Buying Lot.....CASH! - Posted by Wayne-NC

Posted by David Krulac on March 06, 2001 at 16:52:31:

looks good to me. I have also put 100% of the purchase price down as earnest money, its not what the realtors expect that’s for sure, but it does show that you are serious. If the amount is a tremendous amount of money and the settlement is months away, I also say that the deposit “must be put into an interest bearing escrow account with interest accruing to the buyer” (ME)!

Buying Lot…CASH! - Posted by Wayne-NC

Posted by Wayne-NC on March 05, 2001 at 06:33:52:

I acceped a counter offer from a seller to buy a lot for all cash. He wants 13,500. I did something my realtor never saw in his 21 years. To show the seller that we are serious, I am paying the whole amount as earnest money to be held by the real estate office escrow. I told my realtor that I want the clear title with insurance, the deed in my name, and I don’t want to pay a dollar more since I am matching thier counter offer. In essence, I want the seller to cover all the closing costs. The seller will pay his own attorney. I can read the RE statements and have some RE savy but I would like to know if I am missing something. Am I leaving myself open to some risk or liability that I don’t see at this point? Sometimes others will see the obvious where the one involved does not, so the more minds that can offer imput, the better I will be to solve problems. Thanks for any responses.