Earnest money checks need to accompany your purchase offer. It shows the seller you’re a committed buyer, and it helps fund your down payment.
Without earnest money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. We typically do not see sellers accepting offers without deposits.
Assuming all goes well and your purchase offer is accepted, the earnest money will be deposited by the title/closing company or with the listing broker into their trust account. Your deposit will be credited directly toward your down payment and closing costs. In most circumstances, you can get your deposit back if you discover something unsatisfactory with the home during the investigations period or if the loan or property is denied in the loan underwriting process.
In the memo line of your check, write EM deposit for (property address).
If you have questions, call or text me at 405-585-6580.
[…] You need to write and drop off the earnest money check. Typically the earnest money check is made out to the seller’s agent’s brokerage and is either in the form of a personal check or a certified check (we’ll let you know which one you need). Usually it is dropped off at the seller’s agent’s office with 1 business day of contract acceptance. When you drop it off make sure you ask for a receipt. Hold on to the receipt and bring it with you to closing. Click here to read more about the earnest money check […]