I cannot find my answer on the Fannie Mae website. Q1: what is the required EMD (earnest money deposit) for a Cash Only purchase? Q2: same question

Asked by Dancingspiderman, Glendale, AZ Mon Sep 12, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Ron Thomas, Agent, Fresno, CA
Mon Sep 12, 2011
The Seller may ask for something, and you may elect to give something else:
As a rule, the Deposit is a GOOD FAITH deposit and the more you put in, the stronger your offer appears.
If you are 100% committed, and you know that you are going to have to put more $$ into the Escrow, then it only matters if you renig on the deal.

If you are planning on renigging on the Deal, you shouldn't get into it in the first place.

I have seen as little as $1000; it depends.

Good luck and may God bless
0 votes
Margaret Has…, Agent, Tampa, FL
Mon Sep 12, 2011
It doesn't have to do with Fannie Mae. It depends on what the seller requires. I used to work for a builder who wanted 20% in escrow. If you're purchasing a re-sale home it could be as little as $500 or as much as 20%.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more