6/6/2023 0 Comments Earnest moneyUsually, an earnest money deposit will be between 1 and 3 percent of the final sale price of the home. For this reason, earnest money is also sometimes called a good-faith deposit. It shows a seller that you’re serious about buying their house. Earnest money, while not always required, is a deposit you can put down when you make an offer to purchase a home. You’re probably aware you’ll be required to make a down payment when you actually purchase your home. One such way is by putting up what’s known as earnest money.īelow, we define earnest money, explore how it factors into the homebuying process, and answer some of the most common questions that people tend to ask. The good news is that there are ways that you can make yourself a more appealing buyer when you make an offer on a home. After all, when demand is so high and there’s no lack of prospective buyers for a seller to consider, how are you supposed to stand out? While that’s great for sellers, who have been able to command higher prices, it’s proven to be a challenge for many buyers. ![]() While rising interest rates may cool the market a bit, a combination of strong demand and limited supply will likely continue this period, which is one of the most competitive housing markets in recent history. If you’ve considered buying a home recently, then you probably know how hot the market has been. Educational Resources About Family & Work.Educational Resources About Everyday Money.Educational Resources About Financial Planning.Disability Insurance Calculator Money Parachute icon. ![]() ![]()
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