0 out of 0 found this helpful. The best way is to pay via personal check.
Decide who you re going to use to wire the money.
How to send earnest money. Watch this short video to learn how to send earnest money using earnnest. It s typically around 1 3 of the sale price and is held in an escrow account until the deal is complete. A financing contingency states that the agreement is contingent upon mortgage approval.
If all goes smoothly the earnest money is applied to the buyer s down payment or closing costs. So if you were buying a 300 000 home the deposit would be 3 000 to 9 000. Keep your receipt and ask about next steps.
Fill out the wire transfer form online submission form. Your lender will need to verify the earnest money. Return to top related articles.
If your loan is denied for reasons outside your. You or your agent can download the zoccam app and securely send the funds electronically to federal title escrow company free of charge. Must sell current home first.
Earnest money deposits are usually 1 percent to 3 percent of a home s purchase price depending on local custom and the pace of current market conditions the faster the market pace the higher the deposit. How do i create a new earnest money request. What receipts do i receive.
When paying earnest money do not pay with cash. 02 a guide on how to wire money. Make a list of your information and check it twice.
Was this article helpful. Earnest money protects the seller if the buyer backs out. Earnest money is a deposit towards the purchase of real estate from a buyer to show the seller they are serious about wanting to purchase the home and will hold up their end of the purchase agreement.
This saves you time and money on processing fees for wire transfers and allows you to submit the funds from your mobile device. This is the only manner for an emd to be remitted via a personal check.