A buyer in Florida wants to submit an offer but cannot provide earnest money until their CD matures in one week. The seller is motivated and wants to accept the offer immediately. What is the best course of action?
Correct Answer
C) Submit the offer with a provision that earnest money will be deposited within a specified timeframe
Correct: The offer can include a provision specifying when earnest money will be deposited, giving the buyer time to obtain funds while allowing immediate submission. Why not A: Promissory notes are not acceptable as earnest money. Why not B: Waiting might result in losing the opportunity. Why not D: Offers without earnest money lack consideration and good faith showing.
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Previous Question
A Florida real estate broker receives competing offers on a property. Offer A includes $5,000 earnest money, and Offer B includes $10,000 earnest money. Both offers are for the same purchase price with similar terms. How should the broker advise the seller regarding the earnest money amounts?
Next Question
A Florida broker discovers that earnest money deposited by a buyer was obtained through fraudulent means. The transaction has not yet closed, but the seller is unaware of the fraud. What should the broker do?