Closing costs Due diligence Earnest money deposit Finance 
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.
Redfin
MARCH 12, 2021
However, your offer likely won’t receive the seller’s serious consideration without putting a good faith deposit down of some kind. Where does the earnest money go? . In most cases, your earnest money deposit is paid to the escrow or title company , which holds it in an escrow account until the transaction closes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Realty Biz
SEPTEMBER 4, 2023
What it doesn’t take is much money. You only need to put a small amount down as an earnest money deposit, and you get that money back either when the deal closes or if you put contingencies in place for it. Either way, you get to use owner-occupied financing, which means a down payment as low as 3%.
HomeLight
MARCH 22, 2022
Ever heard of the due diligence fee in North Carolina? Not to rain on your parade, but North Carolina has something called the due diligence fee, separate from the down payment or earnest money deposit, that you need to have ready to nab that home. What about closing costs?
HomeLight
OCTOBER 30, 2020
A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. And if you add a home sale contingency into the mix (that is, if you need to sell your current home before you can buy a new one), closing the deal can take even longer. Financing issues.
HomeLight
JULY 26, 2022
If the seller is working with a listing agent, their agent will more than likely have already done their due diligence to make sure they are able to sell their home. At this stage, you’ll want to shop around and get preapproved by at least two different lenders to compare interest rates , closing costs , and terms.
HomeLight
AUGUST 9, 2022
In other words, there won’t be any surprises at the closing table — you’ll know exactly what you’re paying and to whom. Don’t forget about closing costs. Some of these costs are the seller’s responsibility, and some will be yours. A VA loan provides 100% financing with no money down — so no down payment.
Expert insights. Personalized for you.
106 
Let's personalize your content