SVO resale purchase

[lawboy2001]

For those of you who have purchased resale, how much verification did you do before making your offer? Ie did you verify maintenance...charges on deed etc., or did you rely on escrow/closing services/ title insurance for that?

I have found a contact I like and am being asked for 1000$ in earnest money in order to proceed. So my question is should I be checking things out first, before sending money?

 

[SMHarman]

Is the earnest money going to a closing co?
What is total price.

I think the process for an under say $5k purchase vs over is also different.

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[lawboy2001]

Is the earnest money going to a closing co?
What is total price.

I think the process for an under say $5k purchase vs over is also different.

Sent from my LT26i using Tapatalk

Yes, the money is to go to the closing company. The contract is approx. 1400$ and the closing costs approx. $600, for total due of 2000$.

In the past I have only paid 10% earnest money, but that was on approx 20k purchases...

 

[SMHarman]

Make sure the purchase agreement has contingencies for non payment of MF (from the escrow to the HOA) and return if title problems and move forward.

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[VacationForever]

I have only done 2 resale purchases and both times they were around/under $2000, and I paid in full to the closing company. They were PCCs with good TUG reviews and I did not for a moment worry that there was going to an issue. I did not even ask for an estoppel.

 

[lawboy2001]

Ok, thanks for this input...I think I have a better handle on this now.