Currently in the underwriting phase. Thank you for the videos they have been very helpful during this process. Also your voice is so soothing you should make guided meditation videos.
Thank you Kyle, your presentations always make things very clear! I appreciate the calm moment breaks too - definitely needed when working through this process.
I personally want to thank you for creating such content, your videos are EXTREMELY informative! I’ve learned more from you than my realtor and loan officer. If possible can you do a video breaking down Loan Estimate and or Fee Worksheet for us first time buyers? If I missed that video can you drop the link? Thanks a ton and keep up the great work!
You're so welcome, Jamie! I'm glad these videos could be some help!! I have this video on Loan Estimates (th-cam.com/video/Qr2SGMJm59U/w-d-xo.html) but planning on an updated one here soon!
1% of the purchase price is typical for earnest money deposit in Washington DC. Another interesting thing about the DC market is that if you’re buying a condo, you can waive all contingencies to make your offer more competitive but you still have 15 days from contract ratification to change your mind during what’s called a condo doc review period, and you’d get your earnest money back. You just have to make sure your appraisal and inspection is within that 15 day window, and it doesn’t apply if you’re not buying a condo or a unit in an HOA
to Move to Southern NJ Earnest Money Was a Must (we put 6k/ Minimal). We were asked to put more due to Competition. We Planned a Private Meeting Explaining our "Love" for the Community and home. We were chosen over others bidding Higher for the Cost of the Home. Unbelievable and Thankful.
Great videos. I'm a seasoned Realtor and sometimes I still need a refresher on things like...USDA loans. How can I explain earnest money best to a first time home buyer, so thanks! Curious about your mic. I'm pretty sure it's vintage since you have at least three guitars and likely do some recording. What is it?
This information was right on time. I’m in escrow right now and I provided a good faith deposit on Sunday. Is their special contingencies for New Construction homes?
I live in Washington DC. I was required to put $5K as my earnest deposit. I put 22% down, which came out to $55K (that included my $5K deposit), as he says in the vid.
Kyle I have been following you, Javier, and Jeb for quite a while now. Can you please answer my question. Currently in escrow in California and I am within my inspection contingency of 17days. I just had a termite report submitted and found the presence of subterranean termites(1A). Can I terminate my purchase agreement and get my earnest deposit back? Technician believes that the termite infestation might be in the beginning stages but is not sure of the extent of the structural damage.
Yes, you can cancel a purchase agreement and get your earnest money deposit back under certain circumstances. . You may uncover significant defects (in your case, termintes infestation) that cause you to cancel, and property condition might be covered in your contract as a contingency period. Best of luck!
Thanks for the videos. So as soon as the offer is accepted by the seller is when the buyer would send the earnest money? What if the contract has only been signed by one party? Do you wait until the sellers sign their part of the contract to send the EMD? Thanks in advance?
Thanks Kyle for the video. I'm from California and it seems like earnest money is need out here...too many folks bidding on one home! But what happens when several parties bidding and all puts earnest money? Is it required 🤔 or advised. In my best interest if I really want this house?
You're welcome! If several are bidding with earnest money, then other aspects of the offer like price are going to be more of a factor. It's definitely not required. In my local market, most good real estate agents try to get their buyers a home without needing to put up earnest money. But, get your Realtor's opinion since they're more familiar with your specific market.
How in depth can you go into the financial contingency? Like if the buyers were unable to get a loan due to their gifted not coming through or because their finances changed at work? It can’t be as simple as “we didn’t get the money. Now give me my money”.
We got screwed by buyers who said they had no issues during inspections, not getting the earnest money is the least of our worries. Not only do we lose all the earnest money, we lose potentially thousands by falling out of escrow and losing all of the home’s initial momentum.
Currently in the middle of getting my earnest money back. We were a week from closing on a 3 unit building that was going for $65,000. The loan/deal fell through because of high cost :( sucks because I thought this would be a great deal to start my portfolio
Ah dang!! Sorry to hear! I'm surprised your lender didn't help you with that. Any time we run into a high-cost fail, we always drop the lender paid compensation to make the deal go through.
Hey I have and question about buying and house on va loan in North Carolina I’m from wa st and house here are out my price range so I had to move I was doing a lot of looking on line but I have family in North Carolina in Wayne county my family went and look at the house I had on contract and it is not ready and they say it will be ready but it’s not half way done I was to close oct 15 should I let the builder change the close date
Hmm, it sounds like you may not have an option and will need to let the builder change the close date, otherwise they won't be finished on the 15th. COVID has caused a ton of building delays and supply shortages. So, if possible, try to extend some grace to the builders :)
Our realtor keeps pressing us for earnest money... But the house is as-is so if it doesn't appraise well and our lender drops it... We are screwed... this vid was helpful! thanks
Not sure if you remember me, but after several months, going to closing at the end of October!!!! Long as the appraisal comes through, should be full speed ahead. Mortgage rate was even BETTER. Initially, mocked up @ 3.25%. After things started moving, 2.875%!!! What what!!
