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When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
Tom Sommers Edina Realty 7580 160th Street W. Lakeville, MN. 55044 (952) 994-7204 (952) 997-1854 Fax: (952) 891-7696 Email: tcsommers@NUMBER1EXPERT.com
BUSINESS PHILOSOPHY: To treat each client as you would a friend or family member. Maintain a standard of excellence through honesty and integrity. It is our desire to serve you the client with the highest level of customer service possible.
FOR SELLERS: We have an average list to sale market time of 89 days. On average we get 97% of the listing price for our clients. This is due to an extremely effective marketing campaign and a high level of skillful negotiation. We sell on average 90% of our listings. Please remember the market determines the value of your home not the agent. Choose your listing agent based on the one who can sell your home in the shortest amount of time for the best possible price with the least amount of inconvenience to you and your family. Your bottom line is the most important number of all.
FOR BUYERS: With our complete buyer profile system we will be able to save you time and money. You will not spend your valuable time looking at homes that do not suit your needs. Your time will be spent looking at the best the market has to offer in the areas that you want to live, in your price range with as many amenities that match your criteria. When choosing a buyers agent, base your decision on who will best represent you throughout the transaction.
Tom�s Real Estate License# RA-20375139
www.TOMSOMMERS.COM
is brought to you by Tom Sommers
NUMBER1EXPERT in real estate for Lakeville, Apple Valley and Burnsville, Minnesota
- NUMBER1EXPERT™ 
