What is earnest money? Alli Parkinson
Earnest money is essentially a security deposit on the transaction of purchasing a property, showing the seller that you are serious and committed to the deal. As this is legally between buyer and seller, it cannot be included in your loan.
Check out our YouTube videos on earnest money: Earnest Money vs. Security Deposit For Real Estate Investors?, All About Earnest Money, Is Earnest Money the Same as a Down Payment?, What Do You Need To Do if You Don’t Have Earnest Money
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