MY FIRST DEAL

How does Escrow Work..My Agent said she put that I will have $1k to put down..So all I have to do is give her a check..My question is will they deposit the check before closing or will it just sit there until closing

I need to Breathe

Once the offer is accepted and signed by both parties, they will deposit the check. What does your contract say? How many days after the contract is accepted and signed is the earnest money due? If you are working with an agent, they will supply the contract, you must make sure the contingencies that you want are in the contract.

Michael Mangham
MD Home Acquisitions LLC

if submitting through an agent, agent will provide the contract in accordance to your terms outlined. you sign and she'll submit

once sign and accepted then you provide the earnest funds you indicated in the offer. You can designate whatever your earnest will be, it's your choice. Typically it's standard practice to submit on $500. Unless it's Fannie Mae, they do require 10% of contract price as earnest. No law I'm aware of that states you have to submit on $1k (that's just where her commissions come out of - lol) You just have to have an equitable interest to be legal and binding.

but for grins and giggles if you need docs. on the left side on any page on DG you will see "Forms and Docs" available for download. (they are just standard/general docs) not state specific

Jen

sorry Michael, you were quicker on the draw. LOL there was no response when I started to comment. wasn't trying to duplicate your post.

have an amazing day!

Jen

Im Going over to look at the contract and see what she did and she said she wants me to sign it cuz we are going to look at it in the morning..Should i sign right now or get a copy of it and take it home to look thru it and sign it in the morning

I would read through it before you sign it!

There is alot of papers to read..What are the things I need to look for

What Kind Of Contingencies Do I need to have no risk of money so I can leave this deal if it falls thru

I am in the Denver, CO area. I recently came across a property that is in foreclosure but know it has incredible potential. It needs a lot of work but I would like to consider wholesaling with someone. If anyone is interested please let me know and I will send you the details.

I would really like to have so help

look under forms and docs on the left of the home page for a purchase and sale agreement.

Contingencies depend on who you're buying from, how you are paying and what you're doing with property. Inspection at the very least! If you know nothing about contingencies or contracts you should read first or work with an agent who will walk you through they do it every day
Theresa