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Today at 12:30pm
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns.
Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.
Enjoy!
Question: Can you explain how the Earnest Money Deposit is used and what an acceptable amount is?
Answer:
What is the EMD?
I like to define Earnest Money Deposit (EMD) as an amount of money deposited by a Buyer as security for the Seller that the Buyer will perform under the obligation of the real estate contract. Assuming the Buyer completes the purchase transaction, the deposit is deducted against what they owe at closing (down payment + closing costs).
May 18, 2021 at 12:30pm
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns.
Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist.
Enjoy!
Question: In your last article you mentioned Bright MLS a few times, can you explain what that is?
Answer: If you’re buying or selling a home, you may hear the term “MLS” or “Bright” used a lot. The simplest way I describe it to people is that the MLS, short for Multiple Listing Service, is the real estate industry’s database(s) of record for property sales. There are hundreds of regional and local MLS’s across the country.
May 11, 2021 at 12:30pm
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: A friend of mine found a house off-market through their neighbor. Do you have any data that shows how many homes get sold before ever hitting the market?
Answer: Most people assume that there are a lot more pre-market and off-market home sales than there really are. The data I used to determine likely pre/off-market activity suggests that only about 4-5% of Arlington homes sell without being listed first.