Earnest Money Deposit

"When you put down earnest money on a property, it's important to know that the offer is likely going through. This will be your first indication of whether buying this house is worth pursuing." "You'll need an agent or mortgage broker who can help negotiate with sellers for finalizing the deal and writing up contracts in detail," they add. "They're not just there as guideposts; their role should be to protect both buyers and sellers from any unforeseen problems throughout negotiations." An earnest money is a token, or proof of good faith that the buyer has been serious in pursuing purchase. Usually this sum of money will be put up by the prospective homeowner when they make an offer on their dream house and it can vary depending on where you live as well as with what type property being offered for sale A token of good faith is offered by a buyer when they make an offer on property. The sum typically ranges between one to two percent and if the seller accepts, then this money becomes non-refundable for whatever reason.