What is Earnest Money? | Real View of Real Estate

LSFlood

3 years ago

What is earnest money?

Earnest Money is the money that you put down after your offer is accepted. It shows the seller that you are serious about buying the property. In our market, 1% of the purchase price is pretty normal. That check is made out to either the listing broker’s trust account or the title company’s trust account. Your check is cashed and deposited, and you’ll get that money credited back to you at closing.

What is earnest money and why do I need to pay it? Laura Flood explains how buyers need to put down a 1% payment (usually) to lock in their commitment for a house. Watch to learn more. Click here to watch our Real View of Real Estate series: https://youtube.com/playlist?list=PLi… If you want to schedule a confidential call with Laura, reach out to us on our socials (@laurasrealestategroup) or visit our website, LaurasRealEstateGroup.com to get started.