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Let’s Be Earnest When Talking About A Good Faith Deposit

One of the most overlooked items on the purchase contract is the earnest money or good faith deposit. Sellers and agents are so anxious to see what the offer price is, they miss a key component of the offer. What is a earnest money deposit? There is a good definition & article on the same subject here by Elizabeth Weintraub. My definition would be anything of value, mainly money, put forward by the buyer to show good faith to the seller that they are genuinely interested in buying the property. The deposit, … [Read more...]

Big Bear January 07′ sales numbers not so hot

The numbers for the Big Bear real estate market for January 2007 look pretty bad....for sellers, that is. According to the local First American Title Co., there was a total of 77 units that sold during this time frame (Download first_american_jan. 07.xls {Excel doc. 1.61 MB}). That number is down 45% from the January 2006 numbers of 139 total units closed. This makes January 2007 the slowest month in the last 10 years for sales numbers. To really understand the numbers though, this stat refers to the number of … [Read more...]

Note to real estate sellers: rejection should not be in your current vocabulary

One of the items that was recently added to the California Association of Realtors purchase contract was a "rejection of offer" box at the end of the contract. The box states that, "no counter offer is being made to the buyer but it was reviewed and rejected by the seller." My guess is the intention behind this was to give assurance to the buyer that their "low" offer was at least presented. One of my fellow associates just received the aforementioned "rejection of offer" checked on one of his offers yesterday. … [Read more...]