Re: That Darn 1000$ Earnest Money ! ! - - Posted by Frank Chin
Posted by Frank Chin on February 10, 2001 at 07:54:29:
Just a quick question from the Seller side.
We recently placed a property for sale - and received two offers - each with $500.00 earnest money check attached. We decided to accept the second offer.
Of course the offer is subject to the Purchaser’s attorney approval plus a few other things. But the $500.00 made the offer look real to me.
Then in the week following - I received calls from frantic brokers who wanted to find out what the offer is - and want to pay MORE. I said NO, the property is in contract, because I gave my word.
The contract process took several weeks due to back and forth changes in the contract. Leaves me to wonder if I got an offer from Mr. Hatmat - put everything on hold for him - then finds out he’s been putting offers on lots of other things - and decides he’ll go for something else.
In the meantime - I would have wasted four to six weeks of my time, and left HOLDING the BAG.
Also, I’m told that these checks are usually held, but not cashed all that often anyway. But at least, for a seller like myself, I know the buyer is not toying with me.
Any good ideas on how to tell if an offer is SERIOUS if all I got is the realtors word that “He’s a nice guy”