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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]Your realtor needs to be able to read the situation. We put 10% down on a house that was listed for under $700K in CCDC that was in very good condition. This is because our realtor knew that 1) the sellers were opt to choose the buyers with the strongest financials as they were moving out of the DC area; 2) there were multiple bids. From what I understand, another bid was about $10K higher than ours, but we won the bid because we were able to show that we had a lot of cash on reserve and because we had a conventional 20/80 mortgage. In a market with low inventory and high interest, especially for a house that is well priced and in good condition, a high EMD shows that you are serious prospect. When people are preparing to buy these days, lenders look carefully at whether you do have enough cash reserved on hand, if you can afford closing costs, and if you have enough of a safety net *in addition* to the 20% downpayment.[/quote]
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