Asked by jameskim80, Lakewood, WA • Mon Feb 3, 2014
I'm currently trying to buy short sale condo.
what is earnest money for?
why do you need to give bank or send to escrow earnest money first?
do you need to give them earnest money before bank approve?
is the earnest money is part payments?
for example if condo cost 100k then since i gave them my $500 earnest money
so i just need to deposit $95,500 when i do closing since they already took $500? please explain to me why do you have to put $500 earnest money first before bank approve. and can you get your $500 back if you cancel the condo later?
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