article thumbnail

Ask Brian: What Happens When a Home Buyer Backs Out of a Signed Purchase Agreement?

Realty Biz

Because your buyer is saying it is about not taking out a mortgage at today’s interest rate, I’m thinking the earnest money is what you will primarily get from a failed sale of your house. You did get an earnest money deposit, didn’t you? I ended up keeping the earnest money on the very first house that I sold.

article thumbnail

Ready to Sign the Purchase Offer for Your House? Here’s How to Read the Fine Print

HomeLight

An offer to purchase real estate, also called a real estate purchase contract or a residential purchase agreement, is a legal agreement that identifies the seller(s) and the buyer(s), but it stipulates much more than just the final price. Here’s a sample form , but these documents can vary depending on the type of property and where you live.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Should I Waive a Home Inspection? Why Buyers Are Willing To Right Now

Realtor.com

A home inspection “is a few hundred dollars for your peace of mind,” says Jean Rosalia , a residential and commercial real estate agent based in Virginia Beach, VA. You might have to forfeit the earnest money deposit you’ve put down with your offer, but not necessarily if you’ve worded your contract right.

article thumbnail

Fighting Against Real Estate Fraud

The Residential Specialist

Agents must stay vigilant as fraud and scams become more prevalent in the residential real estate profession By Jason Henninger Anywhere there are financial transactions, the threat of fraud comes with them. She also personally experienced an attempt to pull a bait-and-switch with deposits.

article thumbnail

How Do I Cancel a Home Purchase Offer? Cold Feet

Realty Biz

Your question is very timely as the residential market is transitioning away from being a seller’s market to being a more balanced market. I’m almost certain that your biggest concern is about what will happen with your earnest money if you back out of the deal. What do you think? Answer: Hello Gianna. Please leave a comment.

article thumbnail

Helping Clients Buy a Home Before They Sell

The Residential Specialist

Handlovitch also has the advantage of working with a property management company, so he is also able to offer residential units to accommodate either Alex or Blanca during the transition period. “We Is there a way to put down more— a higher, nonrefundable, earnest money deposit?

article thumbnail

Earnnest Appoints Russell Smith as General Manager of Earnnest Enterprise

RIS Media

. “Leading Earnnest Enterprise is an unprecedented opportunity to universally digitize all payments for residential real estate,” said Smith. “Our goal is to be the one digital payment solution for the built world, beginning with residential real estate in the United States.”