A Seller’s Guide To When A Buyer Does and Doesn’t Get Their Earnest Money Back
HomeLight
JUNE 23, 2022
It is usually held in the broker’s or title company’s trust or escrow account until closing. The earnest money typically goes towards the buyer’s down payment or closing costs. If the appraisal comes in below the purchase price in the contract, the buyer can back out of the contract and receive their earnest money.
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