Updated about 16 years ago on . Most recent reply
Earnest Money Deposit
Do you need a earnest money deposit to submit bids on all real estate properties, when dealing with realtors or will a proof of funds letter do.
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
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Yes. The earnest money shows up on the HUD as money you've already paid.
I'm with Harrison, no earnest money until everyone's signed the contract. If its a short sale, the bank's signature is the one that matters, not the owners.