Lucy read my piece yesterday and wanted to know what an earnest money deposit is. I swore up and down I had already written about it. She disagreed. Turns out she was right. Anyway, an earnest money deposit (EMD) is the money the purchase contract requires the buyer to put into escrow immediately after the
Hadn’t really considered this question in a while, until a client asked me yesterday. Let me start out by saying that anyone who is 100% certain of the direction of any market ought to be at a hedge fund betting on their ideas. In the case of the residential housing market, I think you could
I get asked this question a few times per week, so I figured I’d post my answer here so that I can just refer people and save my breath. Let’s start out by saying I fall in love with a lot of properties, many of which don’t necessarily have such great numbers on the surface.
One of the issues that’s been popping up for me lately is how buyers handle the transition to owning once the deal is done. When you buy the kind of buildings I favor, the ones with low-paying, rent-controlled tenants in them, there is inevitably deferred maintenance that needs to be addressed. The kinds of things
Claim you’re buying all-cash; then use a loan Attempt to chip price materially; blame lender When seller resists price chip, force your agent to take a commission reduction, even though he brought you an off-market deal Request an extension of closing Request another extension of closing When seller requests payment for delay, act surprised Ask