Rochester Real Estate

NOVEMBER 5, 2015

The Essentials of Home Deposits When you make an offer on a house , you want the seller to take their property off the market. This isn’t without risk for the seller, and to show you are serious about the purchase, a good faith house deposit is required. Why Do You Need to Pay a Deposit?

Earnest money deposit

Redfin

MARCH 11, 2025

Key takeaways: Earnest money is a good-faith deposit that shows the seller youre committed. Earnest money is not the same as a down payment, but its usually applied toward your down payment at closing. What is earnest money? Does earnest money go towards the down payment?

Earnest money deposit

Redfin

MARCH 18, 2025

But what actually happens to that money once the deal closes? Understanding how earnest money works can help you feel more confident as you move through the homebuying process. This Redfin article will break down exactly what happens to your earnest money at closing, and what to expect in different scenarios.

Closing

BAM Media

MARCH 5, 2025

Match the Sellers Ideal Settlement Date Many buyers overlook this, but flexibility on the closing timeline can be a game-changer. If the seller needs a quick close, line up financing to accommodate. A Strong Earnest Money Deposit A standard deposit is 5%, but serious buyers should consider going higher10%, 15%, or even more.

Earnest money deposit

Redfin

JULY 21, 2025

Many buyers find themselves wondering, can you back out of buying a house before closing? Key takeaways: Buyers can back out before closing, but there may be financial or legal consequences. Backing out without cause may result in losing your earnest money deposit. The answer is yes — but it’s complicated.

Earnest money deposit

Redfin

JUNE 23, 2025

In real estate, the due diligence period is the time between an accepted offer and closing. You can schedule inspections, review the title, secure an appraisal, and check for any red flags that could affect your decision to buy. This timeframe grants the buyer permission to thoroughly inspect the property.

Due diligence

Redfin

FEBRUARY 28, 2025

From the down payment to closing costs, there are a lot of expenses to consider. So, how much money do you really need to buy a house? Earnest money deposit Earnest money is paid after a seller accepts your offer on a house. Buyers pay this amount prior to closing on a home.

Earnest money deposit

Redfin

JULY 30, 2025

Whether you’re a first-time buyer looking for a home in Birmingham, AL or a seasoned investor on the hunt for houses in Miami, FL , these 9 expert tips for making an offer on a house will help you stand out and improve your chances of closing the deal. Why pre-approval matters: It gives sellers confidence in your ability to close.

Earnest money deposit

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. Take note of closing costs, loan terms, and any additional fees. Missing out on first-time homebuyer programs Between saving for a down payment and covering closing costs, buying a home can feel financially overwhelming.

Pre-approval

Redfin

MARCH 7, 2025

When buying or selling a home, the home inspection process plays a pivotal role in determining the condition of the property. One of the most common questions that come up during this phase is: who pays for the home inspection? What is a home inspection? A home inspection is a thorough evaluation of a propertys condition.

Inspection

Redfin

AUGUST 5, 2025

A contingency is a clause included in an offer, which states that specific conditions must be met for a deal to close. Contingent offers protect your earnest money deposit In real estate transactions, once an offer is accepted, buyers demonstrate their seriousness by sealing it with a deposit of earnest money.

Earnest money deposit

Redfin

JUNE 11, 2025

In this article: Home inspection contingency Appraisal contingency Financing contingency Title contingency Home sale contingency Home insurance contingency Kick-out clause FAQs about contingencies in real estate 1. Home inspection contingency This is one of the most frequently used contingencies in real estate.

Purchase and sale agreement

Redfin

JULY 17, 2025

. >>Read: 5 Ways to Win a Real Estate Bidding War without the Highest Bid How does it differ from other offers Unlike an initial offer, which may leave room for negotiation, a best and final offer is meant to reflect the maximum price and best terms you’re willing to offer—including contingencies, closing timeline , and financing details.

Earnest money deposit

Redfin

JULY 10, 2025

Earnest money is a refundable deposit held in escrow to show your serious intent to buy, while due diligence fees are usually non-refundable payments made directly to the seller to secure time for inspections and evaluations. of the purchase price, negotiated between the buyer and seller What is earnest money?

Due diligence

Redfin

JULY 11, 2025

When you make an offer on a home, you’ll usually include earnest money – a deposit that shows the seller you’re a serious buyer. This good-faith payment, typically 1% to 3% of the purchase price, is held in escrow and applied to your down payment or closing costs if the sale goes through. When is earnest money refundable?

Earnest money deposit

Redfin

JULY 9, 2025

Between setting a budget, getting pre-approved, and closing the deal, getting everything squared away can make all the difference. You may have saved enough for your down payment, but make sure to also account for closing costs, taxes, insurance, and any other unforeseen expenses that may arise.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit. Home Inspection The home inspection will show if this is a property you want to buy. If major issues are highlighted in the inspection report, you can negotiate with the seller over repairs, or they could credit you.

