What is the EMD?
Earnest money is a requirement made by the Seller that is applied towards buyer’s purchase. It acts as a sign of good faith that the buyer will follow through with the contract. It’s a standard deposit in the real estate industry.
When and where do I send my EMD?
If you are the high bidder, a representative from our Contracts department will contact you to provide information on when and where to send your EMD. In some cases the buyer must send in their EMD prior to the contract being executed. If this is the case, your Bid Coordinator will communicate this with you when discussing your bid.
What happens if my bid gets rejected and I already sent my EMD?
Your EMD will be sent back to you. In the event that a buyer cancels a transaction after the contract has been executed, the refund of your EMD is based solely upon Seller discretion. In some cases buyer must send in EMD prior to contract being executed.