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Success Real Estate in Boston mysteriously shuts down

Housing Wire

The Boston 25 News article quotes a real estate attorney not connected with the firm, Richard Vetstein, a principal of Vetstein Law Group in Framingham, who speculated that the shutdown could be due to embezzlement of escrow funds.

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How Much Money Do I Need to Buy a House?

Redfin

Here are the key expenses: Earnest money deposit Down payment Closing costs Prepaid costs (taxes, insurance, interest) Moving costs Mortgage payments Mortgage insurance (if applicable) HOA fees (if applicable) Well use the median U.S. Earnest money deposit Earnest money is paid after a seller accepts your offer on a house.

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How to Read a Settlement Statement When Selling a Home

HomeLight

What is an excess deposit, and who will receive the funds listed on that line? In short, the excess deposit line represents any funds remaining from the buyer’s earnest money deposit after accounting for real estate agent commission fees. Excess Deposit. Principal Balance ($ amount). Seller Credit.

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How to Buy a House in 15 Steps: The Ultimate Guide

Redfin

A mortgage calculator will estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and PMI. The offer letter will include details like your name, address, the price you want to pay, contingencies, and possibly, your earnest money deposit. What’s an earnest money deposit?

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Down Payment Assistance in Florida: Buying In the Sunshine State

HomeLight

If you’re looking to buy a home in one of Florida’s luxury markets, such as the southern metropolis of Miami, for example, then you’ll likely need a larger deposit. You should include your earnest money deposit amount when you write your offer. Your unpaid principal balance is due in full under these exceptions.

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Get Your Own Slice of the Big Apple: Buying a House in Manhattan

HomeLight

Jean Chou , the principal attorney at JLC & Associates , advises her clients who buy in smaller buildings to schedule their own inspections as part of the homebuying process. A lot of times, it’s not unusual for a homebuyer to submit an offer, and they’re being asked to wire over 10% within a week” for an earnest money deposit.

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What Are Prepaid Costs When Buying a Home, And How Do You Calculate Them?

HomeLight

The escrow account that is opened during the buying process will hold your earnest money deposit and the funds you wire for your down payment and closing costs until it’s time to pay everybody at closing. After closing, your loan servicer will establish a new escrow account, sometimes referred to as an impound account.