Better Homes and Gardens Real Estate | Mason McDuffie
3320 Grand Ave. Oakland CA 94610 (510) 834-2010, (510) 418-9443, Ernest@GoErnest.com.
Real estate service in regular sales (equity), foreclosure (REO, Real Estate Owned), short sales, probates, trusts, conservatorships, single family residences, luxury homes, condos, and multi-units. Also, skilled with 203K loans, divorces, flips, BPO (Broker Price Opinion), and trustee sales. Service in small commercial real estate.
Service in Spanish. (Hablo Español.)
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This Week's Real Estate Story
- Gain Time by Waiving the Earnest Money Deposit
The loan approval was delayed. We asked for an extension of time and the seller agreed.
The loan approval kept on being delayed and the seller was again threatening to cancel the sale. We asked for another extension. The seller said yes but with two conditions:
- Forfeit the deposit money
- Cancel the contract
if we could no close on time.
Luckily the loan funded and we closed on time.
The buyer was very stressed out throughout. He told me, Ernest, if I lose my money, somebody is going to make it up to me. And I told him, "you agreed (in writing) to the seller's conditions."
This is a technique for gaining time when you need time to close. You can say to a seller give me another month to close and if I can't close you can keep my deposit money. Yes, it's risky, but it depends on how much you want the property...and how much the deposit is.
Realtor Oakland CA
600 Kenwyn Rd. Oakland CA 94610
(Problems with the map? Phone me at 510-418-9443.