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What's an EMD?
Many times in the real estate world we forget that most consumers don't know what the acronyms we use stand for, and why would they. We use these terms everyday. One of the common ones that I tend to rattle off is EMD. So what is an EMD? EMD stands for earnest money deposit.
 
O.k. so now that we know what the acronym stands for, what exactly is an earnest money deposit?
 When a buyer submits an offer to purchase real estate they also put down an earnest money deposit. This deposit is a sign of good faith, something to show the seller that the buyer is serious about purchasing their home. Once the buyer and seller both agree to a purchase agreement (offer) in writing, the emd is deposited in an escrow account for the buyer. In MI the escrow is typically held by the buyers agent in an escrow account, but most of the times when purchasing a bank owned property, they require the emd to be held in the listing agents escrow account. Either way, regardless of who's holding it, it's still money that is yours and will be credited to you at closing for your purchase.
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