Naperville and Plainfield Illinois real estate listings, home buying, selling and relocation information

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Making An Offer >Keeping Your Earnest Money Safe

When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Q	What are considered the ideal conditions for a seller's market?
A	In a seller's market, prices are firm and good houses are sold before advertised or as soon as they show up in the MLS.
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The Hollingshead Team, REALTOR®, real estate agents and broker for Naperville and Plainfield Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Hollingshead Team
Keller Williams Realty Sunset Corridor
1271 Rickert Drive Ste. 111
Naperville, IL 60540
Phone: 630-983-4182
Fax: 630-983-5394
Email: markhollingshead@NUMBER1EXPERT.com
Mark and LuAnne Hollingshead will provide the best service for every client they represent. The Hollingshead Team offers “high tech and high touch” real estate service. They are ranked in the top percent of area realtors. Mark and LuAnne have helped first time homebuyers, relocating families, local movers and empty nesters downsizing in the fast-growing Western Suburbs. They also have extensive knowledge of new construction and new developments. “We are committed to providing top notch service. Our integrity, loyalty, accountability and market knowledge set us apart from the rest. Let us ‘Put Your Family First’ for all your real estate needs—-contact us today!

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