Email The Earnest Money Needs To Be Delivered Per The Terms Of The Purchase Agreement
This Is Typically Within 24 Or 48 Hours Of The Acceptance Of The Purchase Agreement
Earnest Money Is Typically 1% Of The Purchase Price. This Amount Will Most Often Become Part Of Your Down Payment At Closing. Earnest Payments Are Held In An Escrow Account Typically By The Listing Brokerage. That Payment Demonstrates To The Seller(s), That the Buyer(s), Are Serious About Closing On The Purchase Of The Property. Most Purchase Agreements Have Contingencies, Like Mortgage, Inspection and More. These Contingencies Typically Allow For Full Refund Of The Earnest Money Under Certain Conditions.
The Earnest Money Delivery Address
Please hand deliver Earnest Money checks to Mitch's townhouse at 323 East Saint Joseph Steet Indianapolis IN 46202. Saint Joseph is located between 9th and 10th streets, and 323 East Saint Joseph is the 5th door that's east of Alabama on the southside of the street.
Please Make The Check Payable to To Help U Move Trust Services, and please include "EM" & The Property's address on the memo or note line.
There is a mail slot in the front door and a mailbox on the outside wall to the right of the front door. Please use the mail slot in the door, which is secure, vs the old mailbox on the wall that is not secure!
Lastly, please text Mitch at 317.223.1673, once you have dropped the check off so that he knows the check is there and he can more quickly confirm receipt of the check to you.
Paying Security Deposit
The Earnnest app can also be used for collecting security deposits and first month rent payments, but it's primarily designed for collecting earnest money in real estate transactions. While it doesn't specifically state "security deposit or 1st month rent," the process is similar to collecting earnest money, involving a secure, digital payment portal.
Here's how it works:
1. Initiate the Request:
The real estate agent or escrow holder uses the Earnnest app to create a digital request for the security deposit.
They enter the recipient's information (name, email, phone number) and the deposit amount.
2. Payment Request is Sent:
Earnnest sends an email to the Tenant/recipient with a link to a secure payment portal.
The Tenant/recipient clicks the link and follows the instructions to initiate the payment.
3. Secure Payment Processing:
Earnnest uses Plaid, a bank network provider, to ensure secure and instant verification of the Tenant's bank account.
The payment is made through the Tenant's bank account.
4. Deposit and Receipts:
Once the payment is made, a payment receipt is automatically generated and sent to all parties involved (including the Tenant, the agent(s), and the escrow holder).
The deposited amount is held in a digital escrow account till distributed to the Landlord.
A deposit receipt is also automatically sent to the Tenant, the Landlord and the escrow holder.
In essence, while the Earnnest app is primarily marketed for earnest money, its secure digital payment platform can be used to collect security deposits and 1st month rent as well, offering a convenient and secure way to transfer funds for any type of deposit.
You Can Pay The Earnest Money With Either a Personal Check, A Bank Check Like a Cashier's Check Or A Money Order, Or You Can Easily Pay Electronically Using The Earnnest App
Just Let Your Agent Know Which Option You Prefer!
Paper checks typically need to be hand delivered to the Listing Broker's actual office. Note with a hand full of Brokerages you may be able to drop off the Earnest Money check at a nearby branch office. However, more often the Earnest Money check will need to be delivered to the Listing Agent's actual office which can be in another part of the Greater Indianapolis Area!
Another option, that eliminates the hand delivery of the check, is that you can pay Earnest Money with the largest digital Earnest Money service in the USA that provides a secure, compliant and fully digital / electronic transfer of Earnest Money funds at a 1-time cost of $24.00. You can use the "online" Earnnest App from any computer, or a mobile device with internet connectivity.
NOTE: Some National & Regional Builders Also Support/Require Paying Earnest Money Using An Electronic Direct Payment Process.
Paying The Earnest Money Electronically Using The Earnnest App
Find Out About Recent Market Activity If You Are Considering Buying Or Selling!
Generally Speaking What Goes Into The Value Of A Property
1/3 Is About The Property Itself: The Location, Condition, Updates, Bed & Bath Count, Size, Age & All Features
1/3 Is About Similar Places For Sale A Buyer Could Also Buy, At The Same Time, In The Same & Similar Areas
1/3 Is About What Similar Properties, In The Same Or Similar Areas, Have Sold for In The Last 6-12 Months
Real estate values are not like a ten-dollar bill that is worth $10 regardless of if it’s crisp and brand new, or if it’s twenty years old, dirty and torn. Neither the condition of the bill in your hand, the condition of other ten-dollar bills, nor the location of where you are holding the bill will change its value! If the value of real estate was also this precise and exact, just like the value of a dollar bill, then there would frankly be no need for real estate agents!
When you are thinking about buying or selling accurately evaluating the value of a house, townhouse, or condominium is a complex calculation that leverages years of experience and expertise like Mitch has, as one of the Top REALTOR's in the Greater Indy area! So let's start at the very beginning - with the RIGHT price! And the best way to find the RIGHT price is to ask Mitch.
