article thumbnail

How Much Earnest Money Is Normal? Earnest Money Deposit Mistakes

Realtor.com

How much earnest money is normal? Here are eight mistakes with earnest money deposits that home buyers often make and how to avoid them. The post How Much Earnest Money Is Normal? Earnest Money Deposit Mistakes appeared first on Real Estate News & Insights | realtor.com®.

article thumbnail

3 Times Your Earnest Money Deposit Could Be At Risk

Dwell Real Estate

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

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

3 Times Your Earnest Money Deposit Could Be At Risk

Dwell Real Estate

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

article thumbnail

Should I Waive the Mortgage Contingency in My Offer?

HomeLight

This means that if you are unable to obtain the full and proper financing within a specified period, you can back out of the deal without penalty, which in most cases means you can retain your earnest money deposit. In some cases, a seller with multiple offers may actually ask you to waive the mortgage contingency.

article thumbnail

What Is a Mortgage Contingency? Purchase Offer Protection

HomeLight

A mortgage contingency protects you in such situations, ensuring that you’re not left holding an empty bag if the financing falls through. These typically include the amount of time you have to secure financing and the acceptable terms of the mortgage (like interest rate and loan type). Essentially, it’s a safety net.

article thumbnail

5 tips for buying a home in a seller’s housing market

Housing Wire

Waiving a contingency or two can also help, as can a larger earnest money deposit or being flexible with your closing date. . If you take time to prep your credit and finances, get pre-approved for your mortgage and enlist a great agent, achieving the American Dream may be easier than it seems. The bottom line.

article thumbnail

How Can a Buyer Get Their Earnest Money Back?

Realty Biz

You must put up an earnest money deposit when you buy a home. The purpose of earnest money is to show you're serious about buying. Many people refer to earnest money as a good-faith deposit. Earnest money deposits can be used as leverage in negotiations.