Hi. We put earnest money into escrow with the title company. Our seller agreed to pay $10,000 in closing. Does this mean whatever is left over after the $10,000 will come out of the earnest money?
I spy an electric guitar! Do you play that, or is it a decoration? :) Great video! Also, what is the notes board you are using, if you don't mind sharing.
Haha I do! First, I screen record my iPad and use a drawing app called Adobe Fresco. Then, I record the video while drawing any notes on the iPad. Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
I have question . I got conditional commitment letter from lender but I don't think I will get loan becz Requesting documents I can't get . So if I don't get final approval loan , will I get earnest money back from seller ? Even we are in approved contract extension ?
@pathmanathanmugunthan251. I can help walk you through the process, help with comping or even help find an end buyer. Also if you need help with funding your EMD transactions, I can help with that as well.
What if the 21day past of earnest money dead line and the bank doesn't approve you and doesn't let me know until after the deadline time and can't get it back? The owner doesn't want to give me back my earnest money and it wasn't my fault the bank didn't approve me for that amount for the house what can I do?????
8:40 you started explaining the contingencies with examples and after going through appraisal and inspection, you left out financing which is why I’m here.
Omg I'm going through a bad one. $10,000 on the line fighting for it. The seller wants all my money cause we didn't get approved at the end. I didn't walk away the bank didn't approve.
Those contingency windows are those in any standard contract? We are under contract and paid $6000 earnest money. But everything is going so slow we might not meet the closing date, we doing a foreclosed fannie may and a fha203k. I am freaking out. When I ask my realtor I don't understand his explanation.
They're standard in most contracts. Fannie normally is pretty good about extensions if you give them a heads up. Shoot me an email at kyleseagraves@hey.com with your contract and I'll see if I can help.
Hey S D! You're right - that earnest deposit in NY can be pretty significant, especially on a 600k house. Keep in mind that this amount can sometimes be negotiated with the seller, so it may not necessarily have to be exactly 10%. If you're ready to start the pre-approval process, feel free to go to www.winthehouseyoulove.com/lender and if you have any more questions or just want to chat, shoot me an email at kyle@winthehouseyoulove.com! Best of luck on your homebuying journey! 😊🏠
I didnt realize my Earnest money wasn't apart of my down payment. Its like any other deposit don't count on getting it back, or it being good for anything else but to hold a spot. 5k just went to nothing in my case.
Cool! I work on a team now, so I focus on education and have Mortgage Advisors with over 20 years of experience each. You'll be in good hands with our team! kyle@winthehouseyoulove.com
Currently in the underwriting phase. Thank you for the videos they have been very helpful during this process. Also your voice is so soothing you should make guided meditation videos.
Congrats! You're very welcome! Haha I've been thinking about it!
Thank you for all your time/lists...hard work and valuable information...
Glad you like them!
Love the hair. Thanks for the vid!
Well explained,
I did this without really understanding but it worked out
LOVE you channel! You are truly a blessing and you are helping me get one step closer to owning a home
Best of luck!
This was so informative!! Thank you so much!!
You are so welcome!
Thank you Kyle, your presentations always make things very clear! I appreciate the calm moment breaks too - definitely needed when working through this process.
You're welcome, and thank you for watching!! I'm glad you like them :)
I personally want to thank you for creating such content, your videos are EXTREMELY informative! I’ve learned more from you than my realtor and loan officer. If possible can you do a video breaking down Loan Estimate and or Fee Worksheet for us first time buyers? If I missed that video can you drop the link? Thanks a ton and keep up the great work!
You're so welcome, Jamie! I'm glad these videos could be some help!!
I have this video on Loan Estimates (th-cam.com/video/Qr2SGMJm59U/w-d-xo.html) but planning on an updated one here soon!
*Great topic ! Very important to educate buyers what is Escrow deposit and why it is important 👍🏻👍🏻👍🏻*
Absolutely!
