I recently got a call from an agent who indicated that she was about to present an offer on one of my properties. We had quite a nice conversation, and we reviewed, while on the phone, what I assumed were most or all of the pertinent details of the offer.
Shortly thereafter, I got the offer via fax. As I reviewed it, I was a little surprised when I got to the part about the "Earnest Money Deposit." It was blank. Ok - oversight. No big deal. I call the agent, and get the explanation. The client, who is approved for 100% financing, feels that no earnest money deposit is necessary. I explained to the agent that while I found this a little unusual, I would of course be presenting the offer to the seller immediately.
Ok, I understand. Clients think stuff. And technically, earnest money is not "required.". In my area, it is just normally done.
How about in other areas? Is an Earnest Money Deposit" the expected norm?
The Wallace & McGrath Team
Coldwell Banker Elite - Fredericksburg