Hello,
I was wondering what some of you thought about earnest money? What is the smallest amount to put down? Is there some standard formula?
Also, Is there a place in this website that shows a sample contract for purchase? I’ve looked and wasn’t able to find one?
Thanks, and have a nice weekend!
AVG earnest money in my area is 1% of the house’s value… not always but that’s the AVG and that’s something that like most of this business varies from area to area.
As for sample sales contracts… Talk to your local RE Agent. They’ll have copies of the actual forms used in your area.
Thanks Rebeccah,
I know about the standard contracts, I was really wanting to see what the standard clause’s that someone with experience might put in ie… time to get financing, termite inspection, assignable contract?? Things that protect!! I was hoping someone had a sample posted somewhere! Or maybe someone can email me one minus private info, just a sample!
Thanks,
Actually that’s what I was referring to. Also a local Real estate school might have samples available, mine did.
O.K. thanks for the info!
I put up a $250 earnest deposit here because that’s the norm…I rarely actually post the check to my Realtor until we actually open escrow.
Keith
In the midwest the norm is 1,000.00 but I have put down as little as 500.00 and closed the deal. ;). Usualy I put down 1,000.00 this shows the seller that I am serious about closing the deal. I usualy do it via certified check. Here in the midwest at least…the earnest money deposit can be as little as the seller is willing to accept. One Realtor told me that they have told me that they have accepted as little as 100.00.