Whats the deal with Earnest Money?
Earnest Money usually accompanies an offer; it is basically a good faith deposit. It shows the seller that you are interested in the property and that you are willing to put a little money down with your offer to show this. There is no law that says you have to put any earnest money down. The amount you put down is up to you, for example you might put down 1% of the offer price. The earnest money will be credited to your purchase at closing. The only way you really risk losing your earnest money is if you breach the contract. The earnest money does not go directly to the seller, it is normally held in the Asheville real estate companies trust account or in an Attorneys trust account. Both parties to the real estate transaction have to agree in writing to the release of the earnest money should the deal not go through. Read more on earnest money deposits. Back to FAQ menuQ: I’m a buyer what is my first step? A: Your first step is to get pre-qualified by a lender of your choice. By getti
