The check was made out to the sellers agent. If the offer is accepted, when will the check be cashed and how will it be used? As I understand it, the check is to be used for my closing costs, but if that is the case, why did I make it out to the sellers agent?

I also heard that in an FHA loan, the buyer can not get money back at closing. Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime! Menu Icon Click to open Mobile Menu.

Earnest Money – How Much and When Is it Cashed? - Midtown Tulsa Real Estate

Buy Rent Mortgage Sell Find an Agent For Professionals Local Scoop More Trulia Blogs All Trulia Neighborhood Guides Go Mobile with Trulia Advice Ask a Question Help Center For Professionals. How to earnest checks work? Highest rated Recent Oldest. Scott GodzykAgent, Manchester, NH. Tue Aug 19, The answers before hit it right on the head, the listing agent always holds the escrow deposit. It can be applied as down payment or closing costs at the closing, the closing company can indeed refund you any overage that you paid.

It is your money afterall.

Good luck with your purchase. Elvis and I must have been typing at the exact same time. The good news is we both had the same answers LOL. Jim- Your earnest money check gets made out to the Listing Broker, which earnest money check not cashed the company the listing agent works for.

The earnest money check never gets made out to an agent. The check is deposited into the broker's account within a day or two. If the money is deposited and the deal didn't close because of attorney review, mortgage contingencies, etc.

Home Buying: How to earnest checks work? - Trulia Voices

The earnest money will be credited to you on your value of call option formula statement HUD and is taken out of the funds you need to bring to closing.

Besides closing costs and earnest money check not cashed credits you also have a certain amount of money as your deposit However, if the money you deposited was an overage I've seen people bring too much to closing, the title company will issue you a check which is not the same as getting cash back at closing. Alan MayAgent, Evanston, IL. In most cases, that earnest money comes back to you at the closing table.

The check is made out to the listing agency, so that they may hold that money typically in an interest bearing account if there's enough moneyagainst the possibility that you might decide to walk away from the deal.

That check will be cashed, as soon as you've reached an agreement signed and delivered on your contract. If you've got more earnest money, than expenses at closing, any overage would be returned to you.

Why is my Earnest Money Check Cashed?

This is NOT the same as the buyer getting "money back" at closing. This would just be the return of an overpayment. How to get earnest money back? Be the first to answer. How to get my Earnest Money Back? How to get back my earnest money? How many credit checks for mortgage application? Ask our community a question.

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