Different parts of the country have different rules for earnest money. Earnest money information in Seattle can be accessed through your Realtor or contact me here.

In general the down payment made for the purchase of the property is the earnest money. The idea behind it is evidence of good faith toward the purchase of the property. Where it gets sticky is when the the earnest money becomes non-refundable or the seller wants to keep the earnest money as damages.

When entering a contract and there is earnest money involved make sure you understand the circumstances that may cause you to lose your earnest money deposit. I encourage all purchasers and sellers to clearly understand the rules. Sellers don't want their property off market only to have the transaction fall thorough at the last moment and not have any recourse of damages and buyers don't want to lose their earnest money because of a lack of understanding of what their obligations are under the contract.

For more information about earnest money in Seattle please feel free to contact me:

Joe LaVallie

The Integrity Team

Mortgage Banker

HomeStreet Bank

22001 66th Ave W

Mountlake Terrace WA 98043

NMLS ID#111363

joe.lavallie@homestreet.com

425-678-7604 Direct

1-800-761-7788 ext 7604

206-743-4722 Cell

Fax 206-512-1911

To Apply Online http://www.homestreet.com/jlavallie