Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

Spam prevention
Rainmaker
3,510,973
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

In my area of California this is quite common as the initial deposit is "handled" within the purchase agreement and then applied after acceptance as outlined.   

Sep 09, 2019 08:29 AM
Rainmaker
1,572,907
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

We do all the time. The earnest money deposit is due as set forth in the purchase offer. Ours defaults to 3 days upon a contract. Now deposits are wired into the escrow company.

Sep 09, 2019 08:17 AM
Rainmaker
779,668
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Sure! Our Contract provisions the form of deposit. It's usually a WIRE. Deposited within [usually 24 business hours] of signed deal, or in breach.

Plus, Millenials (and lately me) don't do checks any more.

Sep 09, 2019 09:13 AM
Rainmaker
821,329
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Praful Thakkar 

I make it clear that a good faith deposit check, or facsimile of same, accompanies the offer. The offer will not be presented without it.

Sep 09, 2019 08:19 AM
Rainmaker
1,693,291
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

More often then not in our MLS Praful Thakkar .

Sep 09, 2019 08:16 AM
Rainmaker
3,319,747
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

In North Carolina we can... when the earnest money is provided is a negotiated time frame and often not provided till several days after the execution of the contract.

Sep 09, 2019 08:49 AM
Ambassador
2,949,490
Anna Banana Kruchten Broker/Owner, CRB, CRS
Phoenix Property Shoppe - Phoenix, AZ
602-380-4886

If an agent is insisting on a copy of earest check they'll be out of luck in my world. I honestly can't reemember how long ago it's been since I ever took one of those.....years. Everything is wired direct to escrow after acceptance. And it's all spelled out in the contract. Easy peasy

Sep 09, 2019 10:42 AM
Rainmaker
558,072
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

The promise to pay is the consideration and an actual check is not required. Look it up.

However, I do realize that the majority of agents don't know that and have bigger security in a paper check that may bounce.

My clients wire in money, but not before a meeting of the minds...

Eve

Sep 09, 2019 09:38 AM
Rainmaker
2,851,095
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

What's a deposit check? 

Have not used that in years!

Funds are wired. We present offers with proof of funds. 

Sep 09, 2019 09:35 AM
Rainmaker
1,863,805
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

This practice might be State Specific ?

Sep 09, 2019 08:17 AM
Ambassador
3,556,036
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Yes, in fact, in NC we are not gathering copies of the checks any longer - it's a privacy issue for the buyers. 

Our Contract also has an option to provide the EMD within 5 days of the effective date of the Contract.

Sep 09, 2019 11:43 AM
Rainmaker
461,348
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

The vast majority of my transactions are done with no earnest money, but when in play EM to be provided within (time frame) of execution or transaction is null and void.

Sep 09, 2019 11:36 AM
Rainmaker
1,580,187
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

hey, we do it here all the time. EM due in 3 business days after acceptance. No copy of anything - that's how we write it into the contract.

Sep 09, 2019 11:01 AM
Rainmaker
529,640
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Since many of my transactions are cash in this high end community, I often include the proof of funds with the offer. I don't handle checks; EMD goes directly to escrow.

Sep 09, 2019 10:43 AM
Rainmaker
589,524
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

Here it's expected that you include a copy of the deposit check. I'd ask for it if it wasn't included. 

Sep 09, 2019 10:22 AM
Rainmaker
3,235,310
Richard Weeks
Dallas, TX
REALTOR®, Broker

In Texas it is not a requirement.

Sep 09, 2019 09:30 AM
Rainmaker
4,683,282
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

Michael Jacobs and Sandy Padula and Norm Padula, JD, GRI have the CA version.  A

Sep 09, 2019 09:25 AM
Rainmaker
5,223,020
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

maybe I'm Old School, but there should be "consideration" accompanying the offer to purchase....even a copy of a check is just fine....

Sep 09, 2019 08:34 AM
Rainmaker
1,273,234
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Praful. 

Exactly, everything is changed a lot. No old school anymore. 

 

Sep 09, 2019 01:58 PM
Ambassador
4,493,688
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

We never do, ours says that we will provide EM within a certain number of days of acceptance.

Sep 09, 2019 01:08 PM
Rainmaker
494,099
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr. Loan Officer, CMPS, CDLP, CDRE, RCS-D, CDPE

I think the "offer itself" along with "evidence of ability to perform" (i.e. bank statement for funds to close, pre-approval letter for remaining funds) should be the initial priority. The final RPA should then contain a short timeline for the Buyer to wire/deposit their EMD to Escrow from there.

Sep 09, 2019 10:47 AM
Rainmaker
5,624,749
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Use money orders.

Sep 09, 2019 09:02 AM
Ambassador
1,690,692
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Happens all the time in this digital workld.

