Is Earnest Money Applied To Down Payment
Eleven months and we can’t seem to give the house away because of exactly three things: No one appears to have enough for a down payment, they can’t get. nor will I even give the sex, put down.
Earnest money should not be confused with your down payment. The down payment towards your house is the amount of cash that you need to contribute towards If your home purchase closes, the earnest money deposit that you originally made will be applied towards your down payment.
What is earnest money, and when is it due? Bruce Ailion, real estate attorney and Realtor with RE/MAX Town and Country in Atlanta, says the If the seller accepts your offer, this money will go toward your down payment and closing costs. note that earnest money can be either refundable.
We made an offer to buy a house with a $10,000 earnest-money. It's used as a credit toward the buyer's down payment and closing costs.
The earnest money deposit is typically 1 to 3% of the purchase price and is applied to the buyer's downpayment at the close of escrow.
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Earnest Money –> Down Payment. 4 Replies. Log in or sign up to reply. I would like some clarification on earnest money. Being told that our earnest money will go towards our down payment and held in escrow until the P&S is signed.