Builder Deposit vs Earnest Money – What’s the Difference to Home Buyer?

Ask Cary Real Estate: What’s the difference between a Builders Deposit and Earnest Money? How do they affect the Home Buyer? Cary home buyers offer earnest money on a resale home and a builders deposit on most new construction. Here’s a quick overview of the similarities and differences between a builders deposit and earnest money.

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Ask Cary Real Estate, What is a Short Sale?

What is a Short Sale?  A Short Sale occurs when a home seller is allowed by their lender to sell the home for less than what’s owed on the mortgage.

If you are a home seller you may be thinking – I like that idea – not having to pay back as much as I owe – well, of course, it’s not that simple.  Typically several things need to occur before your mortgage holder will consider a short sale:

1)  You are delinquent on your house payments

2)  You have no other assets or ability to cover what you owe

3) Short Sale is the only option to avoid Foreclosure

4) Lender considers short sale necessary and possible

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