Angela, Todd, & Grant

Canโ€™t believe how fast and simple you made this. We got
pre-approved for $580K and were in our dream home less
than 3 weeks later. We love POP Mortgage!

Angela, Todd, & Grant
Get a Great Mortgage Rate
Get A Free No-Obligation Rate Quote ๐Ÿ‘‰ http://pam-rate-quote-fb-dtzOj4lP.secure-clix.com

What Is Earnest Money?

Earnest money is a deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.

When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing. If the deal falls through, the seller has to relist the home and start all over again, which could result in a big financial hit.

Earnest money protects the seller if the buyer backs out. It's typically around 1% โ€“ 3% of the sale price and is held in an escrow account until the deal is complete. The exact amount depends on whatโ€™s customary in your market. If all goes smoothly, the earnest money is applied to the buyerโ€™s down payment or closing costs.

If the deal falls through due to a failed home inspection or any other contingencies listed in the contract (weโ€™ll look at those contingencies in a bit), the buyer gets their earnest money back. The practice of depositing earnest money can decrease the likelihood of a buyer placing offers for multiple homes, then walking away after the seller takes the home off the market.

Pam Gustafson ๐Ÿ“ž 920.366.4366
NMLS#254280

Mike Cox ๐Ÿ“ž 920-378-0002
NMLS# 269700

Mortgage Nerds is an Equal Housing Opportunity Company

Get A Free No-Obligation Rate Quote ๐Ÿ‘‰ http://pam-rate-quote-fb-dtzOj4lP.secure-clix.com

What Is Earnest Money?

Earnest money is a deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.

When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing. If the deal falls through, the seller has to relist the home and start all over again, which could result in a big financial hit.

Earnest money protects the seller if the buyer backs out. It's typically around 1% โ€“ 3% of the sale price and is held in an escrow account until the deal is complete. The exact amount depends on whatโ€™s customary in your market. If all goes smoothly, the earnest money is applied to the buyerโ€™s down payment or closing costs.

If the deal falls through due to a failed home inspection or any other contingencies listed in the contract (weโ€™ll look at those contingencies in a bit), the buyer gets their earnest money back. The practice of depositing earnest money can decrease the likelihood of a buyer placing offers for multiple homes, then walking away after the seller takes the home off the market.

Pam Gustafson ๐Ÿ“ž 920.366.4366
NMLS#254280

Mike Cox ๐Ÿ“ž 920-378-0002
NMLS# 269700

Mortgage Nerds is an Equal Housing Opportunity Company

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What Is Earnest Money?

Mortgage Nerds, LLC 8 views March 8, 2022 12:30 am

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