Do you have to have earnest money in a offer

[Barrz]

Oregon, want to know if there is a law there must be earnest money with a offer. Many agents confuss EM with consideration. They say must have concideration to make the contract leagal. Guess they didnt pay attention in school.
Titile company say they dont care if there is or not have gotten them both ways. Real Estate division says it is not part of their oversite.

 

[seniorjudge]

It depends on what the contract calls for.

Your question is a tad broad and general.

Do you have specific questions?

 

[Barrz]

In a standard real estate offer, either SN or some board of realator.

 

[Gail_in_Georgia]

Earnest money is perceived as a "good faith" gesture to the seller (not the title company nor the mortgage lender nor the real estate folks) that the buyer is serious enough about the property to put up some money beforehand.

In times past most sellers would not accept a bid from a buyer without at least some earnest money up front, locking their property into a negotiation/closing that may take several months to complete, thus taking their property off the market and running the risk of losing other potential buyers.

Times may have changed with the changing real estate market.

Gail

 

[Barrz]

Em

Once again i am in Oregon.
This has come up a few time lately where a realator will call and say i dont have a valid offer because there isnt any EM. As we debate they lead to saying there has to be concideration to be a valid contract.
Then try to make me beleive it is the law. So i am looking for that law or something to the contrary.