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Real Estate
Reply to "Earnest money in MD - where do buyers come up with 5-10% before selling their previous home?"
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[quote=Anonymous]EMD's are worthless. In 2006 our AU Park buyer balked 2 days before the closing (no contingencies left) and we could not keep their EMD! Might be different in MD or VA but there are few situations in DC where a broken sale allows the seller to keep the EMD. EMDs just tie up money at the title company. Make sure that the "give back" time (in case the inspection or appraisal fails) is less than 3 days, so you can be back in the market asap. Remember, the buyer picks the Title Co, so shop around for this and low title insurance costs and fees BEFORE bidding. [/quote]
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