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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]It seems many people do not understand the difference between earnest money deposit (EMD) and down payment. EMD is the check written at the time an offer is made, often then held in trust by realtor or title company, and the buyer is essentially willing to give up to the seller should the negotiations fall through and no sale is made. Down payment is what is given to the mortgage company upon closing. EMD can go toward the down payment or closing fees when closing occurs.[/quote]
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