Uncertainty caused by Jen C: How a lot is really a standard quantity for “earnest money” on the home purchase?
I'm buying a home by means of an indivual, I will probably be getting along with a real estate agent for any ultimate paperwork, even so they are asking for us to place a few “earnest money” down to make the offer “laget” even so how a lot might that quantity usually be along with a home purchase of $ 150,000?
It will be facts regarding How a lot is really a standard quantity for “earnest money” on the home purchase? you will truly must try to correct dilemmas in their very own own business. Optimistically this will assist to in numerous ways… and also making your life far better. Desiring facts regarding How a lot is really a standard quantity for “earnest money” on the home purchase? may possibly be a treatment from a few point.
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Solution by Fort Sill Army Wife
in most cases the 1,000
Solution by David Z
1% is normal. Nevertheless I bet should you stated $ 1,000 nobody might balk. Rounding to $ 1,000 might be reasonable.
The lower you go will recommend you have little cash and also could possibly have trouble securing a loan.
Solution by Lauren F
Keep in mind that this can be money that you will lose should you don’t go by means of along with the offer. For that reason you want it huge enough to show you are serious, nevertheless minor enough that if a little something happens and also you don’t have a very contingency to obtain out from the offer, you can easily afford to lose it. I might kick off along with $ 1,000 and also when they seem like that is certainly as well low, go to $ 2,000. Nevertheless absolutely no much more when compared to that.
Likewise, make sure your real estate purchase contract consists of contingencies for (1) you getting financing (2) a satisfactory house inpsection which includes any repairs known on the time you made the contract relating to the house. Sometimes folks have a very hard time with this particular, for that reason you may wish to just leave it as “satisfactory house inspection”. (3) enough time to obtain your loan approved and also go to closing – usually 80-90 days nevertheless ask your bank and also (4) if there is any risk you may lose your job, a contingency that you are continually employed from closing.
All the best!.
Solution by Trevor
$ 1000 is fairly typical, 1% is perhaps even much more typical nevertheless truly the up to you. If the a foreclosure, often times the banks will ask for 3%.
I truly don’t think the earnest money tends to make a huge difference within the acceptance of an provide for most individual sellers…it does not for me personally when I sell off.
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What is the standard amount for “money” seriously buy a house in?