Asked by Jim, Woodridge, IL • Tue Aug 19, 2008
I gave my realtor a $1000 earnest check when I submitted my offer. The check was made out to the sellers agent.
If the offer is accepted, when will the check be cashed and how will it be used? As I understand it, the check is to be used for my closing costs, but if that is the case, why did I make it out to the sellers agent?
I also heard that in an FHA loan, the buyer can not get money back at closing. So what happens if, say my closing costs are $2000 and the tax credit that the seller gives me is $1300. Therefore I only owe $700, yet my check is for $1000. Do I lose that $300?
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