When is Earnest Money Due?
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- Опубликовано: 8 сен 2024
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Just learning about this and it’s overwhelming me so much work to do on my part. Thank you for This info.
Welcome, just take it step by step and you will be fine.
Your videos are amazing!
Thanks for watching!
I was watching one of your other videos this morning, and I don’t think I posted the question about, if I already own a home but am purchasing another home to live in and rent my existing one out, are there any funds that I can get towards downpayment and or closing costs out there? I currently have a conventional loan that I refinanced to get rid of PMI back on June of last year. This one I am purchasing FHA to not have to be out of pocket so much money and sellers are not paying anything in this market. 😟 and thank you I love this channel…
Most programs don't allow you to currently own a home to qualify for down payment assistance or grants. However there may be a few exceptions with local programs - you can watch this video and look at the link for your state. ruclips.net/video/UrPu-rGXhbY/видео.html
Another option is for you to use the equity in the home you are renting toward your down payment and closing costs - here is my equity video - ruclips.net/video/9JsX3X6Fx_M/видео.html
I read that u DONT give the end until the contract is executed. Your offer can show a check but not to give until contract execuyed
Yes that is correct. It needs to be a binding contract.
Great information. Can the earnest money go towards the closing cost?
Yes, absolutely
Great info
Thanks
I know this video is older but at what point do you find out how much the earnest money fee is? I know it varies by property so how would one be prepared for much to have saved designated for that?
Prepare for about 1% of the price of the home.
Is having inspection, appraisal, & financial contingencies as part of your contact are the only ways to protect yourself from losing your earnest money? Also, do realtors automatically include those contingencies in the contract, or they have to be specifically requested from the borrower?
Those are the primary ways. Many real estate contract are "fill in the blank" templates so it depends on how your agent completes the constract. You should ask how it my earnest money protected before signing, it may vary by state. Thanks for watching!
Once your earnest check is accepted, if another buy put down more earnest money, will that eliminate you as a buyer?
Not if they have already accepted your offer.
Once the offer is accepted, does this money come off the down payment or go toward closing costs?
It can get credited toward either.
@@ShaheedahHill I am looking to buy next year currently paying down debt. I appreciate your help and information with your videos. Can you request which one the earnest money goes towards?
Should the agent cash my check immediately? My agent cashed my check within two days of me giving it. Almost made my account overdrawn because I thought it was being held in escrow.I don’t even close until April. The due diligence period is not even no where near up. This is making me Leary of working with him.
Yes they should deposit immediately if you are under contract. That is license law in most states. Completly normal and professional. Thanks for watching
Really great question, helped me out
Is the earnest money the same as the amount of money you are offering above the current listing/asking price of the home?
No, it is separate but it will be credited to you at closing.
On average, how long is due diligence time period
It varies and is negotiated with sales contract but generally 7-10 days. Thank you for watching!
Hello, does the earnest money go towards the house, closing cost or down payment?
This may be trivial but truly dont know how this is done, my agent said to write it to the real estate company, he said the check itself doesnt come to me, so when writting a personal check, a copy goes to the realtor to submit offer but when do we actually hand in the the check when is this cashed?
Good question, you would write a check to the agreed upon party on the contract, it is usually your agents brokerage, the sellers brokerage or the closing attorney. Your check is not cashed until your offer is accepted.
@@ShaheedahHill Thanks so much for replying Shaheedah after watching your videos I sound so smart thanks to you!!! Also when do you suggest to hire a lawyer to review these documents? When is the appropriate time should I hire one myself or let the realtor find one for me, where is the cost of this applied if this is so at closing?
Is there a time limit to earnest deadline and DD ?
Whatever you agree to on the contract.
I have a V.A loan and my agent says that I will not get my earnest money back at close ...I'm not understanding why ...can someone please explain it to me?
Thank you
It depends on what your closing costs are. If you have closing costs to pay then your earnest money will be used towards your closing costs. If all of your closing costs are covered by the seller then you would get your earnest money back.
What if you never turned in earnest money ?
If earnest money is not part of your contract then this will not apply to you. If it is part of your contract and you have not turned it in by the agreed upon time then you are likely in default and need to speak to your Realtor so they can advise you.
@@ShaheedahHill will the contract become void if emd not sent to agent by due date specified or you have to come to agreement with agent ?
@@jaylessons635 You would be in default, but it depends on what the seller would want to do. They could terminate based on that default. This only applies when you have a binding contract - Both Parties have signed.
Hi I am your nee subscriber here! And I know this video is lil too old but I just want too know if the earnest money deposit is same as a down payment? Cause right now the builder (since were getting a new construction) they were asking as for earnest money of $15,000 as we sign the contract. Is that different from a down payment?
Welcome to the channel! They are not the same, however you can apply your earnest money toward your down payment when you close. So if your down payment was 15K you would already have that amount and the lender will apply that amount at closing. Good question.
I have a question ...I was buying a home for158,000 but the appraisal came in low at 154,000 ,,,I wanna know can I get my earnest money back....
Please watch my most recent video about appraisals, it discusses all of your option. After watching discuss with your Realtor.
@@ShaheedahHill thx
Does the earnest money go towards your down payment or closing cost
It can go towards either, it is credited back to you at closing.
If financing application is denied can u get my earnest money back?
Yes, as long as you have a finance contingency and you show proof of denial by the deadline.
Shaheedah Hill Real Estate darn I don’t have a financial contingency in my contract didn’t know I could request that by being 1st timers.. thank you
@@kedrajackson9605 are you sure, ask your agent, if you are doing new construction it is probably in there too. As long as it is no fault of your own you may be able to get it refunded.
Shaheedah Hill Real Estate can I have your number please
Well I lost my earnest money $5000 🤦🏾♂️
Damn bro! Sorry to hear that man. Losing EMD sucks. I know some wholesalers who had whole deals fall through because they couldnt get emd to start transaction. I have brought emd to the table for investors. If you ever need something like that I can help.
Wow, how did that happen?
hi how are you ?
I am a seller and i have a question for you.
I live in ontario and i sold my property but i can't pick up my money from the brokerage.
Does my agent has the duty to bring it to me or deliver it some how ?
In Georgia you would have received your money at closing through check or wire. So I am not sure but your agent should know for sure. I would ask them for clarity.
Can I pay my earnest money with cash if I’m financing
No they will want to trace it from your account, but you can do a money order.
Is this the same as discount points?
No earnest money has nothing to do with discount points. I am planning a video on discount points and origination fees.
@@ShaheedahHill thank you. I would appreciate that!