1% of the purchase price is typical for earnest money deposit in Washington DC. Another interesting thing about the DC market is that if you’re buying a condo, you can waive all contingencies to make your offer more competitive but you still have 15 days from contract ratification to change your mind during what’s called a condo doc review period, and you’d get your earnest money back. You just have to make sure your appraisal and inspection is within that 15 day window, and it doesn’t apply if you’re not buying a condo or a unit in an HOA
Great additions!! HOA contingency is a good one I didn't mention in this video :)
to Move to Southern NJ Earnest Money Was a Must (we put 6k/ Minimal). We were asked to put more due to Competition. We Planned a Private Meeting Explaining our "Love" for the Community and home. We were chosen over others bidding Higher for the Cost of the Home. Unbelievable and Thankful.
Ah, yeah the competition is crazy!!
Thank you so much
You're most welcome
Great videos. I'm a seasoned Realtor and sometimes I still need a refresher on things like...USDA loans. How can I explain earnest money best to a first time home buyer, so thanks! Curious about your mic. I'm pretty sure it's vintage since you have at least three guitars and likely do some recording. What is it?
Thanks! USDA loans are tricky!
I use a Neumann TLM 102, not vintage, but a lovely mic!
You are amazing thank you
Happy to help!
This information was right on time. I’m in escrow right now and I provided a good faith deposit on Sunday. Is their special contingencies for New Construction homes?
Glad to hear!! Usually not that are any different from a regular purchase; however, read through your contract to make sure.
Heeeyyy I didn't know you were in Dayton. I'm in the KY/IN area & wish you were licensed in Indiana, my pre-approval process might've moved quicker.
I am! :) Ah, I wish I could have helped!
great content boss.
Thanks!
I live in Washington DC. I was required to put $5K as my earnest deposit. I put 22% down, which came out to $55K (that included my $5K deposit), as he says in the vid.
Hefty earnest deposit! Congrats on your home :)
Kyle I have been following you, Javier, and Jeb for quite a while now. Can you please answer my question. Currently in escrow in California and I am within my inspection contingency of 17days. I just had a termite report submitted and found the presence of subterranean termites(1A). Can I terminate my purchase agreement and get my earnest deposit back? Technician believes that the termite infestation might be in the beginning stages but is not sure of the extent of the structural damage.
Yes, you can cancel a purchase agreement and get your earnest money deposit back under certain circumstances. . You may uncover significant defects (in your case, termintes infestation) that cause you to cancel, and property condition might be covered in your contract as a contingency period. Best of luck!
Thanks for the videos. So as soon as the offer is accepted by the seller is when the buyer would send the earnest money? What if the contract has only been signed by one party? Do you wait until the sellers sign their part of the contract to send the EMD? Thanks in advance?
It will depend on the contract, ask your agent :)
What about on an Owner finance deal ?
Thanks Kyle for the video. I'm from California and it seems like earnest money is need out here...too many folks bidding on one home! But what happens when several parties bidding and all puts earnest money? Is it required 🤔 or advised. In my best interest if I really want this house?
You're welcome! If several are bidding with earnest money, then other aspects of the offer like price are going to be more of a factor.
It's definitely not required. In my local market, most good real estate agents try to get their buyers a home without needing to put up earnest money. But, get your Realtor's opinion since they're more familiar with your specific market.
Thanks Kyle Seagraves ☺ I will be sure to let the real-estate agent know or ask them.
How in depth can you go into the financial contingency? Like if the buyers were unable to get a loan due to their gifted not coming through or because their finances changed at work? It can’t be as simple as “we didn’t get the money. Now give me my money”.
We got screwed by buyers who said they had no issues during inspections, not getting the earnest money is the least of our worries. Not only do we lose all the earnest money, we lose potentially thousands by falling out of escrow and losing all of the home’s initial momentum.
Currently in the middle of getting my earnest money back. We were a week from closing on a 3 unit building that was going for $65,000. The loan/deal fell through because of high cost :( sucks because I thought this would be a great deal to start my portfolio
Ah dang!! Sorry to hear! I'm surprised your lender didn't help you with that. Any time we run into a high-cost fail, we always drop the lender paid compensation to make the deal go through.
New Subscriber.
Thank you!
Hey I have and question about buying and house on va loan in North Carolina I’m from wa st and house here are out my price range so I had to move I was doing a lot of looking on line but I have family in North Carolina in Wayne county my family went and look at the house I had on contract and it is not ready and they say it will be ready but it’s not half way done I was to close oct 15 should I let the builder change the close date
Hmm, it sounds like you may not have an option and will need to let the builder change the close date, otherwise they won't be finished on the 15th.
