How Does Earnest Money Work?

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Information How Does Earnest Money Work?

Title	:	How Does Earnest Money Work?
Lasting	:	11.47
Date of publication	:
Views	:	21 rb

Earnest deposit in NY according to my buyers agent is 10 so for a 600k house that’s a whopping 60k
Comment from : S D

hi can we still get our earnest money back after all contingencies have been removed but loan wont approved it ?
Comment from : Sport Fanatic

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Comment from : Mossiah Creator Designer

What if the 21day past of earnest money dead line and the bank doesn't approve you and doesn't let me know until after the deadline time and can't get it back? The owner doesn't want to give me back my earnest money and it wasn't my fault the bank didn't approve me for that amount for the house what can I do?????
Comment from : my sister and me

What about on an Owner finance deal ?
Comment from : Patty Olvera Realtor

I have question I got conditional commitment letter from lender but I don't think I will get loan becz Requesting documents I can't get So if I don't get final approval loan , will I get earnest money back from seller ? Even we are in approved contract extension ?
Comment from : Pathmanathan Mugunthan

Hi, Boy this is timely but just wished I had seen this sooner Case in point: Back in early June 2022, my almost 90 year old mother decided to put her house on the market Unfortunately she went with a friend's recommendation to go with a realtor without researching this realtor as track record First the realtor overvalued the house which led to a 25K price reduction (even in a hot location destination-wise) That reduction didn't spark much movement leading to another 35K reduction Granted, this confused with the mortgage rate having Bern raised during this timeframe About 3 weeks ago my mom received an offer for the current list price (cash offer with no contingencies) and she accepted the offer The buyers were on an aggressive timeline wanting to take possession by end of Aug My mom's realtor asked for a little more leeway given my mom's age and that she had no nearby family to help with the move The buyers would not agree This resulted in my sister having to immediately take leave from her job (in another state) and along with her husband come to help my mom out a week later Unfortunately I have been recovering from an illness so couldn't travel across country to belp Also, my mom is on oxygen 24/7 so between her, my sister and her husband and a friend they got to work downsizing my mom's house to get it ready for an estate sale starting this week Just this past Friday after all of them busting their arses off the buyer pulls out saying a medical issue came up for the wife and they felt they shouldn't proceed buying my mom's house Now in the offer they made, they were to put down 10K in earnest money To me, my mom should have been entitled to that money for some kind of compensation because of what this put her through not to mention that now she had to put her house back on the market and now price reductions are really taking a foothold and I'm afraid this will impact her further because it shows the house back on the market and that could influence a potential buyer because they'll see that as a negative My mom said that the buyer hadn't put down the earnest money yet so therefore my mom has even less recourse I'm furious this happened to my mom plus furious that her realtor didn't do a good job in protecting her My mom's realtor now thinks that given the changing market that they shouldn't ask for any earnest money thereby making the sale of my mom's house more attractive to a potential buyer As an aside, my mom is starting to show signs of cognitive impairment and even though I have PoA she still wants to handle everything herself when I want to protect her so between a realtor e who I think is not working in her best interest and seeing how unscrupulous some buyers can be I feel powerless to protect my mom Any advice?
Comment from : Melissa B

We got screwed by buyers who said they had no issues during inspections, not getting the earnest money is the least of our worries Not only do we lose all the earnest money, we lose potentially thousands by falling out of escrow and losing all of the home’s initial momentum
Comment from : TJ English

Hi We put earnest money into escrow with the title company Our seller agreed to pay $10,000 in closing Does this mean whatever is left over after the $10,000 will come out of the earnest money?
Comment from : Nikita Daley

How in depth can you go into the financial contingency? Like if the buyers were unable to get a loan due to their gifted not coming through or because their finances changed at work? It can’t be as simple as “we didn’t get the money Now give me my money”
Comment from : h3mi25

Love the hair Thanks for the vid!
Comment from : Trollavelli

Here in Georgia builders are asking for $1000000 and more for earnest money😳😳😳
Comment from : Tanjee Brown

Thank you so much
Comment from : Gregory Brown

So the earnest money is paid when the seller accepts your offer?
Comment from : Transformation of the Bride

Thanks for the videos So as soon as the offer is accepted by the seller is when the buyer would send the earnest money? What if the contract has only been signed by one party? Do you wait until the sellers sign their part of the contract to send the EMD? Thanks in advance?
Comment from : Mary Terese

Our realtor keeps pressing us for earnest money But the house is as-is so if it doesn't appraise well and our lender drops it We are screwed this vid was helpful! thanks
Comment from : Krissi Faith

LOVE you channel! You are truly a blessing and you are helping me get one step closer to owning a home
Comment from : jellyrcw12

