Can you use earnest money towards closing costs or down payment?

[Anonymous]

We have put $15,000 as earnest money deposit (EMD) and we are moving towards closing in about a couple of weeks. The EMD is being held by our realtor's company (buyer agent). Since on the day of closing we are required to have the down payment and the closing costs in the form of a certified check (or something of that sort), is there any way to use the EMD towards this payment?

Thanks

[Anonymous]

Earnest is applied to your down payment.

[Anonymous]

Anonymous wrote:Earnest is applied to your down payment.

Yes. Always.

[Anonymous]

Thank you!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Earnest is applied to your down payment.

Yes. Always.

Actually, I haven't bought since the 90's, but EM check was never cashed - they gave it back at closing. But yes, they'll usually apply it to downpayment/closing costs. Same thing.

[Anonymous]

Anonymous wrote:We have put $15,000 as earnest money deposit (EMD) and we are moving towards closing in about a couple of weeks. The EMD is being held by our realtor's company (buyer agent). Since on the day of closing we are required to have the down payment and the closing costs in the form of a certified check (or something of that sort), is there any way to use the EMD towards this payment?

Thanks

Sorry, I am curious as to how much your house costs given your low EMD. Or maybe I just paid way too much...

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have put $15,000 as earnest money deposit (EMD) and we are moving towards closing in about a couple of weeks. The EMD is being held by our realtor's company (buyer agent). Since on the day of closing we are required to have the down payment and the closing costs in the form of a certified check (or something of that sort), is there any way to use the EMD towards this payment?

Thanks

Sorry, I am curious as to how much your house costs given your low EMD. Or maybe I just paid way too much...

How much did you put in?
My agent is fine with 20K on 800k offer

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have put $15,000 as earnest money deposit (EMD) and we are moving towards closing in about a couple of weeks. The EMD is being held by our realtor's company (buyer agent). Since on the day of closing we are required to have the down payment and the closing costs in the form of a certified check (or something of that sort), is there any way to use the EMD towards this payment?

Thanks

Sorry, I am curious as to how much your house costs given your low EMD. Or maybe I just paid way too much...

How much did you put in?
My agent is fine with 20K on 800k offer

Wow. We put in 10%.

[Anonymous]

We put in $15,000 on a 935,000 house.

[Anonymous]

We put $15k on a $700k house

[Anonymous]

We put in $10k on a $540k house.

[Anonymous]

Wow. We were putting 40K on houses in the 600-700's. Why didn't my agent tell me it didn't have to be so high?

[Anonymous]

$5K earnest money on $550K house

[Anonymous]

10k on a 450k house.

[Anonymous]

Geez. We put in $30k on a $735k house. The house ended up appraising for $35K less than the sale price so we would've had to bring that much to closing anyway but yeah, I'm surprised that people are able to bring so little EMD for $800-900+K sales!