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Rainmaker
4,116,781
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Our earnest monies and due diligence fees are typically paid by personal check here. Every so often, someone does a cashiers or certified check.

Mar 28, 2019 04:22 AM
Rainer
154,691
Ken Jones, Commercial Real Estate
Kenneth J. Jones, Inc. - Toms River, NJ

Paul S. Henderson, REALTOR®, CRS Interesting question.

However, some people consider personal or business bank checks promissory notes, I haven't used nor have I even heard of anyone using a self-made promissory note since late 1970's.

 

Mar 28, 2019 04:15 AM
Ambassador
4,257,353
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Personal checks from those over 40, certified checks from the millennials!

Mar 28, 2019 05:57 AM
Rainmaker
894,690
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Deposits are commonly wired in these days. Promissory notes are not used in my area at all. Otherwise, locally, a personal check is fine, unless dealing with REO/OREOs where sellers may require a cashier's check.

Mar 28, 2019 05:32 AM
Rainmaker
454,036
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

We stopped using promissory notes years ago and will only accept a check or money order.

Mar 28, 2019 03:29 AM
Rainmaker
3,616,999
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Our title companies only accept a check, or a money order.  

Mar 28, 2019 02:07 AM
Rainmaker
1,722,955
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

We still use checks which clients have to find in some drawer. I can't even remember how to write a promissory note.

Mar 28, 2019 05:27 AM
Rainmaker
468,799
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Cashier's Checks, money orders, bank draft, some kind of depositable into a bank account form of payment (but no CASH) or wire for those that don't have checks. Around here, Promissory Notes are received as indication as not only not having checks but more so as not having any money. Not a good way to impress a seller in a strong seller's market competing against other offers.

Mar 28, 2019 05:11 AM
Rainmaker
522,641
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

I would laugh at a promissory note or a cashiers/bank note. Cash, personal check, wire or nothing.

Mar 28, 2019 05:10 AM
Rainmaker
6,606,395
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

They can purchase money orders if checks are not available. 

Mar 28, 2019 05:08 AM
Rainmaker
2,023,890
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Most use checks

Mar 28, 2019 05:08 AM
Rainmaker
849,960
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Does a promissory note have the same value as a check that hasn't cleared the bank yet? Most agents here send a copy of a check with offers. It's rare that a check bounces though. Some buyers prefer to have the title company hold the EMD.

Mar 28, 2019 05:07 AM
Ambassador
2,960,825
Liz and Bill Spear
RE/MAX Alliance 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Alliance Cincinnati & Dayton suburbs

I encountered my first buyer without checks a couple of weeks ago.  However, my brokerage can do electronic transfers so we can still collect earnest money.

Mar 28, 2019 05:03 AM
Rainmaker
4,209,382
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

I prefer a wire transfer to a title company with the title company providing proof of receipt!

Mar 28, 2019 04:52 AM
Rainmaker
4,042,729
Richard Weeks
Dallas, TX
REALTOR®, Broker

Mostly checks or money orders.

Mar 28, 2019 04:37 AM
Rainmaker
761,962
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

Typically a check; occasionally it's in the form of a bank check (& not personal). 

Mar 28, 2019 04:33 AM
Ambassador
2,074,237
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

I've never encountered a promissory note as earnest money. Most buyers now do a wire transfer or they deliver a check. 

Mar 28, 2019 04:12 AM
Rainmaker
883,324
Peter Mohylsky. Broker -BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

Electronic funds transfer is the way to go now.

Mar 28, 2019 03:45 AM
Rainmaker
991,135
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Technically cash is a promissory note. We require a check for 1st deposit and a certified bank check for the 2nd. I'm still waiting for someone to pay in silver and/or gold coins/bullion

Mar 28, 2019 07:48 AM
Rainmaker
5,571,886
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

they use checks.... 

Mar 28, 2019 06:59 AM
Rainmaker
5,586,529
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Paul,

Checks usually.  One time, it was a suitcase of cash.  Luckily the bank was on the ground floor of our 12 story office building.  LOL A

Mar 28, 2019 06:31 AM
Rainmaker
710,004
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

Interesting Paul. That's an older expression....  A check is a promissory note. What other instruments that conveys funds and cashable were you thinking about?

