We are in the process of selling our first home that is a foreclosure listed with a different brokerage in our town.
Is it standard procedure for the listing office to hold in escrow the Earnest Money as opposed to the selling office?
In our neck of the woods, unless it is a HUD, it is held by the selling office. I would think it would make it much more difficult to release if it was not held buy the office the client is working with. I have sent copies of checks and the deposit slips in the past, maybe that could be a way to go. Good Luck!
Darcy
Thanks for the input!
Sharron, I have seen it done either way, selling office or listing, just depends on who wants to be responsible.
We handle some of the forclosures for Countrywide and even though thier addendum states that the earnest money is to be held by the listing brokerage they really don't mind if the selling brokerage holds it. (It makes life easier for everyone.) Most of the Selling agents put it in the offer that the earnest money will be held by the selling brokerage.
Susan
Ok I will settle this one.. just send me the Money , ha ha ha
I always ask the listing broker if there is a preference, or see what tha listing tself may say, sometimes you have to go with the Bank/mortgage with it, if not then I hold it.
Mr Post It Note
Thanks for the answers all!
Oh, Vance, the check is in the mail!
Sharron and Steve Lobman said:
Oh yea famous last words The Check Is In the Mail,, ha ha ha
But you are only a post it note, so it is hard to give you much respect~
Title in Texas unless maybe your broker has an escrow account. That may be Vegas. To may laws to remember between 2 states. It should go to title. Hopefully Bill will chime in here since it is late and I am remembering 2 different state laws.
I will say in both TX and NV I have always given and EM to escrow.
Escrow - Thank God we have them! Trust log nightmare so let the selling agent deal with it j/k
Jana