What is an Earnest Money Deposit? (Good Faith Deposit)
This post is based on a section from The Book on Rental Property Investing. If you are reading this post – you really should probably pick up a copy of that book.
Buyer's Contract & Earnest Money When Wholesaling or Flipping Houses With No Cash or Credit Needed
Buyer's Contract & Earnest Money When Wholesaling or Flipping Houses With No Cash or Credit Needed - http://FlipMan.net I will personally Teach & Mentor ...
To show that an offer is serious and made in good faith, it's traditional for the prospective home buyer to accompany it with a check for a modest amount -- often a small percentage of the purchase price -- known as an "earnest money deposit."
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Credit Loan – A credit loan is a mortgage that is issued on only the financial strength of a borrower, without great regard for collateral. Credit-Loss Ratio – The ratio of credit-related losses to the dollar amount of MBS outstanding and total mortgages owned by the corporation. Credit Rating – Borrowers are rated by lenders according to the borrower’s credit-worthiness or risk profile.
For example, if you originally bought your home for $250,000 and have since paid $60,000 on your mortgage, you now have $60,000 in equity and a loan balance of $190,000, provided that your home’s value has remained the same.