Redfin

MARCH 11, 2025

Its credited back to the buyer at closing: If the deal moves forward, your earnest money is applied toward your down payment or closing costs. However, if you back out of the deal for reasons not covered by contingencies (such as inspection or financing), you may forfeit the earnest money to the seller.

Earnest money deposit

Redfin

JUNE 23, 2025

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. What is the difference between due diligence money and earnest money?

Due diligence

Redfin

JULY 30, 2025

In today’s competitive housing market, it’s not just about the price — it’s about presenting yourself as the most appealing buyer. In addition to getting pre-approved, having cash reserves prepared for your earnest money deposit and other closing expenses is also one of the top tips for making an offer on a house.

Earnest money deposit

Redfin

AUGUST 5, 2025

Buying a home can be a stressful, lengthy process, especially if your area is experiencing a seller’s market where there are more buyers looking to purchase than there are homes for sale. This deposit, which is usually around 1% – 3% of the sales price, provides the sellers with security that the buyers won’t back out of the deal.

Earnest money deposit

Redfin

JUNE 27, 2025

Don’t skip critical steps like the home inspection or negotiating closing costs. Prioritize agents with strong local market knowledge, a proven history of working with first-time homebuyers, and a compatible working style. An inspection typically costs between $300 and $500, and it’s well worth the investment.

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

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

If you’re selling or buying a home in a competitive market, you might hear the term best and final offer (BAFO) thrown around. Earnest money deposit: A higher deposit signals serious intent and financial stability. inspection, financing) make your offer more appealing.

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

If this happens and they’ve included the right contingency, the buyer can usually walk away with their earnest money deposit. In most cases, earnest money becomes non-refundable when the buyer breaches the terms of the contract or backs out for reasons not covered by the agreement.

Earnest money deposit

Redfin

JULY 9, 2025

The right agent will have expertise on the housing market , understand the area inside and out, be familiar with local listing agents, and know how to negotiate. Ask your agent targeted questions about the property’s history, neighborhood, and market trends. Their insights can reveal hidden pros and cons you might miss. >

Pre-approval

Redfin

MARCH 18, 2025

This deposit is usually between 1% and 3% of the homes purchase price, but the amount can vary based on the local market and the agreement between you and the seller. So, while you dont get a check for the amount you put down, the money is still going toward the home purchase. Youre using a no-down-payment loan.

Closing

Rochester Real Estate

NOVEMBER 5, 2015

After the chaos of the pandemic and a booming seller’s market, 2023 might be a better time to buy a house. A pre-approval letter must be included, and proof of funds can also help in a seller’s market. If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit.

Purchase and sale agreement

Redfin

AUGUST 4, 2025

Research the local market Understanding the fair market value of a home is critical. ” Focus on: Sale prices of homes with similar size, age, and features The average price per square foot How long properties are staying on the market Also, look at the broader market trends. .”

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. In competitive markets, this step is crucial as the agent may compare your offer with others.

Earnest money deposit

Redfin

JUNE 12, 2025

They received multiple offers In competitive housing markets , sellers can get multiple offers in a single weekend. Fewer contingencies: Too many contingencies (inspection, appraisal, financing) can make a deal feel risky. Giving them a little breathing room could still result in a response, especially in slower markets.

Earnest money deposit

Redfin

JULY 30, 2025

On top of that, it’s also smart to check your local housing market trends and mortgage interest rates. It covers a variety of fees like lender and title fees, property taxes, home inspection, and homeowners insurance, to name a few. Your mortgage rate will not change, regardless of market rates rising or falling.

Pre-approval

Redfin

AUGUST 5, 2025

Buyers can benefit from the leg up in a competitive housing market, avoid mortgage fees and interest rates and save money in the long run. Reasons to make a cash offer on a house Buying a house with cash is more common in a seller’s market, which means that there is a high demand for an extremely limited pool of homes.