COVID has caused a ton of building delays and supply shortages. So, if possible, try to extend some grace to the builders :)
Our realtor keeps pressing us for earnest money... But the house is as-is so if it doesn't appraise well and our lender drops it... We are screwed... this vid was helpful! thanks
So if a house is "as is" none of the contingencies take place? Like the Inspection contingency, appraisal or loan contingency?
Is a house is as is, should you even do the inspections?
Not sure if you remember me, but after several months, going to closing at the end of October!!!! Long as the appraisal comes through, should be full speed ahead.
Mortgage rate was even BETTER. Initially, mocked up @ 3.25%. After things started moving, 2.875%!!! What what!!
Congrats!!! 🎉
@@WinTheHouseYouLove Save the celebrations for after closing!!! :-)
Hi. We put earnest money into escrow with the title company. Our seller agreed to pay $10,000 in closing. Does this mean whatever is left over after the $10,000 will come out of the earnest money?
Hey, I can answer any questions you may have about earnest money or the wholesaling process. Reach out anytime.
I spy an electric guitar! Do you play that, or is it a decoration? :) Great video! Also, what is the notes board you are using, if you don't mind sharing.
Haha I do!
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
@@WinTheHouseYouLove that’s quite the process. Very creative! Thank you for sharing. I appreciate it.
I have question . I got conditional commitment letter from lender but I don't think I will get loan becz Requesting documents I can't get . So if I don't get final approval loan , will I get earnest money back from seller ? Even we are in approved contract extension ?
@pathmanathanmugunthan251. I can help walk you through the process, help with comping or even help find an end buyer. Also if you need help with funding your EMD transactions, I can help with that as well.
What if the 21day past of earnest money dead line and the bank doesn't approve you and doesn't let me know until after the deadline time and can't get it back? The owner doesn't want to give me back my earnest money and it wasn't my fault the bank didn't approve me for that amount for the house what can I do?????
You'll want to talk to your agent about how to get out of a contract
8:40 you started explaining the contingencies with examples and after going through appraisal and inspection, you left out financing which is why I’m here.
7:50 I talk about it
Are you a broker in Fl..I'm buying soon..would love to use you lol
Our team here is licensed in Florida! Feel free to shoot me an email at kyleseagraves@hey.com and I'll get you connected :)
hi can we still get our earnest money back after all contingencies have been removed but loan wont approved it ?
I just recorded a personal video reply for you: vid.us/8xv10p
Here in Georgia builders are asking for $10000.00 and more for earnest money.😳😳😳
😳 Thanks for watching!
Omg I'm going through a bad one. $10,000 on the line fighting for it. The seller wants all my money cause we didn't get approved at the end. I didn't walk away the bank didn't approve.
Oh no I'm sorry!
@@WinTheHouseYouLove How common is that??! Should one insist on a fully underwritten pre-approval?
Those contingency windows are those in any standard contract? We are under contract and paid $6000 earnest money. But everything is going so slow we might not meet the closing date, we doing a foreclosed fannie may and a fha203k. I am freaking out. When I ask my realtor I don't understand his explanation.
They're standard in most contracts.
Fannie normally is pretty good about extensions if you give them a heads up. Shoot me an email at kyleseagraves@hey.com with your contract and I'll see if I can help.
@@WinTheHouseYouLove Thank you so much. I just sent you a email
Earnest deposit in NY according to my buyers agent is 10% so for a 600k house that’s a whopping 60k
Hey S D! You're right - that earnest deposit in NY can be pretty significant, especially on a 600k house. Keep in mind that this amount can sometimes be negotiated with the seller, so it may not necessarily have to be exactly 10%. If you're ready to start the pre-approval process, feel free to go to www.winthehouseyoulove.com/lender and if you have any more questions or just want to chat, shoot me an email at kyle@winthehouseyoulove.com! Best of luck on your homebuying journey! 😊🏠
Hey, if you can’t afford to put up that much pull me in on the deal, I’ll help chip in
So the earnest money is paid when the seller accepts your offer?
Yes! Right here: 0:41. Thanks for watching! :)
I didnt realize my Earnest money wasn't apart of my down payment. Its like any other deposit don't count on getting it back, or it being good for anything else but to hold a spot. 5k just went to nothing in my case.
Hey, I can answer any questions you may have about earnest money or the wholesaling process. Reach out anytime.
Seller wants me to add on contract for them to get earnest money and wants check overnighted to title company and then he’ll sign 🙄
Hmm that's annoying
whats a good email for you im in dayton,ohio as well I would love to work with you !
Cool! I work on a team now, so I focus on education and have Mortgage Advisors with over 20 years of experience each. You'll be in good hands with our team!
kyle@winthehouseyoulove.com