Do Banks Call To Verify EMD

[Lisa Monroe]

Hello Everyone,

I have read that some people copy a check to send in with their offer. Do listing agents or the bank call the buyer's bank to verify the amount on the check is in the account?

I was reading where a wholesaler said he copy the same check with all of his offers but there is no money in his account. Its just for show and by the time the certified EMD is needed, he already has an end buyer.

[Jon Holdman]

I put "earnest money to be provided by certified funds within 48 hours of MEC". Don't know if MEC is used everywhere, that's "mutually executed contract", meaning everyone has signed off. Sometimes they do want a copy of check, but you can't cash a copy or a fax.

When you get a cashier's check, the bank takes the money out of your account.

I put a fairly short acceptance deadline on offers. Like less than a week. Banks rarely respond that quickly. So, if you do get multiple acceptances, its likely the offers are officially dead because of the acceptance deadline. You can take them or leave them as you wish.

If you were to get multiple acceptances of valid offers at once, best if you can actually do both deals.