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earnest money deposits: Another Questionable Earnest Money Deposit Practice - 09/02/09 02:26 PM
My last post on Earnest Money Deposits focused on Short Sale Buyers.  There is a lot of opinion on whether Earnest Money Deposits should actually be deposited at contract ratification, or at the time of short sale approval.  Either way you go, the Buyers and Sellers MUST agree in writing when that Earnest Money will be deposited, and the contract must be followed.
Understanding the concept of Earnest Money Deposit instructions being signed by all, and followed, you can understand my concern when a Buyers Agent on one of my Short Sales that will go to settlement on Friday calls and wants to … (12 comments)

earnest money deposits: What Is an Earnest Money Deposit? - 12/20/08 12:38 PM
An earnest money deposit is money that a buyer puts forth, to guarantee their contract on a property.  The earnest money shows that the buyer is serious...so serious they are putting their own money on the line.
Earnest money goes toward closing costs or down payment at settlement.  However, if all the buyers closing costs are covered by the seller, and the buyers is purchasing the home with a rare 100% financed loan, it is possible for the buyer to receive a refund at settlement.  However, the buyer can never get more money back, than they orignally put down in their earnest money … (8 comments)

 
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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

Office Phone: (703) 402-0037

Cell Phone: (703) 402-0037

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