Q&As

• What is the difference between a real estate agent and a real estate broker?
• What steps do I go through to buy a house?
• How long does it take to buy a house?
• I want to buy a house. I know the property and the seller has an agent. Do I need my own agent or can I negotiate a lower fee if I act as my own agent?
• How much does it cost to use a Buyer’s Agent / Realtor / Broker?
• Working with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?
• Real vs Personal Property
• Mortgages for Manufactured Homes
• What is a CMA, Appraisal, and AVM?
• Can the Buyer purchase personal property from the Seller?
• Can a mortgage be used to purchase a mobile home?
• What are the basics for handling multiple offer negotiations?
• Are husband and wife required to apply jointly for a mortgage?
• How do I prepare for a cash purchase?
• Do I need flood insurance?
• Where can I research flood maps / areas?
• To whom should I write the earnest money check?
• Should I buy a residential service agreement (i.e. home warranty)?
• Assuming you’ll be obtaining mortgage financing (i.e. not paying cash), here’s a list of steps to buy a house:
• Do I also need an attorney?
• How does the MLS help buyers?
• What is the MLS?
• What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?
• When do I apply with a mortgage lender?
• What is Owner’s Title Insurance (OTI)?
• What is Lender’s Title Insurance (LTI)?
• What is title insurance?
• What does a title company do for Buyers?
• How can Harrah Realty help me as a Buyer?
• How much does it cost to buy a home?
• Do you work with out of town clients?
• Can you help me purchase or build a new home?
• Do you work with First-Time Home Buyers?
• What is a lease purchase or an option purchase?

To whom should I write the earnest money check?

When submitting an offer, you’ll need to provide your Harrah Realty REALTOR® with an earnest money check so they can submit it along with your offer.

However, since you’re not sure the seller will accept your offer, you can simply write your check to “Harrah Realty” and, in the event your offer is accepted, your REALTOR® will assign the check (i.e. sign over the check) to the entity that will be holding the earnest money (e.g. listing broker or title company).

Your earnest money check won’t be deposited by anyone unless a contract is fully executed (i.e. all parties have signed), at which time your REALTOR® will deliver the check to be deposited.

Making your check out to Harrah Realty also allows you to write a single check and use it for multiple offers, assuming they have the same earnest money amount and are relatively close in date (we don’t want to use a 3 month old check).

Sometimes you may be required to submit a cashier’s check to a specified entity if your offer is accepted, but this is usually only required in certain instances when purchasing government-owned property.

If your offer isn’t accepted or you need to submit a new check, the other check will either be destroyed or returned to you. It would not be deposited.