Ask George & Chuck

View Housing TrendsYouTube ChannelFollow Me@george5139View My Profile
(832) 485-1800

Answers to real estate questions as appearing in the Houston Chronicle
STEPHENS PROPERTIES
        EMAIL ME        1800 Augusta Drive Ste. 100, Houston, TX 77057     Phone: (713) 978-6673     Fax: (713) 978-6684
Acceptance of an offer, definition of equity
APR
27

Dear George: My husband and I are working with a REALTORĀ® to find a home. We made an offer on one that was in foreclosure and, after a few counters on both sides, we reached an agreement. After submitting our signed paperwork and earnest-money deposit, we were told the sale would not happen because the house had been sold to a mortgage insurance company. We've been told that we'll get our earnest money back, but how could this happen?

Answer: Your agent should have told you that your offer isn't accepted until the seller signs it, initialing any changes, and the seller's agent tells you or your agent of your offer's acceptance. Too many buyers mistakenly think that their offer is accepted when a seller or his agent says so. You were told your offer was accepted before it had been signed by the seller, or the seller did not have the authority to accept your offer since a mortgage insurance firm ended up with your property.

Dear George: If I make a $60,000 downpayment when I buy a house, does that mean I have $60,000 in equity when I sell it?

Answer: Yes, but only if the house holds its value or appreciates.


ARCHIVE
Zip code
Location


TOOLS
View subdivision price trends for the past 13 years, and create comparative subdivision analysis reports online.
View a list of my sold listings.
Search for information on Houston and Texas schools based on the county, district, campus and/or zip code.
Golf Course Finder allows you to search for Houston golf courses and to view properties on or near a golf course.
Search for Houston area highrises and see their comprehensive list of features and amenities.
Includes residential home sales statistics for residential properties and new homes listed by REALTORS®
Online resource center for affordable housing information
Information source for mortgage info, lenders, refinancing and more!
Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
Copyright© 2014, HOUSTON REALTORS® INFORMATION SERVICE, INC. All Rights Reserved.