to sell so why not implement the same requirement to purchase your home.

Deborah MadeyAgent, Brick, NJ. If your market has more sellers than buyers, than you may lose your buyer to another seller. While the loan officer may not release specific or confidential info, the conversation may strengthen or weaken the merit of the offer. Team ThompsonAgent, Westerville, OH. Wed Apr 27, I think the Agents who have already responded to you have covered this really well. Here's a thought- agree to fix the inspection items found by Buyers, but not before you have received their lender loan commitment assuring you the seller, that short of some act of God or death of the Buyer, your home will close.

Perhaps the good news is now that you have fixed some items already, doubtful they will come up again in another inspection.

Hang in there- I know a lot of Sellers that wish they had a shot a four contracts! I do work Ohio and I know the ins and outs of earnest money. I guage earnest money as simply a degree of seriousness, like Elvis said, highly over rated! It is so easy to get it back in Ohio that I never advise my client that it could be their money if the buyer fails to close the deal.

What disturbs me is that this happened to you 4 times!! Your agent should be on the phone or in front of the banker immediately after you sign the deal.

I always want the mortgage persons name and all the numbers to get a hold of them and I do right away. Have a serious talk to your agent and find out how this is happening to you. Keith SoremAgent, Purpose of earnest money deposit, CA.

The purpose of earnest money make money with spider webs cotton balls for the forex strategy builder import data to show the seller that they are serious.

I do not practice real estate in Ohio, however based on your post it appears that you should consult with your REALTORs BROKER regarding your frustration. Most markets in the US are buyer's markets, meaning there are more homes for sale thatn therer are buyers. Purpose of earnest money deposit, IMHO that does not mean that your Realtor does not forego that requirement that all offers be submitted with a pre-qualification letter by a lender and proof of funds for the down payment.

Each locality has different customs, so some of this may not apply: I personally talk with the Realtor presenting the buyer and try to find out how strong the buyer is.

I explain that once we open escrow, I expect the Realtor to work with me to a successful closing. You do not mention why you have had four buyers back out.

The earnest money is a small fee that in most cases, after a certain number of days, is not refundable. Usually after the buyers have performed a physical inspection, been formally approved for the loan, the home as been appraised for the purchase price, and usually a wood destroying pest inspection.

So if a buyer cancels due to one of the above events, then they receive their deposit back. If the buyer cancels AFTER these contingencies have been removed, then the seller is usually entitled to retain the earnest moneyu. The real key question here is why you would have four accepted offers and four of them back out. Again, discussing your concerns with the Broker is probably a very good idea.

It sounds as though you have some inspection-related issues that are requiring you to spend money and you think because you are trying to sell and are moving out, why should I dump more money into the home? The truth is that most home owners do not invest enough in the maintenance of their homes. This is called "deferred maintenance", meaning that it is maintenance that should have been done, but was postponed. If we all maintained are homes in "showing condition", we would probably enjoy our homes more.

However, reality sets in and most Americans live in homes that have things that, in order to sell, they will need to repair, replace, etc. One of the main reasons people hire a Realtor is to ask them what they need to do to maximize the value of their home.

Many things can be repaired by the seller, usually for a modest fee. However, once a home is in escrow, and a formal inspection has been performed, in order for the work done to be "acceptable" it needs to be completed by a professional, with documentation receipts, permits, etc.

I hope this helps. Can a listing agent in the state of MD not list that they're only accepting cash offers on a home? What is the actual purpose of Earnest Money? I have had no luck with Bank of America, 4 listings, many contracts, the bank is now refusing to input the Appraisal that they had done.

What we had has fallen through.

6 Things To Know About Your Earnest Money Deposit - PenFed Blog

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