What is the Earnest Money Deposit?
The Earnest Money Deposit is the amount of money you are required to put down on auction day. On auction day, you must deposit with the escrow/closing agent an Earnest Money Deposit equal to 5% of the Total Purchase Price, regardless of the amount you finance. This is not the down payment but rather, the amount required as earnest money on auction day. As an example, if the Total Purchase Price is $300,000 then the Earnest Money Deposit required on auction day is $15,000 ($300,000 x 5% = $15,000). The Earnest Money is subject to the liquidated damages provisions in the purchase contract and may be forfeited if you do not close the transaction.
Ans. The Earnest Money Deposit is the amount of money you are required to put down on auction day. On auction day, you must deposit with the escrow/closing agent an Earnest Money Deposit equal to 5% of the Total Purchase Price (15% for each additional property purchased), regardless of the amount you finance. This is not the financing deposit or down payment but rather, the amount required as earnest money on auction day. As an example, if the Total Purchase Price is $210,000 (the Winning Bid Amount PLUS the Buyer’s Premium), then the Earnest Money Deposit required on auction day is $10,500 ($210,000 x 5% = $10,500).
The Earnest Money Deposit is the amount of money that, the high bidder, must deposit with the escrow/closing agent on auction day. The Earnest Money Deposit is equal to 5% of the Total Purchase Price (the high bid amount + the 5% buyers premium), regardless of the amount you finance. This is not the down payment. For example, if the Total Purchase Price is $315,000 then the Earnest Money Deposit required on auction day is $15,750 ($315,000 x 5% = $15,750). The Earnest Money may be forfeited if you do not close the transaction. If you are purchasing additional properties on the same auction day, the Earnest Money Deposit for all purchases is 5% of the Total Purchase Price of each property.
The Earnest Money Deposit is the amount of money that the high bidder must deposit with the escrow agent on auction day. This amount is the greater of 10% of the sales price or $5,000 (the greater of 5% or $5,000 for Bid Now bidders or Buyer’s who present a pre-qualification letter from a lender of their choice at Auction). It is made up of the cashier’s check minimum amount required to bid plus an additional check to bring the total up to 10% (5% for Bid Now bidders or Buyer’s who present a pre-qualification letter from a lender of their choice at Auction) of the sale price.
Ans. The Earnest Money Deposit is the amount of money you are required to put down on auction day. On auction day, you must deposit with the escrow/closing agent an Earnest Money Deposit equal to 5% of the Total Purchase Price, regardless of the amount you finance. A 15% Earnest Money Deposit is required for each additional property purchased. This is not the financing deposit or down payment, but rather the amount required as Earnest Money on auction day. For example, if the Total Purchase Price is $210,000 (the Winning Bid Amount PLUS the Buyer’s Premium), then the Earnest Money Deposit required on auction day for your first purchase is $10,500 (5% of $210,000).
