Posted on July 9, 2021 - 06:33 AM by Rose Mary Justice
Real estate terms can be confusing, but I'm here to help! Earnest Money is good Faith Money to show the seller you are serious about buying their home. This money is placed in escrow until we close on your home. Then that amount is applied to your loan amount.
Now if for some reason you just back out on a contract for no good reason then you will, most likely forfeit that money to the seller. If in fact you have an inspection and there are good reasons (something wrong with the home) then you may get your earnest deposit back if you decide to move on to another home. This is only one part of the process of purchasing a home. We'll navigate the home buying process together, just send me a message to get started. I am here to help.
Rose M Justice 423 258 4830
Synergy Realty Pros 865 761 0105
Licensed in Tn-Equal Housing Opportunity
Courtesy of List Reports
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