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What happens to the earnest money you put down when buying a house?
We put a 1000 dollars down and I thought it was for like good faith in case I back out. Well If I don't back out and go through the whole thing then what happens to that money do i get it back or does it go towards the house what.
5 Answers
- Anonymous1 decade agoFavorite Answer
It is included as part of your deposit.
- nunuvyobiznizLv 41 decade ago
The $1000 gets applied towards your money down at escrow. If for some reason the deal falls through, through no fault of your own, you will be refunded your deposit. If you back out, unless you have a great reason like you just found out that today you lost your job (example), then you will forfeit your deposit.
- chatsplasLv 71 decade ago
It becomes a part of your down payment in order to buy the house and get a loan. It shows up on your HUD-1. You don't get it back per se, but you get it credited on your behalf in the transaction.
Source(s): real estate investor - How do you think about the answers? You can sign in to vote the answer.
- krn001Lv 71 decade ago
It's in an escrow account, your contract will outline any forfeiture of the $1,000.00 if applicable.
