The earnest money deposit is what you give to the title company when you get an accepted offer on a home that you are purchasing. This deposit lets the seller know that you are serious about the offer and are willing to forfiet a deposit if you deside to change your mind. Dont worry though. This deposit can be protected. How do you know if you really wannt the property. You need to get your home inspection, maybe a pest inspection etc. Most good realtors will make sure you have 17 - 30 days to inspect the property, to make sure you really want to close on the home. If you decide to cacnel the deposit is refunded back to you as long as you cancel with in the 17 - 30 day time period. If you decide to close on the home the deposit will be applied to your down payment. If you have questions about your earnest moeny deposit please message me below. I am happy to respond ASAP. Peter J. Metz The Mortgage Genius.
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The earnest money deposit is what you give to the title company when you get an accepted offer on a home that you are purchasing. This deposit lets the seller know that you are serious about the offer and are willing to forfiet a deposit if you deside to change your mind. Dont worry though. This deposit can be protected. How do you know if you really wannt the property. You need to get your home inspection, maybe a pest inspection etc. Most good realtors will make sure you have 17 - 30 days to inspect the property, to make sure you really want to close on the home. If you decide to cacnel the deposit is refunded back to you as long as you cancel with in the 17 - 30 day time period. If you decide to close on the home the deposit will be applied to your down payment. If you have questions about your earnest moeny deposit please message me below. I am happy to respond ASAP. Peter J. Metz The Mortgage Genius.
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