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04-27-2011, 01:45 PM #1
Renter
- Join Date
- Apr 2011
- Posts
- 3
Questions About Offer Letter
I am about to make an offer on a house that is in foreclosure.I am making the offer to the banks seller agent and they gave me an offer letter and I have a few questions before signing it.
1. They want me to write a check for 3% about $5k made out to "escrow" and give them a copy.I am afraid they might cash the check before the money goes to escrow. Is it safe to give them a copy of the check? Becuase I know companies who just have copies of checks and they can actually cash the check.
2. Is there anything in the offer letter that I should look out for?
3. After I make an offer letter what is next, the bank agrees or deny? If they agree do they send me a letter to sign so that I accept the agreement and than it goes to escrow? (And once in escrow they take my 3% downpayment that is listed on the offer letter + the other 17% on the loan? When do they take the 3% that is on the offer letter?
4.If I want to make 10 offer letters am I going to lose 10 deposit?
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05-09-2011, 11:04 PM #2
Fixer Upper
- Join Date
- Mar 2011
- Location
- Eugene Oregon
- Posts
- 81
Your check should be deposited with escrow. In most short sales $500 of your earnest money becomes non-refundable for the first 60 days. If the deal has not been approved in 60 days then your money becomes refundable. But you are most likely tied to the deal for 90 days. If the deal has not closed by 90 days you should be able to walk away and get all of your earnest money back. Look for a short sale adendum in your paperwork.
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