SailNet Community - View Single Post - Buyer question - Earnest money
View Single Post
  #4  
Old 09-11-2008
sailingfool sailingfool is online now
ASA and PSIA Instructor
 
Join Date: Apr 2000
Posts: 3,425
Thanks: 6
Thanked 14 Times in 14 Posts
Rep Power: 15
sailingfool will become famous soon enough
Quote:
Originally Posted by JohnRPollard View Post
...
But there are some folks feel the real purpose of earnest money is so that the broker can get his/her commission up front without worrying whether the seller will gyp them after the sale is completed.
A erroneous idea. As the broker usually manages the closing of the sale, he/she collects the fee as a check deducted right out of the proceeds of the sale, the buyer never gets the fee money and the broker doesn't need to worry about being paid later.
__________________
Certified...in several regards...
Reply With Quote Share with Facebook