Assuming that all goes well and the buyer’s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just.
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During closing, the earnest money deposit can be used to reduce the amount of down payment. For example, if you are buying a home for $200,000 and want to put 20 percent down, your down payment will be $40,000. If the earnest money deposit is for 3 percent or $6,000, you would be required to provide a down payment of $34,000.
Earnest Money is submitted to an escrow company with the accepted purchase contract; At the close of escrow, the EMD is credited towards the down payment and / or closing costs; If there are no closing costs or down payment, the EMD is refunded back to the buyer; Who Doesn’t Get Your earnest money: selling real estate agent – A conflict of interest
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Earnest Money: Everything You Should Know About How it Works – For example, if your down payment plus closing costs came to $50,000 but you gave a $2,000 earnest money deposit, you would only be required to bring $48,000 to the closing table, as directed by the title company or attorney who closes the sale.
The money you put down to show you are serious about the. If the deal is successful, the deposit will go towards closing costs and other expenses for the purchase.. enough money to pay the big property tax bill at the end of the year.. your earnest money back if you're within the time allotted to do so.
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Earnest money does not add to the laundry list of home-buying expenses; it represents part of your down payment.
In other words, the earnest money is treated as buyer funds and applied toward the down payment or closing costs. In the event that the transaction does not end in a. Credit Explanation Letter For Mortgage How to Write Letters of Explanation for a Mortgage.
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