VA Home Loan: LEARN: EP. 12 - Everything You Need To Know About Earnest Money Deposits

Summary: 💰🏡 What's earnest money? Dive into the details! Earnest money is a deposit that showcases your commitment to buying a home. It's a good faith deposit that's put towards your down payment at closing. But be cautious! Earnest money can be forfeited if you don't follow the purchase contract terms. For instance, missing inspection deadlines could cost you. However, you can get your deposit back if the deal falls through due to contract-listed contingencies. These milestones help the home purchase stay on track and give you a way out if undisclosed issues arise. Ready to explore VA loans? Check your eligibility with MHS now!

#EarnestMoney #HomeBuyingTips #VAHomeLoans

🤔🤔🤔🤔 Questions & Answers 🤓🤓🤓🤓

🤔 Question: What is a home appraisal contingency?
🤓 Answer: A home appraisal contingency allows the buyer to back out of the contract if the home's appraised value is less than the agreed-upon purchase price.

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