#RealtorBUZZ – What is Escrow ? ( Part II)
Hi this Oscar Arellano, welcome to another episode of realtor buzz. In today’s episode we’re going to continue on last week’s topic about what is escrow. We’re going to talking about hard money deposit. What is a hard money deposit in escrow? It’s a term we use in real estate meaning basically a non-refundable deposit. Usually, this happens in transactions with cash deals where there are no inspections, there’s no a financing contingency, the base on the line, the deposit is nonrefundable as of day one. If you walk away from that deal tomorrow your money is lost. Using these transactions you talk about long large amounts of deposit where the buyer has more skin in the game to lose if they walk away from that transaction. It puts the seller at ease that deal will close. If not, they obtain the money automatically from escrow. If you have any other questions on any real estate matters, looking to buy, sell a property? Please, contact me, Oscar Arellano.