Remove As-is Remove Earnest money deposit Remove Finance
article thumbnail

From consultation to closing: The definitive homebuying checklist

Housing Wire

Buyers agents are not just bright smiles that open doors were the guide our clients rely on to navigate the homebuying process. This is when your buyers need you the most. Thats why having a definitive homebuying checklist is an essential part of your agent toolkit. Have you spoken to a lender? What is your reason for purchasing a new home?

Closing 370
article thumbnail

Sun West unveils NFT loan powered by AI technology

Housing Wire

They may close the transaction and transfer the NFT, or if they choose to not honor the trade, they forfeit their earnest money deposit, as customary in any standard real estate purchase.”. To ensure the NFT is traded as agreed, the NFT seller (homebuyer) has two choices.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How the Financing Contingency Works: Why Buyers Should Think Twice Before Waiving It

Redfin

When buying a home, few clauses are as important, or as misunderstood, as the financing contingency. Whether its your first time buying a home in Seattle, WA or youre looking to invest in a condo in Austin, TX , understanding how a financing contingency works can help you navigate the process and avoid costly mistakes.

Finance 52
article thumbnail

Does Earnest Money Go to Your Down Payment? Find Out Here

Redfin

Key takeaways: Earnest money is a good-faith deposit that shows the seller youre committed. Earnest money is not the same as a down payment, but its usually applied toward your down payment at closing. What is earnest money? Does earnest money go towards the down payment?

article thumbnail

What Is a Mortgage Contingency? Purchase Offer Protection

HomeLight

A common worry among homebuyers is to find the perfect house, put down a deposit with an accepted offer, and then learn that your mortgage application is denied — you lose both the house and your earnest money. The most experienced agents know how to safeguard your earnest money and time.

article thumbnail

A Seller’s Guide To When A Buyer Does and Doesn’t Get Their Earnest Money Back

HomeLight

If you need assistance navigating the legalities of keeping earnest money from a real estate transaction, HomeLight always encourages you to reach out to your own advisor. What is earnest money? Earnest money is often referred to as a “good faith” deposit. 5k for a $500K home).

article thumbnail

Should I Waive the Mortgage Contingency in My Offer?

HomeLight

This means that if you are unable to obtain the full and proper financing within a specified period, you can back out of the deal without penalty, which in most cases means you can retain your earnest money deposit. Sometimes, outbidding other buyers isn’t an option. You may be willing to give up some protections.