Does anyone know the specific law regarding Earnest Money and offers on homes. We submitted an offer on a home and put down earnest money. We later found out that there were 4 other offers on the home and each couple had put down their earnest money. Is there any law regarding how much money a real estate company can take on one home. Including our offer there were 5 offers and a total of 5000.00 down (1000.00) from each couple.

Thanks, Kim

Hi Kim, an Offer is nothing more than an Offer. If an Offer is accepted you then have a Contract. Your earnest money is part of your Offer and therefore the Seller can entertain as many Offer's as they wish but can only accept one offer. If an Offer is accepted then any other Offers can only be accepted if they are 'subject to' the first Offer.

We discuss Real Estate Purchase Contracts and Earnest Money on our web site at: www.buyingahouseandsavingmoney.com

Steve @ www.buyingahouseandsavingmoney.com

Steve, Thanks for your reply. Our offer was accepted as were others...sounds like it wasn't legal. Even our real estate agent told us that other people had earnest money on the property. I am definately going to sign up for your product. :