way to find professionals in any field is by personal recommendations. Ask around.
Find out who is good in your area and go talk to them. Word-of-mouth goes a long
way in a service business.
However, you can�t stop there. Don�t ever take
another person�s word for a professional�s quality or ability. You need to test
Interview them. Ask tough questions. Be sure you are comfortable
with the person you will be sharing intimate financial details about yourself.
Your settlement professional is going to know a lot about you. They will know
if you tend to be late on your rent. They will know how much you owe in student
loans or credit card debt. They will learn a lot during this process. You need
to make sure you know who will have access to that information. That means, not
only the person you will be working with, but his or her entire staff.
best way to find professionals is to do your legwork. Don�t expect someone to
do the work for you. It�s your responsibility to find someone who will work in
your best interest and who�s at the top of his or her game.
find their help through their broker. This approach may or may not work to your
advantage. Remember: unless your broker is an exclusive buyer broker, he or she
has split interest or dual agency. The seller has equal or more weight than you
do in any transaction. That means that you are not the top priority and could
suffer. Find someone who will work for you and you alone.
Earnest money is
the deposit toward the purchase of your home. It�s a deposit. Sometimes the buyer
will include a check for $1000 or so with the initial offer to purchase to show
they are operating in good faith. This is extremely popular in areas where homes
The earnest money is a deposit that is paid when both parties
execute the contract. If the seller likes your offer and wants to sign a contract,
they will take the earnest money and stop showing the house. The escrow money
is normally five to 10 percent of the sales price. If you included money with
your offer to purchase, you would pay the rest when the contract is signed. This
is your down payment.
Earnest money goes into what is called an escrow
account. This is an account that is normally held by the seller broker or another
third party. The buyer receives interest on the money while it is in escrow.
Your down payment on the house is paid when you sign
the contract. The money goes into an escrow account, held by a responsible third
party, until closing. At closing it is paid to the seller. The interest on the
escrow account goes to you as the buyer, or you can transfer it to the seller
to cover additional costs.
If the sale doesn�t go through for any reason,
the buyer receives the escrow money back. This return of the money should, of
course, be included in the contract terms just for safety�s sake. The seller normally
has to sign a form to release the funds. If the seller refuses to sign the form,
the responsible third party may release the funds without the signature, or turn
it over to a real estate commissioner for resolution.
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