Doug Francis Real Estate

  • Meet Doug
  • How I Sell Your Home
  • Case Studies
  • Let’s Connect

Earnest Money Today

By Doug Francis

Earnest Money is more than just cash.

Really, it’s more than just cash.

Your earnest money or deposit needs to be deposited within the specific timeframe outlined in your home sales contract. That contract will give you the framework and required deadline, but know you need to follow certain specific steps.

As a quick refresher… when you put in an offer to buy a home, your sales contract included a paragraph stating the amount of deposit you will put in escrow if the contract was accepted. This deposit is known as earnest money which demonstrates your sincere commitment to buying the home.

Although many mortgage websites recommend a percentage range to calculate a reasonable earnest money amount, the actual amount may be the key term that helps you win over other competitive offers. Your agent should be able to give you the best recommendation based on the local market, but in the Vienna real estate market large deposits are critical.

Have your deposit ready

Now that your contract has been accepted, delivering your earnest money to the escrow agent specified in your contract is essential. Although the deposit needs to be made in five days in Virginia, the local Realtor contract allows for both parties to agree when the deposit needs to be made.

There are a few ways to deliver the money, to the settlement or escrow agent, but remember it is vitally important that you understand that you need to stay vigilant.

Anti Fraud Warning

Please be extremely aware that there are various email, text, and social media scams involving wiring funds, like an earnest money deposit, involved in real estate transactions nationally. These scams involve authentic-looking emails to get information or will direct users to a fake website that provides fake wiring instructions.

I do not send out instructions to wire funds to my clients.

I tell my clients if they get an email from me or a settlement company, lender, attorney, or another person claiming to be involved, then pick up the telephone and give me a call. My experience has been that your settlement company will send instructions at the start and they won’t change them at any point during the transaction.

Let’s reverify all steps before sending your money anywhere.

If you have been a victim of wire fraud, you should immediately contact your bank to issue a recall notice and file a complaint with the FBI at ic3.gov right now.

Personal Checks

Yes, personal checks are still a thing!

Delivering a personal check to the settlement company can be done in person at their office. It is essential that you get written acknowledgement that they have received the check. They should also email all parties that the earnest money deposit has been received per the contract.

If you must mail the check, it needs to be via an overnight courier like FedEX, USPS, or UPS. That way you can track the envelope and have documentation that the deposit was delivered before the deadline.

Wiring Options

For added protection, your settlement company may use a secure service that protects you and them. This “2020 solution” has reached acceptance as consumers want to limit exposure to fraud and Covid-19.

A good example is Zoccam.com which is a secure platform designed to deliver earnest money deposit checks. Take a tour through the website and you’ll probably kick yourself for not inventing this app.

They also may give you bank routing information directly to their specific account at Bank of America or TD Bank which you should also reverify before hitting “send”.

Protecting your Earnest Money

Earnest money is part of your downpayment and will show up on your closing documents as a credit.

Your real estate agent should explain how you will get this money back if you decide not to buy the home during your home inspection period, or if you get rejected for financing. The process should be clear to you in any contingency that the deposit will be returned in full if both parties agree to void the contract.

You can lose this money if you default on your contract. For example, if you do not provide the required paperwork to your mortgage lender, or do something irrational like buying a new car because it will impact your credit rating and final lender approval.

Talk with your real estate agent about the terms of your sales contract and risky behavior to avoid prior to closing.

Filed Under: Blog, Home Buyer Tips Tagged With: Home Buyer Tips

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

Considering selling your home?

https://youtu.be/0ZSodCtsfkY

Just Sold!

Plum Street home with swimming pool

Looking for a house with a pool in Vienna, VA?

Sold!

https://vimeo.com/1003798838?loop=0

Planning to sell your home?

Case Studies

Continue Reading

Have a question?

Homeowners: Add a level of privacy

name withheld by request

Privacy: Hiding your name

Looking for testimonials?

Read through a collection of client comments originally posted on Zillow, Google and Trulia. See what my clients say...

Looking for a Custom Home?

Insights into New Homes in Vienna VA
Staged kitchen for real estate marketing

Here’s my home seller checklist… imagine you’re Getting Ready to Sell

Getting started is the hardest part for many clients. My Vienna home seller checklist will help you get the ball rolling today.

“Doug nailed it! Within days, we had three offers, one of which not only met, but far exceeded all of our goals.”
– R. Pollard

“He truly was a partner integrating us unto the community and made it easy for us to take advantage of all Vienna has to offer.”
– A. D’Eredita

“We are so thankful we found Doug to guide us through the complex home selling and buying processes!”
– Scott and Jennie

About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

Search for a subject

Contact

Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
Why do people hire me?

Search for homes in Vienna

Vienna Real Estate Guide

This material can only be used with written permission.

Equal Housing Opportunity

 

Copyright © 2025 Doug Francis · Minimum Pro Theme on Genesis Framework · WordPress · Log in