Real estate blog entries tagged with why do i need to make an earnest money deposit by Chris Ann Cleland, Associate Broker, Northern VA (Long & Foster REALTORS®, Gainesville, VA)

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Home : Blogs : Chris Ann Cleland, Associate Broker, Northern VA : Northern Virginia Real Estate News & Opinion : Tag "why do i need to make an earnest money deposit"

why do i need to make an earnest money deposit: 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

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