Whats an EMD?
When you have been searching so hard to find that right home and finally! You did it and your realtor says……. “how much money do you want to put down as an EMD”. Your like…. “What?”
We run across that a lot Realtors don’t explain to their clients what EMDs are. For the record and EMD is an earnest money deposit, it is needed immediately as you enter into a contract with a seller. By normal car form rules without change you have 3 days to get the money to your escrow company. Your realtor shall get you your title/escrow company information as soon as you enter into a contract.
EMD dollar amount is on the first page of the contract. Its the amount of money you are willing to put up front as a deposit. You money is usually 100% refundable if you do not move forward with the purchase of the property as long as you do not remove any contingencies on the contract. The bigger the EMD the stronger you show the listing agent that you have the money to purchase the property and you are serious about purchasing the property.