Earnest money is a deposit that the homebuyer will submit with the writing offer to the seller. You submit the earnest money deposit to show the seller you are serious about proceeding with the purchase of their home.
Once the offer is accepted the earnest money is deposited into an escrow account and will be applied to your closing costs.
What if the seller does not accept my offer?
If the seller does not accept your offer then the earnest money is returned to the buyer.
What if the buyer decides they don't want to buy the property, do they get the earnest money back?
If the buyer changes there mind after the offer has been accepted then the buyer will not get the earnest money back. Before you write an offer you should make sure that the property you plan to buy is really the one you want.
What if I cannot get financing?
Generally if you cannot get financing then the earnest money will be returned to the buyer.
If you have any questions or would like to know more about the local market, please visit my website http://www.daniellowery.com or give me a call. I am always here to help.
Daniel Lowery, Certified Negotiation Specialist (CNS)
REALTOR® Broker/Sales
Coldwell Banker Gordon Co. Realtors
Direct: (573) 291-1819
Office: (573) 761-3312
Email: daniel@daniellowery.com
Website: www.daniellowery.com
When Service Matters Call Dan!
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