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Earnest Money

"Earnest Money" is "Down Payment" money just as in buying a car. Right or wrong? If right, and if Vets get 100% financiang, then why the earnest money? Also, like I said, I am looking for a two-family to help pay the mortage.
Thanks again
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May 09 2009 - Albany
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Answers (3)

Earnest money is usually a relatively small amount of money - used to be called a "binder" that you give when making your initial offer.  The amount  could be $100 or $500, no real rules about that.  I usually don't take a deposit anymore.  The down payment is the amount you put down when you sign the actual contract of sale.  The reason why you put some money down  is so the owner has some assurance that the buyer has some obligation and cannot simply change their mind and walk away from the deal.  Good luck with your purchase.
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May 09 2009
If your loan was rejected, the Earnest money will return to you. and if you back out of the contract with no reason, you will loss the Earnest money
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May 09 2009
"The earnest money" is the deposit money.
"The down payment" is "The down payment" ;-) which is reduce your mortgage balance. If there is 100% financing then "The earnest money" will return to you at few days after the closed escrow day.
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May 09 2009
 
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