April 2018

Found 1 blog entry for April 2018.

We've been working with many buyers lately and the subject of Earnest Money keeps coming up and I find myself often describing what it is and how it works. So I thought I would take a minute to share this information, as you too might want a better understanding of earnest money in a real estate transaction.

What is earnest money?

According to the dictionary, earnest money is: money paid to confirm a contract. Essentially in a real estate purchase, earnest money is a deposit that is presented with an offer to purchase a home.  It tells the seller that you are committed to the purchase, and it helps fund your down payment. If you reach mutual agreement to purchase the home, your earnest money will be deposited in escrow and ultimately be used as part

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