Buying a Home #7 - The Good Faith Deposit

08/07/23 • 27 min

After the home inspection, and the agreement on how to move forward in light of the inspection report provided to the buyer, the Good Faith (or "earnest money") Deposit is submitted. This is a sum of money that the Buyer is willing to have held in an escrow account until the closing date. At closing, the deposit funds are used for closing costs. The Deposit is a way to communicate to the seller how committed the buyer is to following through on the purchase of the property. It also gives the Seller peace of mind, knowing that funds will be ready and available to close successfully. 9 times out of 10, if there are 2 very similar offers on the table, the buyer with the greater deposit amount will secure the deal.

Our guest Ryan Burke is the Head of Sales of The Giambra Team at Keller Williams in Western New York, helping coach and lead 10 agents as well as transacting well over $1 Million in real estate monthly for his clients. He’s never too busy to share his expertise, and was generous enough to clear an hour of his busy schedule to join us in the studio for a discussion about deposits and loan applications.

A note from Nick and Erik:

Thanks for listening! Although we are a part of "The Giambra Team" with Keller Williams in Western New York, we have a passion for promoting others and providing resources for any consumer or professional in the industry.
We are Real Estate People and our mission is to make every real estate transaction inclusive, transparent, and rewarding.
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Website: The Giambra Team
Contact Us

Previous Episode

Buying a Home #6 - The Inspection

Jason Watson from Buffalo Girl Home Inspection and Appraisal LLC stopped by the studio recently to walk us through the steps of a home inspection. The inspection is an opportunity to hire a professional to take a much closer look at the house you fell in love with the first time through. A licensed inspector will take about 3 hours to check the roof, the foundation, and every little thing in between before writing up a full report for the buyer. The buyer can then decide whether they want to move forward with the transaction, negotiate repairs with the seller, or walk away.

For more info on Buffalo Girl Home Inspection and Appraisal:

https://www.buffalogirlhomeinspection.com/
(716) 217-1957

Follow them @buffalogirlhome on instagram

Next Episode

Buying a Home #8 - Closing Day

You're just a few strides from the finish line! The only thing left to do is whats called "the final walkthrough". It's your last chance to see the property, make sure it's in the same condition as when you first saw it, and that any agreed upon improvements have been completed as promised by the seller. In this last episode of our "Buying a Home" series, Nick and Erik take you through that process, as well as what to expect on closing days before getting the keys to your new property.
Next week we will be starting a new series on the other side of every transaction... Selling a Home. Stay tuned for new guests and helpful tips on every step of the selling process.