You can write stipulations into the contract defining how/when/if earnest money must be deposited. There are ways to avoid having checks floating all over but you need a good agent that knows how to present those to the seller, not easy with bank owned homes.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
678-428-8276

Earnest money is not required, however the seller can stipulate that earnest money is required. Most foreclosures require minimum of $2000.
As to multiple offers; if you submit more than one offer and they are all accepted you are on the hook for all 3 properties.
You need to get you a Realtor and look at at homes that you qualify for. You can be in one in less than 90 days.

The earnest money is not needed until you have a binding agreement. There are several homes on the market that would allow you to close in 90 days. If you are not currently working with an agent please contact me and we can discuss you options.

Dawn Richardson
Keller Williams Realty
678.349.4728