05-10-2011 07:30 AM
I do not have my own realtor and is using the realtor for the non-profit that I am purchasing my home from and was wondering if there is a formula or customary amount to put down for the EMD.
05-10-2011 09:26 AM
05-10-2011 10:29 AM - edited 05-10-2011 10:34 AM
We are in contract with 180K home and the seller wanted only $500 earnest money, he also agreed to pay $5800 towards closing cost. Our file goes to underwriting tonight or tomorrow .
05-11-2011 01:56 PM
Large EMD's in NYC are typical - often can be the entire down payment if it's less than 5% down.