EMD Funding in Norfolk, VA | Swift Deal Funding
EMD Funding in Norfolk, VA
EMD funding puts the earnest money deposit on a Norfolk contract so you can lock up a property without tying up your own cash. Swift Deal Funding wires the deposit — generally $5,000 to $25,000 — straight to your settlement agent, usually within 24 hours. With Norfolk sale prices near $320,000 and a steady flow of PCS-driven sellers working military timelines, a fast, firm deposit is often what wins a Ghent or Ocean View listing over a slower buyer.
The deposit must be refundable under your contract’s inspection or due-diligence terms. No credit check, no income docs, no tax returns.
How EMD funding works in Norfolk
Virginia is a wet-funding, CRESPA settlement-agent state, so a licensed settlement agent — a title company or an attorney — holds the deposit in escrow. We send the EMD directly to that agent — never to you — after they confirm in writing that it’s refundable under your contract.
The Norfolk caveat is water. Tidal flooding affects low-lying neighborhoods, so keep a real inspection or due-diligence window in the contract you fund against; it lets you check flood-zone status, insurance cost, and any prior water damage before your contingencies lapse, protecting both your deposit and our funds. The upside is the Navy: PCS sellers move on tight orders and reward buyers who can place a firm deposit immediately, which is exactly what EMD funding enables. Confirm specifics with a local Virginia settlement agent.
Pricing
Two options on every EMD:
| Option | Upfront | At Close |
|---|---|---|
| A | 5% of EMD (min $500) | 20% of EMD |
| B | 10% of EMD (min $1,000) | 0% (most popular) |
Example: a $12,000 EMD under Option B costs $1,200, paid once, with nothing at closing.
What you’ll need
- Executed purchase contract with refundable EMD language
- Settlement agent (title or attorney) contact
- Written confirmation from the agent that the EMD is refundable per contract
- Your ID
No credit, income, or tax verification.
A typical Norfolk EMD scenario
A service member under PCS orders lists their Ocean View home at $310,000 and wants a fast, certain contract. You apply at 9 AM with a $10,000 refundable deposit and a 10-day inspection window covering the flood-zone check; we confirm refundable terms with the settlement agent and wire $10,000 the same day. Under Option B you pay $1,000, you win the contract on the seller’s timeline, and your own cash stays free for the next deal.
Apply
Submit your contract and settlement-agent contact online — usually under 10 minutes. Same-day wire is possible for complete files before 11 AM Eastern. We coordinate directly with your Virginia settlement agent.
Frequently Asked Questions
How fast can you fund earnest money on a Norfolk PCS deal? +
Usually within 24 hours of a complete file and title confirmation, and same-day for clean files submitted before 11 AM Eastern. Speed is the point in Norfolk, where PCS sellers move on military timelines and want a firm deposit fast. We wire directly to your Virginia settlement agent — a title company or attorney — never to you, and the deposit stays refundable under your contract's inspection or due-diligence terms.
Should I keep an inspection window on a flood-prone Norfolk property? +
Yes. Tidal flooding affects low-lying Norfolk neighborhoods, so a due-diligence window lets you verify flood-zone status, insurance cost, and any past water damage before your contingencies expire. We require refundable EMD language and written confirmation from the settlement agent before funding. Cancel within that window and the deposit returns to us; waive contingencies and walk and it can be at risk. Confirm contingency terms with a Virginia settlement agent.
Who holds the earnest money in Norfolk — title or attorney? +
Either, under Virginia's CRESPA framework. A licensed settlement agent, which can be a title company or an attorney, holds the deposit. We wire the EMD directly to that agent after they confirm in writing that it's refundable under your contract. Virginia is a wet-funding state, so the deposit sits in the settlement agent's escrow from the start — never with us, and never with you.
Apply for EMD Funding in Norfolk, VA
Submit your application online — same-day decisions for complete files before 2 PM Eastern.