
What is Earnest Money? π€
A deposit made to a seller that represents a buyer’s good faith to buy a home. It’s typically around 1% – 5% of the sale price.
Earnest money is a deposit from the buyer to the seller, made in good faith to show dedication to purchasing the property π‘
IMPORTANT FACTS π
π° The amount varies by market
π° Goes towards the purchase of your home
π° Protects the seller if a buyer backs out
π° A buyer may get this money back β due to failed inspections or contingencies
π‘ TIP: In a sellerβs market, you may consider making your earnest money non-refundable.
Our best advice? When it comes to buying in a low inventory, competitive market, itβs essential to partner with a Buyerβs Agent who understands how to make your offer stand out to sellers π₯