Kyle I have been following you, Javier, and Jeb for quite a while now Can you please answer my question Currently in escrow in California and I am within my inspection contingency of 17days I just had a termite report submitted and found the presence of subterranean termites(1A) Can I terminate my purchase agreement and get my earnest deposit back? Technician believes that the termite infestation might be in the beginning stages but is not sure of the extent of the structural damage
Comment from : louis jara

Omg I'm going through a bad one $10,000 on the line fighting for it The seller wants all my money cause we didn't get approved at the end I didn't walk away the bank didn't approve
Comment from : TheCherrydi

I spy an electric guitar! Do you play that, or is it a decoration? :) Great video! Also, what is the notes board you are using, if you don't mind sharing
Comment from : Minnesota Home Pro

Should I lower the price of a house before accepting a current offer that’s less than the listing price? I’m thinking if I lower the price, it’ll expose it to more people and hopefully more competition?
Comment from : Plantsarecool

Those contingency windows are those in any standard contract? We are under contract and paid $6000 earnest money But everything is going so slow we might not meet the closing date, we doing a foreclosed fannie may and a fha203k I am freaking out When I ask my realtor I don't understand his explanation
Comment from : Robert cornelisse

Are you a broker in FlI'm buying soonwould love to use you lol
Comment from : soknan horn

Hey I have and question about buying and house on va loan in North Carolina I’m from wa st and house here are out my price range so I had to move I was doing a lot of looking on line but I have family in North Carolina in Wayne county my family went and look at the house I had on contract and it is not ready and they say it will be ready but it’s not half way done I was to close oct 15 should I let the builder change the close date
Comment from : Bobby C

Great videos I'm a seasoned Realtor and sometimes I still need a refresher on things likeUSDA loans How can I explain earnest money best to a first time home buyer, so thanks! Curious about your mic I'm pretty sure it's vintage since you have at least three guitars and likely do some recording What is it?
Comment from : Nathan Day

to Move to Southern NJ Earnest Money Was a Must (we put 6k/ Minimal) We were asked to put more due to Competition We Planned a Private Meeting Explaining our "Love" for the Community and home We were chosen over others bidding Higher for the Cost of the Home Unbelievable and Thankful
Comment from : nenigma1

Thanks Kyle for the video I'm from California and it seems like earnest money is need out heretoo many folks bidding on one home! But what happens when several parties bidding and all puts earnest money? Is it required 🤔 or advised In my best interest if I really want this house?
Comment from : FLogo L

bGreat topic ! Very important to educate buyers what is Escrow deposit and why it is important 👍🏻👍🏻👍🏻/b
Comment from : Gigi Gaskaite

1 of the purchase price is typical for earnest money deposit in Washington DC Another interesting thing about the DC market is that if you’re buying a condo, you can waive all contingencies to make your offer more competitive but you still have 15 days from contract ratification to change your mind during what’s called a condo doc review period, and you’d get your earnest money back You just have to make sure your appraisal and inspection is within that 15 day window, and it doesn’t apply if you’re not buying a condo or a unit in an HOA
Comment from : NickMB

This information was right on time I’m in escrow right now and I provided a good faith deposit on Sunday Is their special contingencies for New Construction homes?
Comment from : T A N I S H A 💎

I live in Washington DC I was required to put $5K as my earnest deposit I put 22 down, which came out to $55K (that included my $5K deposit), as he says in the vid
Comment from : Lego DC

Currently in the underwriting phase Thank you for the videos they have been very helpful during this process Also your voice is so soothing you should make guided meditation videos
Comment from : Jaria Gray

This was so informative!! Thank you so much!!
Comment from : Yang Lor

Thank you Kyle, your presentations always make things very clear! I appreciate the calm moment breaks too - definitely needed when working through this process
Comment from : Corey Merrell

You are amazing thank you
Comment from : NaosAugust

I personally want to thank you for creating such content, your videos are EXTREMELY informative! I’ve learned more from you than my realtor and loan officer If possible can you do a video breaking down Loan Estimate and or Fee Worksheet for us first time buyers? If I missed that video can you drop the link? Thanks a ton and keep up the great work!
Comment from : Jamie Greenwood

Not sure if you remember me, but after several months, going to closing at the end of October!!!! Long as the appraisal comes through, should be full speed aheadbrMortgage rate was even BETTER Initially, mocked up @ 325 After things started moving, 2875!!! What what!!
Comment from : Erik Martinez

Heeeyyy I didn't know you were in Dayton I'm in the KY/IN area & wish you were licensed in Indiana, my pre-approval process might've moved quicker
Comment from : KellyK

Currently in the middle of getting my earnest money back We were a week from closing on a 3 unit building that was going for $65,000 The loan/deal fell through because of high cost :( sucks because I thought this would be a great deal to start my portfolio
Comment from : Justin Caldero