What is earnest money and why do you need it?

What is earnest money and why do you need it? If you are planning on buying a home, there are some up front, out of pocket expenses you will want to be prepared for. These funds should be liquid and easily accessible whether you are financing or paying cash. The three main checks you will be writing (who writes checks anymore?) are for the home inspection(s), the home appraisal (required if you are financing, not required if you are paying cash), and earnest money. But what is earnest money … [Read more...]