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"
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.
Sr. Mortgage Loan Officer
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing