Upon acceptance, the sales broker will be requested to transmit the earnest money deposit to the sales closer within 48 hours of notification of acceptance. The prospective purchaser of a VA-acquired property is entitled to a refund of the earnest money deposit when the offer is withdrawn prior to VA's acceptance of the offer. However, once the VA has accepted an offer to purchase and the prospective purchaser either cancels or fails to perform, the earnest money deposit will be retained as liquidated damages. If the funds have not been forwarded to escrow as required above, VA will bill the sales broker for the earnest deposit. Original signatures are required.
Proof of funds is required for all cash sales.
Credit statements are required for all parties. Original signatures are required on all forms. All applicants must sign the same Offer to Purchase. A current credit report should be included as part of the package with an explanation of any negative credit items. A copy of a fax or fax of a copy is not acceptable as it cannot be read.