Understanding Earnest Money Deposits
Overview
What is an Earnest Money Deposit?
An earnest money deposit is an amount of money that you present with an offer to purchase a property to show your good faith.
Frequently Asked Questions
When do I pay the deposit?
On-Site Auctions Deposits are generally required to be present with the bidder at an on-site auction.
Online Auctions Deposits are usually due to be tendered within 24 hours of winning, but be sure to confirm by reviewing each particular auction’s Terms of Sale, as terms may vary.
What payment methods are acceptable?
The following payment methods are generally acceptable.
Cash
Cashier’s Check
Wire Transfer
Please be sure to review each auctions’s Terms of Sale, as payment methods may vary.
Important Note: Deposits for real estate transactions must be made via certified funds (.e.g cash, cashier’s check, or wire transfer). We cannot accept credit cards for a real estate transaction.
