{"id":52791,"date":"2024-05-29T17:55:39","date_gmt":"2024-05-30T00:55:39","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=52791"},"modified":"2024-10-26T11:15:14","modified_gmt":"2024-10-26T18:15:14","slug":"earnest-money-deposit","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/earnest-money-deposit\/","title":{"rendered":"What is an Earnest Money Deposit?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">An earnest money deposit (EMD) is the \u2018good faith deposit\u2019 you put down in closing to prove you are a serious buyer. This deposit is given when the house is taken off the market for the intended sale and stays in escrow until the close. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a purchase agreement can take time to process, earnest money ensures that the seller won\u2019t experience a total loss should the contract fall through. There are conditions where this deposit can be credited back to the buyer if the deal doesn\u2019t go ahead, otherwise, the seller may keep the funds.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Is it Normal to Have an Agent Suggest an EMD in Your Offer?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Earnest money is commonplace in most real estate transactions today, especially in a buyers market. It discourages a buyer from making multiple offers, which is a concern for sellers in a competitive market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A real estate agent may even recommend putting down a higher EMD to increase chances of getting the house. Earnest money also is helpful for the buyer as it gives them time to pull together the rest of the funding as well as perform routine inspections.\u00a0<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/d-1ASbnxkPo?si=h_QZLaelRqyQYPPp\" width=\"315\" height=\"560\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2><span style=\"font-weight: 400;\">How Much is Earnest Money?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Typically, earnest money is between 1-3% of the sale price, meaning the more expensive the home is, the higher the fee. However, in certain regions and periods of high market competition, earnest money can fluctuate to up to 10% of the sale price.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Does Earnest Money Go Toward?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If the deal goes ahead, the earnest money goes towards the <a href=\"https:\/\/www.movoto.com\/blog\/how-much-money-for-a-home-down-payment\/\">down payment<\/a> or closing costs on your new home. It will be listed in your closing disclosure prepared by your mortgage lender, under \u2018Cash to Close.\u2019 This section will also include the other closing costs you are required to pay.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What\u2019s the Process of Depositing Earnest Money?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The amount of earnest money will be outlined in your purchase offer. Upon acceptance of the offer, you have 3-5 days to send the amount to an escrow account or trust of an escrow party. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Typically, you send proof of transfer to your agent to forward on to the seller&#8217;s agent. As this process can vary by state, the specifics will be outlined in the purchase contract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can make the earnest money payment via the following methods:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wire transfer\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Certified check<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Personal check<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Be wary of sending money directly to a seller. Working with an escrow company is the safest option as they are designed to protect both parties involved.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">If I Back Out, Is Earnest Money Lost?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If the deal falls through, the money can either be returned to the buyer, or kept by the seller. Typically, the seller will keep the money if the buyer changes their mind without a valid reason outlined in a safeguard clause. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is fair when you consider that the seller has taken their home off the market, losing time and energy. However, if the home falls into one of the contingency categories below, then the buyer may be refunded the earnest money.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Earnest Money Contingencies<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some of the most common contingencies that may be included in the contract. In these cases, the buyer is protected and will receive a refund for their EMD should they chose to back out.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Inspection Contingency:<\/b><span style=\"font-weight: 400;\"> When an inspection fails or returns with unexpected or high-cost issues.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mortgage Contingency:<\/b><span style=\"font-weight: 400;\"> When the buyer is unable to secure a mortgage. Check our <\/span><a href=\"https:\/\/www.movoto.com\/mortgages\/calculator\/\"><span style=\"font-weight: 400;\">mortgage calculator<\/span><\/a><span style=\"font-weight: 400;\"> before putting in an offer.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Appraisal Contingency: <\/b><span style=\"font-weight: 400;\">When a home appraiser values the home lower than the mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Insurance Contingency: <\/b><span style=\"font-weight: 400;\">When an insurance lender refuses to insure a property.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Title Contingency:<\/b><span style=\"font-weight: 400;\"> When a seller cannot provide proof of valid legal ownership of a home.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Home Sale Contingency: <\/b><span style=\"font-weight: 400;\">Permits the buyer to delay closing until their current home is sold.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Movoto Is Here For You<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An EMD isn\u2019t always required, but it is useful in a competitive market. Whether you\u2019re on the buy or sell side, it\u2019s important to pay attention to the fine print about earnest money deposits to ensure that you know the conditions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We cover topics from <\/span><a href=\"https:\/\/www.movoto.com\/blog\/home-mortgages-what-is-a-debt-to-income-ratio\/\"><span style=\"font-weight: 400;\">debt-to-income ratios <\/span><\/a><span style=\"font-weight: 400;\">to getting a <\/span><a href=\"https:\/\/www.movoto.com\/preapproval\/\"><span style=\"font-weight: 400;\">mortgage pre-approval<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.movoto.com\/blog\/seller-concessions\/\"><span style=\"font-weight: 400;\">seller concessions<\/span><\/a><span style=\"font-weight: 400;\"> and more, let us assist you with all things real estate.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An earnest money deposit (EMD) is the \u2018good faith deposit\u2019 you put down in closing to prove you are a serious buyer. This deposit is given when the house is taken off the market for the intended sale and stays in escrow until the close. As a purchase agreement can take time to process, earnest money ensures that the seller won\u2019t experience a total loss should the contract fall through. There are conditions where this deposit can be credited back to the buyer if the deal doesn\u2019t go ahead, otherwise, the seller may keep the funds.\u00a0 Is it Normal to [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":52792,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[262],"tags":[],"class_list":["post-52791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-selling","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Yes, Earnest Money Is Routine In Real Estate- Learn The Ins &amp; Outs<\/title>\n<meta name=\"description\" content=\"Have an offer accepted on a house? You&#039;ll likely need to pay a good faith or earnest money deposit. 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