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Earnest Money Deposit vs Down Payment: What's The Difference?

When you buy or sell a home, you get used to hearing words and acronyms you've never heard before. Your real estate agent, mortgage lender, escrow officer and the insurance agents who help you through the process will throw around so much real estate jargon, somewhere along the way you might wish you had brought a dictionary-or maybe a translator. Two rather vague but very important terms for buyer and seller alike are "earnest money deposit or EMD" and "down payment." Both have to do with cold, hard cash, but what's the difference? Here's your cheat sheet on earnest money deposit vs. down payment: What is earnest money? Earnest money—also known as an escrow deposit—is a dollar amount buyers

Reality and Most "Fixers"

Before you try to emulate your favorite home renovation expert on TV, go back, double check and even triple check all your calculations on that “fixer upper”. That’s the message of a new survey, which found that despite the glamour and the plethora of TV programs devoted to home renovation, most amateur fixer-uppers end up wasting a lot of time and money. Once you factor in all the costs involved, the renovation project often turned out to be no cheaper than just buying a home in move-in condition. “Even though the majority of fixer-upper homeowners thought they could save money, they actually spent about the same or more than their move-in ready counterparts,” reported Porch.com, a home imp

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Doug Colliflower
Doug@BHHSGolden.com

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