Sep 09, 2019 06:42 PM
Rainmaker
502,228
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Here is not a requirement. Buyer has usually 3 days to send the escrow deposit to the title company. 

Sep 09, 2019 05:26 PM
Rainmaker
528,501
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Praful ~ Our contract here in Northern VA now has boxes to say whether the check has been delivered "or will be delivered" and a space for how many days until the deposit will be delivered.  Most brokerages no longer want to hold the EMD, so most times it is sent to the Title company that the buyer has selected.  

Three to four years ago this was never the case...

Sep 09, 2019 02:32 PM
Rainmaker
767,545
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Yes. Copies of checks doesn't mean the buyer currently has the stated amount of funds in their account anyway. Our contracts allow for an agreed amount of days for buyer to produce EMD if offer is accepted. Usually 2-3+ days.

Sep 09, 2019 02:10 PM
Rainmaker
1,356,326
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

It's not necessary to make a deposit at all, so it's certainly possible to present an offer without the check.

Sep 09, 2019 01:31 PM
Ambassador
1,174,435
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Remind the listing agent about protecting your buyer's banking account information when he insists on seeing a deposit check along with the offer. He just needs to present the offer, and make arrangements later to have the checks FedX to Title Escrow. 

Sep 09, 2019 01:05 PM
Rainmaker
439,724
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

In our area I would simply highlight the paragraph in our PSA that states that EM is not due until 2 days after mutual acceptance.

Sep 09, 2019 12:41 PM
Rainmaker
1,585,273
Mike Cooper, GRI
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

We don't even send copies of checks any longer. We send an acknowledgement that we have the check, but that's all. We don't even require the check until seven days after ratification. 

Sep 09, 2019 12:31 PM
Rainmaker
1,281,087
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Oh Lord, it's been decades since we've seen an offer with a copy of a deposit check!  Our contracts don't require it.  Proof of funds in the bank is all that comes with offers.

Sep 09, 2019 11:33 AM
Ambassador
1,997,193
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Our offers provide the option to submit the deposit within a certain amount of time to the escrow holder, therefore, quite often no deposit checks are written at offer time. Upon acceptance, buyers make deposit directly with escrow company. 

Sep 10, 2019 04:55 AM
Rainmaker
3,445,237
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

In the age of the electronic world, checks are a thing of the past!

Sep 10, 2019 04:28 AM
Ambassador
4,127,931
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

I can't recall the last time I saw a request for a copy of the deposit check with an offer

Sep 09, 2019 10:09 PM
Rainmaker
1,717,335
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Upon acceptance - yes.

Sep 11, 2019 06:11 AM
Rainmaker
3,102,413
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Recently I wrote a check from my account after the buyer electronically transferred money into my account. I sent the offer with copy of my business check. It was accepted. In other cases i had the buyer get a money order or cashiers check.  

Sep 10, 2019 06:01 AM
Rainmaker
655,301
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

I'd explain why we don't have it yet. If possible or if the seller demands it, I'd get it. However, a listing agent cannot refuse to present the offer if you don't send a copy of the check.

Sep 10, 2019 05:53 AM
Rainer
503,619
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

It is required on all foreclosures in our area.  I can see where an agent would insist on it for that reason.

Otherwise we state in the contract how and when the deposit check or money order will arrive. 

 

Sep 10, 2019 05:34 AM
Rainmaker
663,947
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Yes

Sep 10, 2019 05:17 AM
Rainmaker
480,006
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

If the buyers agent has signed off that they have received the check then the listing agent has no right/need/or requirement to see the check unless they will be holding the deposit, which rarely happens anymore.

Sep 10, 2019 04:48 AM
Ambassador
3,158,235
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington - Tacoma, WA
South Puget Sound Washington Agent/Broker!

It's not binding without a earnest monies deposit check or promissary note in our state...

Sep 09, 2019 10:23 PM
Rainmaker
2,515,179
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

There are rules & procedures yet successful Real Estate comes in many form

Sep 09, 2019 10:36 AM
Rainmaker
4,235,294
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

This was common practice years ago, we don't any longer.

Sep 24, 2019 07:38 AM
Rainmaker
3,314,314
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I use to always see earnest money copy of the check but lately it a new ball game.

 

Sep 15, 2019 08:32 AM
Rainmaker
738,531
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

We mostly write and accept offers in which the good faith deposit is promised to be deposited to the escrow within a certain time limit. No copy of the check is necessary. Most escrow deposits are made by cashier's check or wire.

What do I do? I refer that agent to the contract, Praful Thakkar 

I have never seen it done, but it is not strictly necessary to have an escrow deposit in order to have a valid contract.

Sep 13, 2019 10:43 PM