Mar 28, 2019 06:16 AM
Rainmaker
3,331,180
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Most often it is still a check and those cases they bring in a cashiers check. No issues so far

Mar 28, 2019 05:18 AM
Rainmaker
684,615
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

What I have seen has been personal checks.

Mar 28, 2019 05:17 AM
Ambassador
5,408,079
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

We use checks.

Mar 28, 2019 08:47 AM
Rainmaker
2,641,652
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Good topic to explore....

Mar 28, 2019 07:24 AM
Rainmaker
1,153,550
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Personal checks. Fidelity refuse to accept Allipay, Apple Pay.  Most unsuccessful bidders do not even bother to pick up their EMD.

Mar 28, 2019 07:05 AM
Rainmaker
4,099,156
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Paul - I don't recall hearing of an example of a "promissory note" as an earnest money deposit in my experience.  Unless it's a lease, most funds are handled through escrow via checks or via wire transfer.

Mar 28, 2019 07:02 AM
Rainmaker
821,922
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Have not seen PN's as earnest money deposits. Kind of defeats the purpose if it's just a "promise to pay"  - we want to see the money in the account!

Mar 28, 2019 06:54 AM
Rainmaker
1,899,324
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Paul S. Henderson, REALTOR®, CRS the only time I used a promissory note was when I was working with young buyers who had no money.

Mar 28, 2019 06:24 AM
Rainmaker
1,921,264
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

We accept: Personal Checks, Cashier's Check, Money Orders, and wire transfers. 

Mar 28, 2019 05:05 PM
Rainmaker
1,639,786
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Our escrow companies prefer wire transfers

Mar 28, 2019 08:50 AM
Rainmaker
508,283
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

We use checks and most people here have checks.  If they don't, we can use money order or cashier check.

Mar 28, 2019 08:31 AM
Rainmaker
1,736,133
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I've been out of the loop so long I have no idea what the norm is anymore, Paul.

Mar 28, 2019 07:59 AM
Rainer
52,347
Krista Jenkins, REALTOR®
klm Real Estate - Lubbock, TX
Residential sales and retail & office leasing

In my market they are typically paid by personal check. If the client does not use personal checks then a cashier's check.

Mar 28, 2019 06:10 PM
Rainmaker
1,670,034
Mike Cooper, Broker VA,WV, MD
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

Most of our clients will drop off a check or a money order of sorts. 

Mar 28, 2019 02:10 PM
Rainmaker
1,387,173
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Very rarely do checks get used.  I think twice in the last 5 years.  The purchase contract out here defaults to wiring the money and you have to go out of your way to select cashier's check or another option.

Mar 28, 2019 09:39 AM
Rainmaker
4,013,334
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Either a personal check or a cashier check!

 

Mar 30, 2019 01:56 PM
Ambassador
2,605,231
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Wiring money is the growing trend because most do not have paper checks anymore. Of course,  a certified check can be done at any local bank.

Mar 30, 2019 07:12 AM
Ambassador
3,038,940
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

check, cash or wire.

Mar 29, 2019 04:13 PM
Ambassador
952,922
Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

Some markets do not require earnest money. Where it is I do require a check or money order. 

Mar 29, 2019 02:14 PM
Ambassador
3,055,932
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

Funds are wired to escrow.  

Mar 29, 2019 11:54 AM
Rainer
128,259
Pam Gordon
HomeSmart Realty Group - Colorado Springs, CO
Your Colorado Springs Realtor!

Check or Wire transfer, I agree most buyers do not have checkbooks.

Mar 29, 2019 09:12 AM
Rainmaker
910,796
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Escrow deposits are often made by wire these days. Cashiers checks are still used. Personal checks, too.

I would not be accepting of a deposit made by promissory note. That would be a promise to make a deposit instead of actually making the deposit.

Mar 28, 2019 09:38 PM