What Is A Greater Indianapolis Property Worth
For Sellers, Get An Even More Precise Valuation Of Your Greater Indy Property, After You Have Completed The 1st Above... Feel Free To Share Additional Details Here
The 4 Most Common Ways To Determine The Value Of A Property, From The Highest Accuracy (4 stars) To The Least Accurate (1 star)
Comparative Market Analysis (CMA)
This is an indication of the property’s value based on a detailed and adjusted analysis of the 4-6 most relevant and similar properties that have recently sold in your development and/or nearby.
A CMA should also increase or decrease the value based on the current market conditions including, interest rates, and the supply and demand at that moment in time. Most real estate agents will perform a CMA before listing a home for sale and great Buyer’s Agents will also complete a CMA when working for a buyer who is considering submitting an offer on a property.
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This is an indication of the property’s value based on a detailed and adjusted analysis of the 4-6 most relevant and similar properties that have recently sold in your development and/or nearby.
A CMA should also increase or decrease the value based on the current market conditions including, interest rates, and the supply and demand at that moment in time. Most real estate agents will perform a CMA before listing a home for sale and great Buyer’s Agents will also complete a CMA when working for a buyer who is considering submitting an offer on a property.
This is an indication of the property’s value based on a detailed and adjusted analysis of the 4-6 most relevant and similar properties that have recently sold in your development and/or nearby.
A CMA should also increase or decrease the value based on the current market conditions including, interest rates, and the supply and demand at that moment in time. Most real estate agents will perform a CMA before listing a home for sale and great Buyer’s Agents will also complete a CMA when working for a buyer who is considering submitting an offer on a property.
This is an indication of the property’s value based on a detailed and adjusted analysis of the 4-6 most relevant and similar properties that have recently sold in your development and/or nearby.
A CMA should also increase or decrease the value based on the current market conditions including, interest rates, and the supply and demand at that moment in time. Most real estate agents will perform a CMA before listing a home for sale and great Buyer’s Agents will also complete a CMA when working for a buyer who is considering submitting an offer on a property.
An Appraisal
State-licensed appraisers will walk through a property and write an official appraisal report. While appraisals offer a little protection for buyers regarding the value of a property, the customer for the appraiser is the mortgage lender not the buyers. Banks typically require appraisals when refinancing your home, or getting a mortgage for a new home, to minimize the lender’s risk by making sure the bank is loaning no more than what the property could be resold for if the buyer was unable to repay their mortgage loan.
Instant Online Value Estimators
The Iron Triangle Of Service: Good, Fast, And Cheap -- PICK TWO. You Can Never Have All Three, As The Saying Goes!
Online Value Estimators are Fast and Free... And Free is the ultimate definition of cheap! So, since you can NOT have all three, and these online instant valuations are Fast and Free, then that means these Estimators can NOT also be Good!
There are many real estate and lending websites offering estimators out there. You can use this if you want a general estimate of your home may be worth. While these can help you decide if it’s worth considering selling or refinancing, these sites tend to dramatically undervalue or overvalue property values. So, using these when selling or purchasing a new place could create unrealistically high or unreasonably low expectations that could cost you thousands of dollars as both a seller or a buyer!
Price Per Square Foot Calculations
Price per square foot calculations are often used by sellers, buyers and unfortunately even by many real estate agents to determine the value of a property in comparison to other recent sales. This approach divides the sale or list price by the above ground square feet to arrive at a price per square foot.
If you are comparing to identical floor plans, with identical finishes and features, built at the same time, by the same builder on lots next to each other and both places have continued to have identical updates, then this approach might yield a meaningful value. However, this is rarely the case since price per square foot calculations do not reflect the many differences in properties like, bed and bathroom configurations, land value and location, views, garage spaces, finishes, updates and improvements, the year the place was built or any of the hundreds of differences between homes.
Mitch Refers To This Calculation As Only Pricing Validation, NOT Pricing Valuation!
Once a property CMA has been completed this calculation can be used to determine if a property has been overimproved or is overpriced within the neighborhood, development or area. If the price per square foot, based on a proper CMA, is dramatically higher than similar nearby places then the property is likely overimproved! Additionally if the price per square foot, based on the CMA, is dramatically lower than the price per square foot based on the list price, then the property is likely overpriced.
About Mitch
Mitch leverages his local expertise, combined with his meaningful business and life experiences, and decades of professional leadership and growth in the construction and technology industries to contribute to his success as one of Greater Indy's Top REALTORs.
Mitch is committed to helping change the lives of his clients as they start their next chapter, by making it easier, more enjoyable and more profitable for his clients that design, build, buy, and sell their home, condo, townhouse or investment property!
See Market Activity For Houses, Townhouses & Condominiums By Greater Indy Areas Or Communities
USE THESE RESOURCES & TOOLS TO HELP YOU MAKE THE RIGHT MOVE IN THE GREATER INDY AREA
Buyers
Thinking of buying a greater Indianapolis home, condominium or townhouse... While it's easy to see the asking price, let Mitch show you what the property should sell for based on other comparable places in your favorite greater neighborhood or development.
Sellers
Thinking of listing your greater Indy home, condominium or townhouse... Are you curious to know what your place should sell for along with the selling prices, days on market, and list price to sales price ratios of other places in your neighborhood, development or area?
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