What is Earnest Money Deposit?

What is Earnest Money Deposit?

Do you know how much your Earnest Money Deposit will be if you buy a house? Comment below.

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When you find the home of your dreams, you have to show the sellers you are serious by putting some money into an account, as a good faith deposit, otherwise known as an Earnest Money Deposit.

Earnest money represents the buyer’s level of commitment to closing the deal and purchasing the home. The bigger the deposit, the happier the seller will be and the more reassured they are about you wanting their home. It also ties you to the property and keeps you from looking for additional properties.

Today, the standard amount is 3%, but it can be more, or less. That amount is large enough that it will make any buyer think twice about walking away from the house impulsively. It can be forfeited if you break the contract and walk away from the deal. If the sale goes through, the earnest money is applied towards the sale of the home. If the sale does not go through for some reason, WITHIN a contingency time, which will be explain in the next videos, the seller will sign a release of escrow and the earnest money is refunded to the buyer.

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