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earnest money deposit: Earnest Money Deposits and Short Sales - 09/25/09 08:05 AM
This post brought on by a blog reader who asked me a question.
The question was about putting down a Earnest Money Deposit with a short sale and how much that deposit should be.  Well in the DC area; an Earnest Money Deposit of 2-3% - or more - is pretty typical.  
My issues is with Short Sales.  Now I am NOT a Short Sale Expert and I am sure some Short Sales Experts will disagree with me.  However, I have a problem with tying up thousands of dollars of a Buyers money in an escrow account for months on … (2 comments)

earnest money deposit: What is an Earnest Money Deposit and How much should it be? - 02/12/09 09:26 AM
Buyers often ask this question and also wonder not only how much it should be; but how this affects the down-payment.
Earnest Money is a Deposit you put down on a property to show consideration (required in some states to make a contract valid).  It has nothing to do with the Down-payment (although it could go towards your down-payment).  
The Earnest Money is to show the sellers that you are serious about buying their property.  By accepting an offer; the seller is counting that the house will in fact be sold and they will be able to move.  The sellers … (4 comments)

 
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James Downing - REALTOR®,GRI, ABR - DC Real Estate

Washington, DC

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Coldwell Banker Residential Brokerage

Address: 5028 Wisconsin Ave NW, Suite 100, Washington, DC, 20016

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