Lender Asks You to Remove Earnest Money from the Contract - What to Do

By
Services for Real Estate Pros with Maximum One Realty - Managing Broker

 

A lender asks you to remove the Earnest Money from a contract... what should you do? Lenders must source the earnest money & if it is cash or too difficult to source, the lender will ask you to write an Amendment removing the earnest money from the contract. What should you do? What are the risks for the Seller? Watch the video to find out! Dana Sparks, Qualifying Broker of Maximum One Greater Atlanta Realtors - www.MaximumOneATL.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
4,205,531
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Hi Dana

Interesting video and issue. I have never had this happen nor heard of it happening here. And it would certainly raise some questions in my mind as the listing agent about the buyer if the lender says they can't source the funds!

Jeff

Oct 03, 2017 08:12 PM #1
Rainmaker
121,026
Randy Hilman REALTOR® Associate Broker
Randy Hilman Homes - Moultonborough, NH
Guide & Mentor to Home Buyers & Sellers

How can the seller withhold his signature until closing when underwriting is requiring it on an addendum as a condition of the loan Dana (Lerner) Sparks?  I'm confused but it's an interesting point.  I've not encountered this and will ask my loan officer colleagues for their procedures regarding cash deposits.  BTW: Like your use of the YouTube medium for posting blogs.  

Oct 03, 2017 08:15 PM #2
Ambassador
2,947,037
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

In my 21 years as a broker this has never happened to me.  And I've had a lot of cash EM over the years.

Oct 03, 2017 09:24 PM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
36,796

Dana (Lerner) Sparks

Satisfying You with Service Innovation & Education
Ask me a question
*
*
*
*
Spam prevention