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Can a Seller Keep the Earnest Money Deposit? Yes – Here’s When

Redfin

It’s designed to show the seller they’re serious about the purchase and typically ranges from 1% to 3% of the purchase price. The money is held in escrow and is typically applied towards the buyer’s closing costs or down payment. So when can a seller legally keep the earnest money deposit?

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Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis

Rochester Real Estate

Factors such as earnest money deposits, loan approvals, and real estate agent involvement should be considered. By making simultaneous offers, buyers can explore different opportunities and increase their chances of successfully purchasing a home. (585) 704-7095 Contact Now Search Homes Home Fair Housing S.O.P.

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17 First-Time Homebuyer Mistakes to Consider and How to Avoid Them

Redfin

These can greatly affect both the quality of your purchase and your bottom-line expense. Whether you’re purchasing your first home in Phoenix, AZ or in Trenton, NJ , here’s what you need to know before starting the homebuying process. Stay grounded by focusing on your priorities and budget.

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Home Buying Process Timeline: 17 Steps Every Buyer Should Know

Redfin

Between setting a budget, getting pre-approved, and closing the deal, getting everything squared away can make all the difference. Whether you’re purchasing your first home or need a refresher, understanding each step in the home buying process timeline can help you avoid surprises and feel more confident along the way.

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What is Due Diligence in Real Estate?

Redfin

In some states, buyers may also pay due diligence money—a non-refundable fee paid directly to the seller in exchange for this inspection window. While not required everywhere, it’s an important part of the process in certain markets and is separate from the earnest money deposit. Pay the difference out-of-pocket.

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Is Earnest Money Refundable? When You Can (and Can’t) Get It Back

Redfin

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.

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How the Financing Contingency Works: Why Buyers Should Think Twice Before Waiving It

Redfin

This protective clause in your purchase agreement can save you thousands if your mortgage falls through, but in todays competitive market, some buyers are tempted to waive it. It protects the buyers earnest money and limits their financial risk if their financing falls through. You have a strong pre-approval.