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SD Realtor
Participantyb –
They vary. In many cases you are not required to put money down until after the bank approves and you actually open escrow. In a highly competitive situation I advised my client to actually deliver the deposit check and open escrow. Not sure how much it helped but the offer was accepted over other offers. In either case it doesn’t matter because you can back out and get your deposit back. I have seen a case or two where some listing agents try to have buyers sign documentation forfeiting some of the deposit if they walk away while approval is being done. I would not advise to sign that.
Anyways no it is not hard to get earnest money back in ANY case as long as you did not remove your contingencies and/or are not past the contingency removal date nor have you signed anything stupid. Your agent should be able to advise you on the do’s and don’ts but in essence you are good to go and in the majority of short sales you don’t submit a deposit. Each transaction is unique though.
Participantyb –
They vary. In many cases you are not required to put money down until after the bank approves and you actually open escrow. In a highly competitive situation I advised my client to actually deliver the deposit check and open escrow. Not sure how much it helped but the offer was accepted over other offers. In either case it doesn’t matter because you can back out and get your deposit back. I have seen a case or two where some listing agents try to have buyers sign documentation forfeiting some of the deposit if they walk away while approval is being done. I would not advise to sign that.
Anyways no it is not hard to get earnest money back in ANY case as long as you did not remove your contingencies and/or are not past the contingency removal date nor have you signed anything stupid. Your agent should be able to advise you on the do’s and don’ts but in essence you are good to go and in the majority of short sales you don’t submit a deposit. Each transaction is unique though.
Participantyb –
They vary. In many cases you are not required to put money down until after the bank approves and you actually open escrow. In a highly competitive situation I advised my client to actually deliver the deposit check and open escrow. Not sure how much it helped but the offer was accepted over other offers. In either case it doesn’t matter because you can back out and get your deposit back. I have seen a case or two where some listing agents try to have buyers sign documentation forfeiting some of the deposit if they walk away while approval is being done. I would not advise to sign that.
Anyways no it is not hard to get earnest money back in ANY case as long as you did not remove your contingencies and/or are not past the contingency removal date nor have you signed anything stupid. Your agent should be able to advise you on the do’s and don’ts but in essence you are good to go and in the majority of short sales you don’t submit a deposit. Each transaction is unique though.
ParticipantActually that someone may have been me. Alot of people are mad because our govt has decided to punish those who were scrupulous by enacting policies that bailout institutions who lent to people who should not have been lent to, and individuals who frankly spent more then they could ever afford. Now we have a crappy inventory situation and artificially supported pricing. It is horrible. So you are now feeling that buy now or forever not get a decent home or watch prices move upward. I don’t buy into that. I do buy into the fact that yes, you did miss a local bottom and it may take quite awhile to get back there. Yes there will always be other homes, they may take a week to come out they may take another 2 years to come out. It is frustrating but they always come out.
ParticipantActually that someone may have been me. Alot of people are mad because our govt has decided to punish those who were scrupulous by enacting policies that bailout institutions who lent to people who should not have been lent to, and individuals who frankly spent more then they could ever afford. Now we have a crappy inventory situation and artificially supported pricing. It is horrible. So you are now feeling that buy now or forever not get a decent home or watch prices move upward. I don’t buy into that. I do buy into the fact that yes, you did miss a local bottom and it may take quite awhile to get back there. Yes there will always be other homes, they may take a week to come out they may take another 2 years to come out. It is frustrating but they always come out.
ParticipantActually that someone may have been me. Alot of people are mad because our govt has decided to punish those who were scrupulous by enacting policies that bailout institutions who lent to people who should not have been lent to, and individuals who frankly spent more then they could ever afford. Now we have a crappy inventory situation and artificially supported pricing. It is horrible. So you are now feeling that buy now or forever not get a decent home or watch prices move upward. I don’t buy into that. I do buy into the fact that yes, you did miss a local bottom and it may take quite awhile to get back there. Yes there will always be other homes, they may take a week to come out they may take another 2 years to come out. It is frustrating but they always come out.
ParticipantActually that someone may have been me. Alot of people are mad because our govt has decided to punish those who were scrupulous by enacting policies that bailout institutions who lent to people who should not have been lent to, and individuals who frankly spent more then they could ever afford. Now we have a crappy inventory situation and artificially supported pricing. It is horrible. So you are now feeling that buy now or forever not get a decent home or watch prices move upward. I don’t buy into that. I do buy into the fact that yes, you did miss a local bottom and it may take quite awhile to get back there. Yes there will always be other homes, they may take a week to come out they may take another 2 years to come out. It is frustrating but they always come out.
