Home Buying in Las Cruces>Question Details

Cassandra, Home Buyer in

is it expected to give an ernest money check with a home offer even if you are getting 100% financing through the va?

Asked by Cassandra, Sat Mar 16, 2013

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6
I sure would tell my seller to get a deposit no matter what.
0 votes Thank Flag Link Sat Jun 15, 2013
Yes, earnest money is expected when you make an offer. The earnest money payment proves to the homeowner that you are serious about purchasing their property. The amount you pay is negotiable.
0 votes Thank Flag Link Sat Jun 15, 2013
yes, in good faith and good practice earnest money is due the seller even in your case of a VA loan.
The earnest money will go towards your purchase.
0 votes Thank Flag Link Thu May 30, 2013
Anytime you submit an offer you will have to give earnest money to show "good faith". If you want the seller to accept your offer and take the home off of the market then you need to put some skin in the game and thats where the earnest money comes into play.
0 votes Thank Flag Link Thu Mar 21, 2013
Hello,

Yes, earnest money is expected. It is generally worded in the purchase agreement. It isn't a fee. It's a deposit that tells the seller that you are serious and committed to buying the home.

The deposit works as a credit towards the purchase of the home. So, if there are applicable closing costs you owe at closing, the earnest money would be credited towards those costs.

There are multiple ways for the buyer to receive a refund of their earnest money if the transaction fails to reach specific agreements. Keep in mind, there is also wording in the agreement that would allow the seller to keep the earnest money. Be sure to talk to your real estate agent about these matters.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Sat Mar 16, 2013
First of all; thanks for serving!

Now, consider that you make an Offer, get accepted, and you'all open an Escrow:
Then, three weeks from now, you see another house that you like better; so you just walk away from this one. Nothing to stop you!

What would you say, if YOU were the Seller?
Who's going to pay the $495 Escrow fee?

The Good Faith Deposit has nothing to do with the Financing or even CASH.
0 votes Thank Flag Link Sat Mar 16, 2013
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