good faith deposit: Let's Talk About Earnest Money Deposit
- 05/28/21 10:50 PM
Let's talk about deposits. You may hear the term EMD, GFD, earnest money deposit, or good faith deposit. The contract is written, with an agreed-upon good faith deposit submitted at the time of the offer. Sometimes, the agreement can call for a second deposit, maybe after the inspection time is complete. This deposit can be held in escrow by either the listing agent, buyer agent, or a third party like a title company.
Can a buyer get their money back? Not always. One reason IF dates are missed. Maryland has a time is of the essence clause, so important it is the … (17 comments)
good faith deposit: But It's A Cash Offer
- 12/19/19 12:54 PM
Why do some agents and buyers feel that they can negotiate and get a much better deal with a cash offer?
Don’t get me wrong; we all like a clean cash contract without contingencies. But a well-written offer, with financing in place, and a substantial EMD has just as much chance.
To accept a cash contract, show me the money, proof of funds, and a good faith deposit. Note: The seller will be receiving the same amount of money at settlement whether cash or financed.
A lot has to do with the reliability and reputation of the people involved, including the Realtor®, lender, title company, inspectors and … (30 comments)
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