ParticipantActually that someone may have been me. Alot of people are mad because our govt has decided to punish those who were scrupulous by enacting policies that bailout institutions who lent to people who should not have been lent to, and individuals who frankly spent more then they could ever afford. Now we have a crappy inventory situation and artificially supported pricing. It is horrible. So you are now feeling that buy now or forever not get a decent home or watch prices move upward. I don’t buy into that. I do buy into the fact that yes, you did miss a local bottom and it may take quite awhile to get back there. Yes there will always be other homes, they may take a week to come out they may take another 2 years to come out. It is frustrating but they always come out.
ParticipantDon’t go through life worrying about what people think of you.
If you love the house then get the house. The postings above exhibit a generalization that to me is fairly useless. If there are a bunch of offers and it is overbid then they make no sense at all. If there are no bids and the home has been on the market a long time then you may overpay. Every situation requires more then a cookie cutter approach.
If you really love the home then go after it AS LONG AS YOU CAN AFFORD IT. If you think that the difference between what you offered and what you may have to pay for the home is going to make the home that much less appealing then stick to your guns. Depdnding on the area there may be alot of depreciation in the future. Your agent should be able to give you guidance.
There will ALWAYS be more homes available.
ParticipantDon’t go through life worrying about what people think of you.
If you love the house then get the house. The postings above exhibit a generalization that to me is fairly useless. If there are a bunch of offers and it is overbid then they make no sense at all. If there are no bids and the home has been on the market a long time then you may overpay. Every situation requires more then a cookie cutter approach.
If you really love the home then go after it AS LONG AS YOU CAN AFFORD IT. If you think that the difference between what you offered and what you may have to pay for the home is going to make the home that much less appealing then stick to your guns. Depdnding on the area there may be alot of depreciation in the future. Your agent should be able to give you guidance.
There will ALWAYS be more homes available.
ParticipantDon’t go through life worrying about what people think of you.
If you love the house then get the house. The postings above exhibit a generalization that to me is fairly useless. If there are a bunch of offers and it is overbid then they make no sense at all. If there are no bids and the home has been on the market a long time then you may overpay. Every situation requires more then a cookie cutter approach.
If you really love the home then go after it AS LONG AS YOU CAN AFFORD IT. If you think that the difference between what you offered and what you may have to pay for the home is going to make the home that much less appealing then stick to your guns. Depdnding on the area there may be alot of depreciation in the future. Your agent should be able to give you guidance.
There will ALWAYS be more homes available.
ParticipantDon’t go through life worrying about what people think of you.
If you love the house then get the house. The postings above exhibit a generalization that to me is fairly useless. If there are a bunch of offers and it is overbid then they make no sense at all. If there are no bids and the home has been on the market a long time then you may overpay. Every situation requires more then a cookie cutter approach.
If you really love the home then go after it AS LONG AS YOU CAN AFFORD IT. If you think that the difference between what you offered and what you may have to pay for the home is going to make the home that much less appealing then stick to your guns. Depdnding on the area there may be alot of depreciation in the future. Your agent should be able to give you guidance.
There will ALWAYS be more homes available.
ParticipantDon’t go through life worrying about what people think of you.
If you love the house then get the house. The postings above exhibit a generalization that to me is fairly useless. If there are a bunch of offers and it is overbid then they make no sense at all. If there are no bids and the home has been on the market a long time then you may overpay. Every situation requires more then a cookie cutter approach.
If you really love the home then go after it AS LONG AS YOU CAN AFFORD IT. If you think that the difference between what you offered and what you may have to pay for the home is going to make the home that much less appealing then stick to your guns. Depdnding on the area there may be alot of depreciation in the future. Your agent should be able to give you guidance.
There will ALWAYS be more homes available.
ParticipantThe degree of luck that involves our lives is a factor we all have. However we also have the ability within us to enhance that degree through our own personality, effort, ability, etc. To not say well, this decision I made which was basically stupid, was the result of external factors to me is simply not acceptable. There were plenty of people who were much better off, and much worse off, who simply did not buy a home. Period. So to claim to be a victim of external forces, or easy opportunity, or the entire industry pushed you into it, or whatever you want to choose, simply does not wash. It was a choice, nothing more, and nothing less. For some it worked out, for some it did not. The relativity of luck in your life shouldn’t be an enabler for poor decisions.
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