What To Know About Earnest Money Deposits

    What is an earnest money deposit and what role does it play in a real estate transaction?
    We’ll be tackling this question today.

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    The larger your earnest money deposit, the more certain
    the seller will be of your desire to purchase the house.

     

    This deposit can range from about $1,000 to 10% of the home’s sales price. In multiple offer situations, you may want to increase this amount to make your offer more attractive.

    Keep in mind, though, that this amount will not be refunded to you if you break the terms of the contract and walk away from the deal.

    However, if you meet all of the deadlines and contingencies of the contract, such as the inspection, appraisal, and title review, then the earnest money will be applied toward your down payment at closing.

    If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

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