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Originally Posted by vanblah
That's not always true. It depends on why the deal didn't go through. If the SELLER backs out, or if the house doesn't pass inspection or something like that then you WILL get your earnest money back. If you (as the BUYER) back out, or the loan doesn't go through then you may not get your earnest money back (that's why it's a good idea to get qualified BEFORE making an offer).
If you don't put enough money down as earnest a lot of people won't take you seriously and may reject your offer ... so it's a judgment call.
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that's very true. Another time you can back out and get your EMD back is if the house/condo has a CC&R, convenants, conditions, and restrictions ala HomeOwners Association that says you cannot paint your house a certain color, can't rent, can't own dogs of particular size, etc.
Sometimes a realtor can help you figure out how much EMD is based on previous deals.
In this recent transaction it is $2,500. We didn't have a checkbook handy but a photocopy of our bank statement was enough to start the process. We'll overnight a check to them once they require it to move the process forward.
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Last edited by Cynthetiq; 06-09-2008 at 07:03 AM..
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