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In this video, Annie Fitzsimmons, a legal hotline lawyer for Washington Realtors, addresses experienced members of the real estate community. She strongly advises against using promissory notes for earnest money, describing this practice as outdated. Fitzsimmons explains that many sellers believe they need promissory notes to allow buyers extra time to deposit earnest money, often waiting for days due to logistical reasons like accessing funds after mutual acceptance or waiting on inspection contingencies. She emphasizes that such practices should be reevaluated and moved away from, underscoring the need for more modern approaches in handling earnest money deposits.
