Ryan Reynolds answers questions like- What is earnest money? What does appraisal gap mean?

Send a textThis episode is all about earnest money, appraisal gaps and industry trends we're seeing in the central ohio real estate market. I am joined by Ryan Reynolds (not the Deadpool one, the other one) to discuss these topics. Earnest Money is the deposit buyers make when making an offer and showing the seller they really want their house. There are essentially 4 ways to get it back-1. terminate within a contingency period 2. at closing it comes back to the buyer as a credit3. if you terminate and the sellers won't agree to give you the money back you can take them to small claims court4. you can wait for 2 years and the money sits as "unclaimed funds" and then the buyer gets it backWe go into much more detail on this and give some examples in the show so you will definitely want to listen in.What is Appraisal Gap is another thing Ryan and I talk about. The appraisal is an opinion of the value of the house done by a 3rd party company and helps the lender determine how much hey will lend on the home. The bank will only give you as much as the home appraises for. If that is less than the amount you're in contract for then we have to figure out that gap. If it appraises higher than you are in contract for then you got a really good deal. We go into more detail on this and give examples on the show so you should absolutely tune in to hear it all. Tune in, leave feedback, share it with a friend or 10 and follow the show so you never miss another episode! Sarah Thress614-893-5885 First Time Home Buyer course: https://sarahthress.graphy.com/Instagram https://www.instagram.com/sarah_thress_realtor/Facebook https://www.facebook.com/SarahThressRealtor/https://www.youtube.com/@LIFEINCOLUMBUS