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Praful Thakkar, Metro Boston Homes For Sale (LAER Realty Partners)

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Rainmaker
4,737,169
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 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
1,751,637
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , 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
1,100,809
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
1,258,639
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, 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
2,520,664
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

More often then not in our MLS Praful Thakkar .

Sep 09, 2019 08:16 AM
Rainmaker
5,310,754
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

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
3,660,766
Anna "Banana" Kruchten
HomeSmart Real Estate - 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
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa 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
Ambassador
3,430,007
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

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
2,249,054
Michael J. Perry
Fathom Realty - Lancaster, PA
Lancaster, PA Relo Specialist

This practice might be State Specific ?

Sep 09, 2019 08:17 AM
Ambassador
5,486,412
Debe Maxwell, CRS
Savvy + Company (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
675,581
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
1,870,353
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

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
637,534
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
777,875
Peter Testa
Kiwi 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
5,114,065
Richard Weeks
Dallas, TX
REALTOR®, Broker

In Texas it is not a requirement.

Sep 09, 2019 09:30 AM
Rainmaker
5,774,095
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
5,584,639
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with 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
1,598,552
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
6,685,588
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - 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
654,488
Jason E. Gordon
CMG Mortgage, San Diego, CA - Coronado, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, 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
8,149,382
Roy Kelley
Retired - Gaithersburg, MD

Use money orders.

Sep 09, 2019 09:02 AM
Rainmaker
1,713,581
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
823,256
Abby Stiller
TOP SELLING REALTY - Cape Coral, FL
SW Florida (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
682,539
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
932,948
Jeff Pearl
Samson Properties / 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
1,394,983
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name 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
1,312,651
Jerry Newman
Brown Realty, 210-789-4216, - 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
469,575
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

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
1,763,429
Mike Cooper, Broker VA,WV
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
1,538,434
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
2,184,289
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
5,481,776
Wayne Martin
Wayne M Martin - Oswego, 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
5,166,343
Jeff Dowler, CRS
eXp Realty of California, Inc. - 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
2,071,135
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Upon acceptance - yes.

Sep 11, 2019 06:11 AM
Rainmaker
3,416,372
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
942,327
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

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
Rainmaker
536,943
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
873,700
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Yes

Sep 10, 2019 05:17 AM
Rainmaker
557,136
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
Rainmaker
4,273,331
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - 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
2,848,050
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
6,002,794
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
5,197,986
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
1,442,553
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
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