In my state, Oregon, I made an offer on a house. The Seller accepted my bid, and I signed the paperwork, which was then submitted to the Seller and they signed it. I am waiting for the paperwork to be faxed for me to sign again, and was told that this house is being shown to someone who might make a bigger and until this third signing is done and earnest money submitted by me, this other Buyer could get a bigger offer from the other party and reject mine, even though we've already initiated the contract.

Why is this allowed? In California, people put a DEPOSIT on a house they want to buy after the Seller accepts the Buyer's offer and another Buyer can't just make a larger offer and snatch the house away from the first buyer.

I feel like I may get the short end of this deal. I really love this house, and made a fair offer, and don't want to lose it to another buyer after we've signed the initial paperwork just because Oregon doesn't allow me to put down a deposit. Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!

What is a Deposit Receipt? (with pictures)

Menu Icon Click to open Mobile Menu. Buy Rent Mortgage Sell Find an Agent For Professionals Local Scoop More Trulia Blogs All Trulia Neighborhood Guides Go Mobile with Trulia Advice Ask a Question Help Center For Professionals. What is the difference between a Deposit and an Earnest Money when bidding on a house? Highest rated Recent Oldest.

Tenderwizard

Pam Zielinski , Agent, Netarts, OR. Sun Nov 18, Are you sure the Seller signed your offer with no changes whatsoever?

If they signed it without making any changes, and the fax you are waiting for is merely your acknowledgment, then it's not likely someone can buy the house out from under you. I don't think Oregon is different from California in that regard. If your offer was truly accepted with no changes at all, then normally you would not have to worry about being bumped by a subsequent offer.

Mon Aug 30, Yeah usually in California, once you accept the terms of the contract, it is what it is. On our contracts, we have a time limit to put money into escrow, thats your deposit.

Usually within 3 days of acceptance. Like the other agent said, consult your agent. They should know what they are doing.

Also, trust your agent as much as you can, because think about it. You are making one of the or the biggest purchase in your life. You shouldn't have to ask the public forum of agents these type of questions when you should be able to ask your agent straight up. Sun Aug 29, The seller cannot accept another offer once your offer is "ratified" which generally means fully signed.

If your offer has been accepted - then you are probably waiting on the acknowledgment for signature - your earnest money is a deposit so to speak and depending on how your contract is written it really has no bearing on acceptance unless of course your contract says your earnest money is attached to the offer or that your agent has the earnest money. Earnest money is generally outlined in the contract - the answer to when it is due will be found there - talk to your agent - they can explain your offer better than anyone since they wrote it When bidding on a hud home is earnest money required?

Be the first to answer.

what is the difference between earnest money and security deposit

What is the difference between the listing price, sales price and average price. When a house is put on?

What Is The Difference Between An Earnest Money Deposit And A Down Payment?

What is the normal earnest money deposit? Ask our community a question. Real Estate in Bandon. Home Buying in Nearby Locations. Norway Remote Port Orford Eastside Coos Bay Langlois Coquille Broadbent Sixes Myrtle Point.

Popular Categories in Moving Curb Appeal Financing Rental Basics Rentals For Rent Rent vs Buy Market Conditions Using Trulia Tech Tips How To District Of Columbia Real Estate.

New Hampshire Real Estate. New Jersey Real Estate. New Mexico Real Estate.

New York Real Estate. North Carolina Real Estate.

what is the difference between earnest money and security deposit

North Dakota Real Estate. Rhode Island Real Estate.

What is down payment? definition and meaning - simyviqoj.web.fc2.com

South Carolina Real Estate. South Dakota Real Estate. West Virginia Real Estate. District Of Columbia Rentals. Real Estate Agent Portal. Visit our Help Center to find the answer.

inserted by FC2 system