EMD and REOS How long do i have to get them the check if its 7-14 day inpection?

EMD and REOS How long do i have to get them the check if its 7-14 day inpection?

There is so much pressure soon as its under contract.They will cash it ,right and will i get it back?

A sale and purchase occurs according to the terms and conditions of a contract!

A property auction happens according to the terms and conditions of the auction house!

What does the contract say?

Once the offer is accepted, they will want the EMD along with the ratified contracts.

Most of them will require you to have certified funds (cashier’s check or money order). If they accept a personal check, they will usually deposit it right away.

If you don’t close on the property, whether or not you get the deposit back depends on what it says in your contract with the bank.

Steph

do you have to get them the emd in 2 days after contract /escrow opens when you use a financing cont w/owner Occs
There is so much pressure soon as its under contract for cash offers …

They will want the EMD when the contracts are signed, or shortly thereafter. Doesn’t matter if it’s a cash offer, or if you’re trying to sell to owner occupants.

Steph

A check for the EMD is normally required to accompany your offer. The check is not cashed or deposited until your offer is accepted.

If your offer is not accepted, your check is returned uncashed.

If your offer is accepted, and then you decide to withdraw from the deal, the terms and conditions of your contract govern whether or not your EMD is refunded.