Earnest money funds are usually applied to a loan’s closing costs or to the down payment. Since VA loans don’t require a down payment and closing costs are normally paid by the seller, many VA loan recipients end up putting that money toward closing costs and prepaid items or even getting it all back.
There may come a time when a business will have to demand that money be escrowed to ensure payment. to do that now.
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Earnest money does not add to the laundry list of home-buying expenses; it represents part of your down payment. Serious Buyers Only Buyers don’t make frivolous offers when they have to present. Earnest money is a good faith deposit that is part of the down payment but should not to be confused with a down payment.
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Buyers often ask us if the earnest money check they write when they make an offer on a house is part of the down payment. The answer is YES. The earnest money check is a good-faith deposit to demonstrate to the seller that the buyer is serious about the transaction.
If the deal goes as planned, the earnest money is usually applied towards your down payment. In the event you negate the contract due to one of the contingencies in your offer, such as the results of the home inspection, your earnest money deposit will usually be returned.
Earnest money is not a down payment, however.. If you prefer, the money can instead go toward your down payment or you may have it refunded to you and pay your other costs out of pocket. So.
Your earnest money does not just "go away." Rather, it is applied to costs you would have already had at the end of the transaction, like closing costs and/or down payment.
Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious (earnest) about wanting to complete the purchase.