Most buyers will put down what is known as earnest money to show the seller they are serious and able to complete their offer. This is usually in the form of a check and is usually 1 percent to 5 percent of the sale price. When a seller accepts an offer, the earnest money check is held in escrow or sometimes by the title company or real estate agent and is eventually applied to the down payment for the loan. Financing contingencies typically state that the buyer’s earnest money will be returned if the buyer cannot get financing.
Author:Traci Ann Lloyd Phone: 561-424-1172 Dated: March 1st 2016 Views: 216 About Traci Ann: Respected by her colleagues for her problem solving and leadership skills, Traci brings extensive kn...
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