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What is the Earnest Money Deposit?
The Earnest Money Deposit is the amount of money you are required to put down upon auction closing. Regardless of the amount you finance, you must deposit with the escrow/closing agent an Earnest Money Deposit equal to 5% of the Total Purchase Price. This is not the financing deposit or down payment, but rather the amount required as Earnest Money on auction day.
Auction 101
- For Buyers
- What are REO Properties?
REO properties are properties owned by the... - There's More at an Auction than Foreclosed Homes
For years many people thought real estate auctions equaled foreclosed homes... - Guide to Buying a House at Auction
Buying a house at auction isn't as uncommon as it used to be. In fact... - View All
- For Sellers
- Preparing for a Residential Property Auction
Before you bid, take a minute to review these quick tips for residential property auction success. - Selling? Consider Online Property Auctions
If you want to sell your property quickly at the true market value... - Why Sell Through an Online Property Auction
If selling residential or commercial property is in your future... - View All
