12. Did You Know? - Q&A (cont’d)
6. Q-Who does the Earnest Money go to?
A-Earnest Money should be included in all offers to gauge the seriousness of the buyer. The offer should state whether the closing attorney or buyer’s agent, if applicable, is holding the Earnest Money. Contact the holder of the Earnest Money to obtain proof that the Earnest Money was paid in a timely manner.
7. Q-If there is a buyer’s Agent, are they looking out for me too?
A-The buyer’s agent is required to have a signed agreement with the buyer to work on behalf of the buyer and make decisions in the best interests of their client, not you. Be aware that you do not have to answer every question that the buyer or buyer’s agent asks, only things that you’re required by law to disclose.
8. Q-What is a Due Diligence Period and how long should it be?
A-A Due Diligence Period is the period of time that a buyer is allotted to do any inspections or research to discover reasons that they may not wish to proceed with purchasing the home. Some contracts allow the buyer to cancel for any reason during the Due Diligence Period. Be sure to keep these days to a minimum, preferably 3-5 days, so that you don’t needlessly have the house off the market for an extended period.
9. Q-If I have multiple offers, can I negotiate with more than one offer at a time?
A-Yes. You are allowed to negotiate with more than one buyer at a time. However, you can only be under contract with one buyer at a time. You can opt to have a back-up offer. That way should the accepted offer fall through, you don’t have to put the house back on the market.
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