In order for a home buyer to show they’re serious about purchasing a home, they will oftentimes offer earnest money, which is an initial deposit of funds separate from the down payment. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that this is a type of bid for the buyer to demonstrate to the seller they have ample funding they’re ready to use towards purchasing the home. Once the seller accepts a buyer’s offer on the home, both parties sign the purchase agreement.
After this, the buyer’s earnest money is then deposited into the escrow account and held until key conditions are met, like getting the home professionally appraised, securing a mortgage loan, getting the home inspected, and more. Upon these conditions being successfully met, both parties are ready to close. Check out below to see what sold in Northville Hills Golf Club in August 2024:
44063 Cypress Point Drive, Northville: 4 bedrooms, 3.3 bathrooms, 4,264 sq. feet, 3 car garage, Sold Price: $962,500
Northville Hills Golf Club Home Sold
August 2024
Once the sale of the home is underway, the funds in the buyer’s escrow account will be applied toward the down payment and closing costs of the home. After the transaction is complete, the agent managing the closing will release the earnest money and the escrow account is closed. For more information on Northville Hills Golf Club, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.