The financial decisions you make while buying your home can affect your long-term net worth. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we realize that your home is likely to be one of your most valuable assets. Before you submit your bid, it’s important to understand what an Earnest Money Deposit (EMD) is and how you can use one to strengthen your offer during your home-buying process. Earnest money is money that accompanies your offer and tells the seller that you’re serious about your bid. But if you back out of the deal for any reason that’s not covered in your contract, you could lose your earnest money deposit. Check out below to see what sold in Liberty Park in March 2020:
44878 Paine Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,629 sq. feet, 2 car garage, Sold Price: $397,500
Liberty Park Home Sold
March 2020
EMDs are not legally required, but sellers can contractually require them. Essentially, an EMD is an incentive for the seller to accept your bid and remove their home from the market. For more information on Liberty Park, or similar Northville or Novi neighborhoods such as Royal Crown, Carriage Hill and Yorkshire Place, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.