Tag Archives: Earnest Money

Buying a Home, Resources

FAN Now Offers An Electronic EMD Delivery Option

Did you know…?

All of your Florida Agency Network brands and locations now offer electronic EMD delivery services! It’s as easy as click-and-send; No downloads, no logins, no account creation.

Have you ever found yourself in the 11th hour with a client needing to deliver their earnest money deposit? We want to provide you and your client with an easy, after-hours, open 24/7/365 solution that will prevent you from running all over town, missing wire cutoffs at the bank, or – worst case scenario – having a contract fall through.

Check out our latest information on the new feature!

Buying a Home, Network News

Florida Agency Network Introduces Electronic EMD Delivery

Florida Agency Network (FAN), announces the release of a new Electronic Earnest Money Deposit (“EMD”) program. This program is part of FAN’s continued effort to keep everyone safe and secure, streamline the closing process, and move that much closer to a true paperless closing.

Customers buying homes are now able to send their EMD electronically, allowing for a fully-digital transfer of funds, and eliminating the need to visit any of FAN’s multiple office locations throughout the state. In addition, it allows for the added benefits of protecting sensitive information, enabling out-of-town closings, and it allows customers to receive a verified and automated receipt for their records.  The service does NOT require the client to create an account, or download an app, to send the EMD electronically.  It simply requires the click of a button from any of FAN’s websites where homebuyers are directed to Keybox, Payload’s platform for secure electronic real estate payments.  “We’re excited to partner with FAN to enhance the home buying experience across the state of Florida,” said Ryan Rybolt, CEO of Payload.

“One of the items that is a consistent burden to our clients is the handling of EMDs. We live in a world of technological innovation, digital movement of funds, and less dependency on checks and paper currency. This new service offers convenience to our clients, and a more efficient solution for receiving funds. The days of racing to the title office within 72 hours of signing a contract, mailing or overnighting funds, or waiting hours for wiring instructions are history,” said Aaron M. Davis, CEO of Florida Agency Network.

 

About Florida Agency Network

The Florida Agency Network (FAN) is a statewide alliance of title agencies that share services, resources, and technology. FAN has formed a strategic alliance amongst members and vendors, in addition to creating proprietary technologies, to better serve its clients, allowing it to provide customized solutions to protect and streamline the closing experience. Members share back-office services, pooled resources, access to industry-leading technology, improved efficiencies, and the ability to offer their clients greater geographic coverage throughout Florida with SOC 1 Type 2 and SOC 2 Type 2 security compliance solutions available.

For more information, please visit www.FLAgency.net

About Payload

Payload is a powerfully simple, yet robust, financial technology (fintech) platform to securely process credit card and ACH payments. The platform was built for developers, software platforms, and merchants who want to accept secure payments without the burdens often associated with card acquiring.

Keybox is Payload’s solution for processing secure, electronic real estate payment transactions.  Keybox replaces manual check payments or costly wire transfers associated with Earnest Money, Agent Fees, Commissions, and other Real Estate transactions.

For more information, please visit www.payload.co  or https://keybox.payload.co/?

Buying a Home, Mortgages

What Is Earnest Money, And How Much Should I Set Aside?

Video Leave a comment

http://fwd5.wistia.com/medias/cepf9w905o?embedType=iframe&videoFoam=true&videoWidth=640

Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions.
If your offer is accepted the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your earnest money is returned to you. If you back out of a deal, you may forfeit the entire amount.