Home Buying in Atlanta>Question Details

Rhiannon, Home Buyer in New Orleans, LA

what is em check?

Asked by Rhiannon, New Orleans, LA Tue Mar 13, 2012

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Earnest money is good faith money. If the seller should accept your offer, you would give earnest money to have them take their home off the market. This shows them you are really interested in purchasing their property. Now the earnest money would be put in an escrow account with the real estate broker or attorney and held to the day of closing. At that time the earnest money would be credited back to you toward the purchase.
Web Reference: http://www.gwenharvey.com
1 vote Thank Flag Link Tue Mar 13, 2012
Ernest Money aka Downpayment is often presented when you make an offer to purchase a home. It's usually held in escrow (a neutral account) by a real estate Broker that is participating in the transaction of the home purchase.

It shows the Seller of the home that you're serious about buying the home. The more ernest money you present with your offer proves your level of interest in following through with the home purchase.

Once the Seller accepts & signs off on your offer; it becomes binding & you have an enforceable contract to purchase the Sellers' home.

If you back out of the agreement without a verifiable reason; your ernest money may not be refundable. Seem goes for the Seller; if he/she backs out of the agreeement without a verifiable reason then you're entitled to get your ernest money back.

YOU AUTOMATICALLY GET YOUR EM REFUNDED IF- during the inspection period you find something wrong with the home or you change your mind based on the results of the home inspection report.

"All the Best"
Addie
0 votes Thank Flag Link Wed Mar 28, 2012
Hello:

Earnest Money, which is good faith money when you present a contract. It usually tells the seller that you are serious about your offer that you are presenting. It is kept in an escrow account and typically goes towards the funds that you need to close.

Lynel Adams
Sr. Mortgage Loan Officer
NMLS 359696
770-318-6740
Silverton Mortgage
0 votes Thank Flag Link Wed Mar 14, 2012
EM check stands for Earnest Money check.
Web Reference: http://chucksmithgroup.com
0 votes Thank Flag Link Wed Mar 14, 2012
Earnest money today is generally no longer a personal check. If you are purchasing a foreclosure (REO) property, you should expect to provide a cashier's check ot certified funds. Some REO sellers may also require that you wire the EMD funds directly to the closing attorney's office.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Wed Mar 14, 2012
earnest money, to show you're putting your money where your mouth is! Earnest money will apply to your funds at closing.
0 votes Thank Flag Link Tue Mar 13, 2012
Hey, in case you hadn't gotten it... E.M. stands for Earnest Money :-)
0 votes Thank Flag Link Tue Mar 13, 2012
Hi

EM = Earnest Money.

Have a good evening!

Sarah Mercer Chatel
KW Realty Cityside
Atlanta, Vinings, Smyrna
404-784-4871
Web Reference: http://sarah-sells.com
0 votes Thank Flag Link Tue Mar 13, 2012
EM is earnest money. It is money you submit with your offer to show the seller your are making the offer in earnest. It is held in an escrow account and is drawn upon to compensate the seller for damages if you default on the contract.
0 votes Thank Flag Link Tue Mar 13, 2012
Ernest money is a good faith deposit given when you offer to purchase a property. It is normally 1-10% of the purchase amount, sometimes it could be even more; depends on the sellers request. It shows the seller you are not wasting their time and that you are a serious buyer. After the due dilligence period and you continue with the purchase this amount will be deducted from the purchase amount. if you decide you dont want the property you will receive the EM. deposit back as long as you follow the stipulations.
0 votes Thank Flag Link Tue Mar 13, 2012
Lori is correct, it is the deposit to hold the property ( earnest money).
0 votes Thank Flag Link Tue Mar 13, 2012
It stands for Earnest Money, which you must submit when you make an offer on a home. The amount is a small percentage of the offer price. It is credited toward your costs at closing.
0 votes Thank Flag Link Tue Mar 13, 2012
Yes, EM= Earnest Money Check is submitted to show the home owner you are invested in the transaction!

Tye Jones
404-435-3661
0 votes Thank Flag Link Tue Mar 13, 2012
EM is Earnest Money deposit. It is the check you write with the contract.
0 votes Thank Flag Link Tue Mar 13, 2012
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