The real estate agent selects the correct escrow account before sending the earnest money deposit request to the homebuyer.
Earnnest's payment system is a closed network of pre-vetted escrow holders with verified escrow accounts, and only these accounts are available for selection within our system. The payment process is as follows:
- The real estate agent begins the transaction by searching for and selecting an escrow account. Only verified, named escrow accounts are allowed in Earnnest's system, so all you have to do is provide agents in your network with the name(s) you've chosen for your account(s).
- An email is sent to the homebuyer with instructions on how to log in to Earnnest, confirm their identity, and make sure transaction details are correct.
- Next, the homebuyer selects their banking partner and logs directly into their bank, selecting the account from which they wish to make their earnest money payment. Earnnest never sees or stores homebuyer banking information.
- The homebuyer reviews final transaction details and authorizes payment.
- A customized receipt is automatically generated and emailed to the homebuyer, agent and escrow holder.