|
Redfin Real Estate Forums :
San Diego :
Re: Earnest Money Deposit
|
|
|
|
|
|
|
Earnest Money Deposit
|
|
LookingInSD
Regular Visitor
Posts: 7
Registered: 04-08-2009
Message 1 of 5
Viewed 1,777 times
|
|
|
Okay, so I understand that I submit a check or copy of a check to serve as my Earnest Money Deposit at the time I submit my initial offer. At what point does that EMD become a "cashable" check? In other words, if my offer is not accepted, and there is a counter-offer. I'm not obligated to counter the counter. I get my check back, right? On the other hand, if my offer is accepted, am I obligated to enter into escrow? What if, between the time I submit my offer and the time the seller gets back to me, I see something else I want and decide to back out? The bottom line of my question: at what point in the process do I forfeit my EMD?
|
|
|
|
05-30-2009 06:11 PM
|
|
|
|
|
|
|
Re: Earnest Money Deposit
|
|
Creech
Redfin Lead Agent
Posts: 5
Registered: 02-19-2008
Message 2 of 5
Viewed 1,706 times
|
|
|
Hello, Your earnest money deposit becomes “cashable” once the buyer and seller have reached mutual acceptance and escrow is opened. If within the Buyers contingency period (typically the first 17 days of escrow), a Buyer gives written notice of cancellation, Buyer and Seller agree to sign mutual instructions to cancel the sale and escrow and release the Buyer’s deposit, less any fees incurred by the Buyer. If the Buyer decided to cancel after the Buyer removed contingencies in writing, this is when your deposit may not be returned.
|
|
|
|
05-31-2009 05:03 PM
|
|
|
|
|
|
|
Re: Earnest Money Deposit
|
|
stillnotsure
Visitor
Posts: 1
Registered: 09-09-2008
Message 3 of 5
Viewed 1,674 times
|
|
|
What happens in the case of a short sale offer where the buyer is waiting for approval from the lender? Now day, that takes months. Can you rescind the offer and get back your EMD? There is no escrow yet, correct? Also, what is the legal minimum EMD required? Sorry to tag onto your original question LookinginSD...but I was wondering about deposits myself. Thanks
|
|
|
|
05-31-2009 07:56 PM
|
|
|
|
|
|
|
|
|
|
|
|
|
