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laborday06
LIF Infant
Member since 6/05 166 total posts
Name:
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Good Faith Deposit???
What exactly is a good faith deposit? If the seller does not accept your offer, how quickly do you get your money back? What does this money go towards?
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Posted 9/2/05 9:07 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
raken40
soooo in love:)
Member since 5/05 4369 total posts
Name:
Karen
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Re: Good Faith Deposit???
we had to give a $500 good faith deposit on one of the houses..The check gets made out to the seller, but the realtor holds on to it. In our case, I faxed a copy to our realtor, and we ended up withdrawing our offer on the house, so I tore the check up.
I think that if everything with the house goes through, its just that much less at closing...but i'm not 100% sure
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| Posted 9/2/05 2:43 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Good Faith Deposit???
Posted by raken40
I think that if everything with the house goes through, its just that much less at closing...but i'm not 100% sure
This is indeed correct
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| Posted 9/2/05 4:11 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Good Faith Deposit???
Posted by dengal
Posted by raken40
I think that if everything with the house goes through, its just that much less at closing...but i'm not 100% sure
This is indeed correct
Either that... or they just hand the good faith check back to you while you are in contract and they go with the original numbers.
This makes the bank's life easier cause if you ask them to change numbers in the middle of contract... they are most likely going to screw something up.
The good faith deposit is usually just a formality anyways.
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| Posted 9/2/05 7:20 PM |
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