What Role Does Earnest Money Play in Purchasing a Home?
By Leesa Finley, RED Properties - Raleigh NC Real Estate
(RED Properties)
What Role Does Earnest Money Play in Purchasing a Home? Earnest Money - EMD - Deposit - whichever term is used in your locale it is extremely important to know what it is, what it is used for and what the appropriate amount is. I have an unfortunate example that can answer those points and show the necessity of Earnest Money. I have a buyer couple from out of state. They are the nicest, most hard-working, upstanding people that you would ever want to be around. They placed their property for sale in the "other" state with Agent X so that they could start the preparations for the move to North Carolina. It didn't take long. Agent X received an offer from Agent Y that was representing the buyer. The initial offer came in with $0.00 Earnest Money. Let me put that a few other ways fo...
Comments
19