The purpose of an escrow deposit is more than a sign of good faith. If sufficient, it should keep a buyer from failing to meet contract terms. But the buyer expects that if they uphold the deal they’ll get it back, and the seller expects that if the buyer defaults, there will be a little something for the trouble and time off the market.

But not all “escrow accounts” are the same, and the buyer and/or seller may be disappointed…

(more…)

I’ve seen quite a variety of lender letters… many not worth the paper they are printed on. What is a pre-approval and why does every loan officer claim his borrower has one? Why should it matter to agents and buyers and sellers?

(more…)