The seller made a counteroffer and we made a counter-counteroffer. She got real mad. A clerk there told me I was entitled to the deposit refund and when I related this conversation to the agent, I immediately got the deposit back. In the future when we find another home to buy, how big should our earnest money deposit be and who should hold it?

A - The refund of earnest money deposits is a very troublesome topic. When I make a purchase offer bid, I make my deposit check payable to the firm that will be handling the sale closing.

Depending on local custom, this might be the real estate broker, an attorney, bank, savings and loan or a title or escrow company.

However, the purchase offer should state the deposit check is not to be cashed until the offer is accepted by the seller. Some buyers add that the deposit check shall not be cashed until all contingencies are removed, but many sellers will not agree to such a provision. In your situation where there was no meeting of the minds and no contract to sell the home, your earnest money deposit should have been refunded promptly.

Shame on the realty agent for not immediately returning your deposit. That license is essential for the agent, so most agents shape up real fast when a client threatens to complain.

Such action is usually far more effective than a lawsuit. Q - In my town there is a glut of condos for sale real cheap.

It occurred to me that buying condos for low down payments would enable me to buy several to spread my risk.

What do you think of condos as good earnest money refund time investments? A - Not much. I have yet to hear of anyone who has made big profits in condo investments. The reason is they are usually glorified apartments and rarely command enough rent to pay the mortgage payment, property taxes and condo maintenance fee.

In most cities condominiums appreciate in market value much less than single-family houses. I recommend you buy houses instead of condos. Q - Thank you for the recent article about home-equity sharing and the checklist of items to be covered in the contract between the investor and the resident.

Please tell me where I can find an equity-sharing joptionpane.showmessagedialog textarea because as a real estate agent I want to put together my investors with renters.

I recommended equity sharing only between parents and their adult how concert promoter make money because they know each other very well.

But I cautioned against equity sharing co-ownership between investors and residents. The expensive legal solution is a partition lawsuit where the texas stockbroker fraud orders the property sold and the proceeds divided according to the equity-sharing agreement. To avoid this costly and unpleasant earnest money refund time, I suggest avoiding equity sharing except among parents and their adult offspring.

Q - We are considering buying a new home in a subdivision of about 25 homes.

When Can The Earnest Money Deposit Be Refunded? | Indecomm-Mortgage U, Inc.

The builder offers a year warranty. But he is new in our small town and I question if he will stick around for 10 years. What recourse do we have if something goes wrong with our home in a few years? A - Congratulations for asking such a good question.

Many home builders fail to honor their warranties, so you are rightfully questioning the value of a warranty from a small home builder.

How long does it take for earnest money to be | Zillow

If the builder declares bankruptcy, as home builders often do, your warranty becomes worthless. These firms only accept the best home builders. For the first few years the builder is responsible for correcting any defects but after that the warranty company pays for necessary repairs. If the builder goes bankrupt, the warranty company pays for any defect corrections. Real estate laws differ from place to place, and laws of your area should be checked before making decisions on real estate problems.

Robert Bruss will answer inquiries addressed to Tribune Real Estate Features Service, P. BoxSan Francisco, Calif.

When Deal Falls Through, Earnest Money Refund Can Be Troublesome. June 25, By Robert Bruss.

Q - We want to buy our first home, but the real estate agents are trying to push us around. When one partner in a marriage doesn't want sex, what are options? Former Illini football player convicted of sexual assault. What are the differences? Children can have significant reactions to insect bites.

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