Kimberly Graham

What is a deposit for?

A deposit is a show of good faith that you intend to purchase the home.

Do I have to give one?

I am to understand that by law you are not legally required to give one, however it is such a common practice in today's market that seller's may not understand why you don't have one.

Where does the money come from?

The money would have to come from you directly.

Is the deposit money on top of the sale price?

I get asked this all the time! The answer is NO way! If you bought a house that was $150 000, your deposit is $5000, the sale goes through and is finalized, you now owe $145 000.

Is the deposit the same as the downpayment?

Sort of... The deposit is PART of the downpayment. Certainly it can be all if you would like, but may not be possible. For example, if your price range is $100 000, and you have your 5% down which equals $5000. You may only want to put $1000 down as a deposit. The main reason for this is deposits are cashed within 24 hours of acceptance of an offer, so if you don't have the entire amount now then you don't have to worry about it right away.

How much should I have for a deposit?

This depends on a few things, how much you have to put down now, and maybe even how much the house is. Some sellers will want as high of a deposit as possible, some are less concerned with such things. The best advice is to ask me what I think is best at the time the offer is written. Normal amounts are between $1000 and $5000.

How do I know my money is protected?

The money is deposited into the listing broker's trust account. The money is safely kept there and is then forwarded to the lawyer upon completion of the sale.

Who is the cheque made out to?

Because it is held in the listing broker's trust account it is made out to the Listing Brokerage.

What happens if I write a cheque and don't get the house?

The cheque is voided, never cashed and mailed back to either the agent that submitted the offer or the client.

What happens if I write an offer, we get it, and my conditions fall through?

If the offer was accepted and the cheque cashed then the agent would send in a form requesting a return of funds based on conditions not satisfied. It can take up to 10-15 business days to have that money returned.

What happens if my cheque bounces?

Oh boy... try not to do that!! Hopefully the brokerage that cashes it is nice enough to call you and give you a chance to make sure that money is there.

Is a money order better?

It depends. It is for sure a way to prove that the cheque wont bounce!! It may not be convenient for you however as we may be meeting to write the offer after banking hours.

Salespeople of all types have had a long history of being perceived by the public as "cheesy". Hey, before you shoot the messanger... remember that perception is reality and we have all heard this! I blame it on tried and true techniques that worked at one point, but never changed with the times. All industries must change, grow and adapt otherwise they become obsolete. Sales will never become obsolete so therefore we have a bigger responsibility to the public to really grab hold of what it is they want, and do it that way.

There are however, those salespeople, like myself who are so far from cheesy we completely exist outside that realm. I would never have the guts to try to pull the cheese on someone and sell them something, I would be frankly just a little embarrassed of myself! *chuckle* As a salesperson I actually do not like it when someone tries to "sell" me something because I am always looking for the gimmick behind the sales pitch. So I truly do understand why people are wary of salespeople of all kinds. I hear you, and I get it:) Funny thing is this cheesy-ness seems to really work for some people, but since I know who I am as a buyer, wary at best, I know that the market calls for a niche of salespeople who can think outside the cheese wheel and treat our clients the way we want to be treated. (fat free!)

Recently I decided to bite the bullet and go car shopping. First of all, you should know I did not want to deal with purchasing a new car, the whole idea was scary and daunting, I was worried about being sucked in to some sale by a bone fide "cheesy" salesman and the whole thing was almost too much. I was not even that particular about what I wanted, keeping in mind I know houses, not cars! Since I believe that you should do what you do best and refer the rest, I had to put my faith and trust in a complete stranger. Scary! I voiced my concerns to a friend and fellow realtor who referred me to his car salesman and I have to say, my experience was more than positive! Real estate is clearly a people and sales driven and focused business. I exist inside that world every day and I always try to understand my client's perspective. Now I was on the other side of the conversation and it was a great reminder for me that cheesy has no place on a negotiations table. In fact, I loved it! I loved it because it proved to me that my theories of cutting the cheese out of real estate sales has clearly bled to other sales industries and that a new, refreshing way of doing sales has truly taken hold. The best part? That honesty, integrity, and fun were on the table when working with the car salesperson. A friendly straight shooter from the get go, he wasn't up to any tricks, and I appreciated that. He wasn't afraid to suggest a car I had never thought of, anticipating my needs before I even had to ask, it was a relief to know he knew what I wanted because I really didn't! For the record, I am getting the car he suggested!

Selling and living in a world where I have to be sold on something, cheese free, is an interesting, innovative and frankly refreshing concept that all salespeople should embrace if they haven't already

So fat free selling, cutting out the cheese, seems to be creeping in the back door, of car lots and real estate alike... a refreshing wind of change that will only leave the community at our fingertips able to trust us more, and hopefully leave them happier. Which is an exciting concept to those of us who care about what we do, aren't just in it for the sale, and get a sincere satisfaction out of making the right match... a realtor to her car; a family to their new home. Like I said, sales is really all about the people, and that is where our hearts really lie.