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#463348 - 01/18/19 01:19 PM Electronic EMD's
MDXBROKER Offline
Member

Registered: 08/21/05
Posts: 39
Loc: Novi, Michigan
Hey Brokers,
Are any of you out there accepting EMD's electronically?

Accepting debit/cards won't work, since the merchant accounts take fees out of the credit. For example, if we accepted a 1k EMD, we end up with something like $995.32, so that won't work in Michigan, where we can't have fees come out of the trust account.

A wire would generally cost the customer $25, so they wouldn't like that.

Possibly an ACH transfer?

Some companies allow their Agents/Clients to drop the EMD check off to the bank, but I don't love this idea.

I don't know. But our Agents are so tired of driving around to collect/drop off paper checks. It seems like there should be some better ways of doing this, these days, without having to meet the Client to get a check, then drive it into the office.

Please chime in if you have any ideas! Thanks.

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#463354 - 01/19/19 08:21 AM Re: Electronic EMD's [Re: MDXBROKER]
JohnN Offline
Member

Registered: 11/21/13
Posts: 258
Loc: Minnesota
Our MLS uses an outfit called Trust Funds to handle earnest money exchanges. For a Buyer that I'm representing I login, supply the buyer's email address, the amount of the earnest money to be exchanged. I can also chose which Brokerage, Buyer or Seller's, to hold the money.
There is a $5.00 charge and you select on the app if the agent or buyer is paying the $5.00.

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#463360 - 01/19/19 05:13 PM Re: Electronic EMD's [Re: MDXBROKER]
MDXBROKER Offline
Member

Registered: 08/21/05
Posts: 39
Loc: Novi, Michigan
That's amazing. Thank you John, we'll check that out!

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