What is earnest money? Earnest money is the portion of your down payment that is held in an attorney escrow account for the duration of the transaction. It is the money that holds the buyer to the deal as it is at-risk should the contract be breached. It is refundable if any of the contingencies agreed to during negotiations are not met.
Here is video #3: What is Earnest Money? A quick video about buying and selling real estate in NJ.
Want more? Visit our YouTube channel for more videos related to buying and selling real estate!
Curious about the value of your home in TODAY’S market? Share some information and I’ll provide a market analysis, free of charge – no obligation, just information: www.basking-ridge-real-estate.com/home-valuations
Why are we doing these videos? Because I LOVE a challenge! About three weeks ago my sales manager challenged me to create 30 videos in 30 days – answering a question a day. The purpose is to educate my clients, their friends and family and anyone else who might find me and my team on the world wide web! I am creating these videos off-the-cuff, unedited and unscripted, designed to make the viewer a little smarter about buying and selling real estate in NJ!
Remember that we have a big network – not limited to Basking Ridge or even Somerset County. We are licensed in the state and can refer you to other agents all across the country – so let us be your first call!