Earnest money deposit

Housing Wire

APRIL 9, 2025

Buyers are waiving inspections and doing appraisal gap clauses. I have even seen non-refundable earnest money deposits, Joe Tamburo, a Bergen County-based Coldwell Banker Realty broker, said. That level is something I would see during the pandemic market. They are doing just about everything.

Earnest money deposit

Housing Wire

SEPTEMBER 9, 2024

The interviews revealed that buyers in some markets are more open to taking on some of the cost of compensating their agents. While Redfin agents are seeing more negotiations, it’s more common in some markets than others. We’ve found a tale of two markets,” Fairweather said.

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. Things are starting to change in many real estate markets around the country.

Inspection

Realtor.com

SEPTEMBER 18, 2020

Even in the midsize town in northern Alabama where we wanted to buy, the real estate market was nuts. 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.

Inspection

HomeLight

JUNE 23, 2022

However, if the buyer terminates the contract for any other reason not specified in these conditions, the seller is typically entitled to keep the earnest money as a concession for the time they took the home off the market to enter into the exclusive agreement. Is earnest money refundable?

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

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

HomeLight

JUNE 29, 2022

According to Chester Ardolino , a real estate agent in Springfield , Massachusetts, the time to think about your top priorities as a seller is before the house hits the market. Some of us in the business have been calling this the ‘name your price’ market,” Ardolino says. But markets change, and sellers need to be prepared. “It

Earnest money deposit

CT Homes

NOVEMBER 24, 2020

I.e. they’re giving up the right to… perform further inspections review seller’s disclosures confirm clean ownership with a title report complete a final walkthrough… … in addition to plenty of other protections that are standard in a purchase contract. Long (Unnecessary) Inspection Periods.

Earnest money deposit

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. It’s rarely advisable to waive an inspection contingency. Your home inspection reports. Bring the necessary documentation to closing.

Closing

RIS Media

APRIL 1, 2021

The Spring 2021 market is hot and competitive! – Loss of Earnest Money Deposit (EMD) and other financial liabilities. So should your clients submit an offer with no contingencies to maintain an edge over competing offers? Here’s a look at the pros and cons of removing contingencies early: Pros.

Earnest money deposit

HomeLight

SEPTEMBER 11, 2020

Even a pandemic failed to slow down the 2020 real estate market. Yes, writing a high offer will incentivize the seller, but money isn’t the only factor! Does that mean a cash offer in your market? Are you interested in a property that has been on the market for some time? Determine how much earnest money to offer.

Earnest money deposit

HomeLight

SEPTEMBER 16, 2022

Before inspections, you may fear the state of the home or the seller’s willingness to negotiate repairs if the home needs serious work. The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. Conditions of the market ( buyer’s market versus seller’s market ).

Option period

HomeLight

JULY 12, 2024

Home appraisal: Assessing the property’s market value to ensure it aligns with the purchase price. 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.

Purchase and sale agreement

HomeLight

JANUARY 3, 2024

After you open escrow and the buyer submits a good faith earnest money deposit, some or all of the following contingencies may need to be addressed: The financing contingency will appear in contracts where a buyer needs to finalize a mortgage loan to purchase the home. It creates uncertainties, especially for anxious sellers.

Purchase and sale agreement

HomeLight

JULY 26, 2022

For sellers in neighborhoods with many recently sold homes, it can be easier to determine what their asking price should be based on estimated market value. The housing market can also play a role in the seller deciding to sell the home themselves. One of the benefits of hiring a listing agent is their marketing expertise.

Earnest money deposit

HomeLight

MARCH 2, 2023

Henderson says that while connecting with a reputable agent who knows the San Diego market is important, one thing potential buyers should be sure to do is to align themselves with a great lender. The San Diego real estate market tends to follow seasonal trends, with prices rising after the holidays and into the summer.

Closing

Realty Biz

APRIL 17, 2023

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.

Earnest money deposit