Buying your first home and have a question? Post here for the answers you need for a smooth home purchase. Be sure to visit the Buyer pages on my site for great tips, advice, and ideas.
Subscribe to this post's comments using RSS
How much earnest money deposit do I need?
Hi Christy,
It depends on several factors including the price of the home you are buying. A general rule of thumb is 1/2%:
Up to $200,000 = $500 - $1,000
$200,000 - $300,000 = $1,000 - $1,500
Etc...
Depending on the situation, the seller may ask for a higher deposit. An instance where this may occur is if you have written a contract contingent on the sale of your current home because the seller has partially tied up the property waiting for you to come through on your end.
If you'd like to talk more about this, please feel free to cal me at 757-620-0042 or post again on this thread.
Thanks!
Kari