Good question! This one came up several times over the last three days. The short answer is: Yes.
The longer answer is: Yes, but not all parties view earnest money the same way.
Earnest money is “skin in the game”. It’s money the buyer puts up after contract acceptance, to be held in escrow. This money is generally returned to the buyer at closing but MAY be forfeit to the seller, in certain circumstances. Earnest money is protected by several contractual protections for a buyer in Colorado.
This isn’t legal advice, just practical information. If you’d like to talk more about housing, please call Rob Thompson @ 719-440-6626!
Always consult a CPA for financial advice and an attorney for legal advice.
Good question! The short answer is: Yes, it is a tool you can use in your home search. But it has a limitation.
Zillow is a great platform for home searches and cannot/should not be discounted. However, there are a couple of things you should know when searching for homes in the Colorado Springs market.
Sites like this are fed from an IDX (Internet Data Exchange) via the MLS (Multiple Listing System).
In the case of Zillow, it’s also manually updated by homeowners, property managers and agents. However, Zillow is no longer automatically updated by the local MLS. The result is that it no longer represents the totality of the market.
It is a tool in the search, but I also recommend checking TheHousingNetwork.com (full disclosure, that’s my website) and/or PPAR.com to see the current listings in the Pikes Peak region.
If you’re looking to buy or sell a home in Colorado Springs, I’d be honored to earn your business.