Purchase and sale agreement

Redfin

AUGUST 4, 2025

A professional home inspection will reveal potential issues such as roof damage, plumbing problems, or outdated systems. Never skip the inspection — it’s one of your best tools in determining how to negotiate real estate price with confidence. Also ask yourself: Are you flexible on the closing date? Don’t show your hand.

Earnest money deposit

Redfin

JUNE 30, 2025

It typically includes: The purchase price Contingencies (like financing or inspections) Requests for the seller (such as covering closing costs or repairs) Other key dates (including response deadline, closing date, etc. home inspection, financing, appraisal) Is the timeline convenient? Are the contingencies reasonable?

Earnest money deposit

Redfin

JUNE 12, 2025

Here’s what sellers are often looking for: A quick closing timeline: Sellers who need to move fast prefer buyers who can close in 30 days or less. Fewer contingencies: Too many contingencies (inspection, appraisal, financing) can make a deal feel risky. A long escrow period can be a turn-off. Simpler, cleaner offers usually win.

Earnest money deposit

Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price. What are the closing costs?

Pre-approval

Redfin

AUGUST 5, 2025

There are several advantages to buying a house with cash, including winning bidding wars and closing quickly on your dream home. Oftentimes, it’s more appealing to the seller because it promises a faster and simpler closing. Closing costs still apply: Closing costs don’t only apply to mortgages.

Earnest money deposit

Housing Wire

SEPTEMBER 9, 2024

Like with the amount of earnest money deposit or including an inspection contingency, the amount the buyer is asking the seller to pay her agent is a term that impacts the strength of the offer,” Redfin chief economist Daryl Fairweather said in a statement.

Earnest money deposit

Realty Biz

DECEMBER 5, 2022

One of the most vital phases of buying a house is having it inspected. Home inspections over the last few years were few and far between. The crazy hot seller's market forced many home buyers into forgoing their inspection. It has led to home inspections coming back in vogue again.

Inspection

Realtor.com

SEPTEMBER 18, 2020

When we finally did go under contract on this third home, we learned of another issue: Home inspectors in the area were booked for two weeks and up, but our contract stated that we had only seven days to get an inspection done. We got lucky, but it left me wondering: Is it ever OK to waive a home inspection?

Inspection

Realtor.com

OCTOBER 29, 2020

That’s why we’ve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this closing process list handy to know you’ve done what you need to in order to close the deal. It’s rarely advisable to waive an inspection contingency. Clear the title.

Closing

HomeLight

MARCH 2, 2023

People who live here love the proximity to some of the west coast’s best beaches, as well as being close to destinations like Disneyland, Joshua Tree National Park, and the deserts of Palm Springs. Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs you might have as well.

Closing

HomeLight

JUNE 23, 2022

It is usually held in the broker’s or title company’s trust or escrow account until closing. The earnest money typically goes towards the buyer’s down payment or closing costs. Suppose the inspection uncovers issues that are unacceptable to the buyer. Well, then they lose the earnest money.

Earnest money deposit

HomeLight

MARCH 6, 2023

The Bay Area is also close to beaches, national parks, and the wineries of Napa Valley. Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more.

Earnest money deposit

CT Homes

AUGUST 31, 2020

Even when you have a signed contract you still need the inspection, appraisal, insurance and closing to go off without a hitch. Overwhelming Home Inspections. Unless a buyer is paying cash or removing their physical contingencies upfront, the very first step in the post offer acceptance process is typically the home inspection.

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1 to 5 of the real estate purchase price as earnest money. (If

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1% to 5% of the real estate purchase price as earnest money. (If

Earnest money deposit

HomeLight

JUNE 29, 2022

Whether it’s dealing with price negotiations or determining a timeline for closing and moving out of the property, you’ll want to step into the process already knowing your objectives and what to expect from prospective buyers. Require a sizable earnest money deposit. Chester Ardolino. Real Estate Agent. Chester Ardolino.

Earnest money deposit

HomeLight

JANUARY 10, 2024

Most purchase agreements are contingent on two key items: home inspection and financing. Among the various types of contingencies, two stand out in most home purchase agreements: home inspection and financing. They influence both your decision-making and whether you are able to close the sale on the home you want.

Earnest money deposit

HomeLight

OCTOBER 30, 2020

But is the cash closing process always seamless? A cash deal can close in as little as 7 days, while financed home purchases tend to take an average of 45 days to close. With a mortgage, there are all kinds of things that can go wrong to delay closing — financing issues and appraisals coming in low are two of the most common.

Closing

RIS Media

APRIL 1, 2021

. – Sellers feel that your offer may be less risky and no foreseeable roadblocks to closing escrow. – Loss of Earnest Money Deposit (EMD) and other financial liabilities. – Savvy clients may feel more comfortable with the real estate process. This might protect you and your company against liability.

Earnest money deposit

HomeLight

JULY 12, 2024

Home inspections: Conduct a thorough inspection of the property to identify any issues that need addressing. Required repairs: Making necessary fixes based on inspection results. Funds for closing costs and other needs are also sometimes held in this account.

Purchase and sale agreement