One of my readers and a good friend sent me an email the other day about a listing agent: “Can a listing agent tell you what contract form to use, where to place the escrow and other requirements?”
As far as I can remember, if the listing is a specific type, such as a piece of vacant land, there are forms for just that type of contract that address the type of property. As for where to place the escrow, it is obvious that that listing agent may have had problems before with escrow deposits. Maybe the deposit was supposed to have been placed with an attorney or title company and the possibility was that the deposit could have been late or worse yet, never deposited. So if the Buyer defaults, the Seller has no recourse to take the deposit as it was never made. Also proof of funds: that the buyer is financially capable of making the purchase.
Although I am from Miami and we see all kinds of things here, I cannot remember a time that I didn’t receive proof of funds in the offers I have received. So tell me, all my readers out there in Real Estate Never-Never Land, what do you see and think in relation to question sent to me? Is this a head banger?
Until next Monday, be good to each other…be REALTORS.