Скачать или смотреть What Is EARNEST MONEY? // AKA Good Faith Deposits

Ever need home buying explained to you? Ever asked the question, "what is a deposit"? We are here to explain home buying for you! Well sometimes home buying and selling can be a tough process with all of these terms thrown around, but we here at the Sandusky Group are here to help you out!

Earnest money is put down before closing in a home buying process to show you’re serious about purchasing. It’s also known as a good faith deposit.

When a home buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing. If the deal falls through, the seller has to relist the home and start all over again, which could result in a big financial hit.

Earnest money protects the seller if the buyer backs out. It's typically around 1% – 3% of the sale price and is held in an escrow account until the deal is complete. The exact amount depends on what’s customary in your market. If all goes smoothly, the earnest money is applied to the buyer’s down payment or closing costs.

If the deal falls through due to a failed home inspection or any other contingencies listed in the contract (we’ll look at those contingencies in a bit), the buyer gets their earnest money back. The practice of depositing earnest money can decrease the likelihood of a buyer placing offers for multiple homes, then walking away after the seller takes the home off the market.

If you’ve ever bought or sold a home, one of the things you probably had to deal with was deposit money. Also sometimes referred to as earnest money, the deposit is money paid by the buyer at the time of the signing of the real estate contract. The remaining money is paid at closing, when title to the property is transferred. The deposit is what ensures that the seller is protected in case the estate buyer walks away and is what truly incentivizes the buyer to proceed with a contracted-for sale.

What are your thoughts? Let us know in the comments!

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In a sea of Realtors, why choose one over the other? The Sandusky Group strives to help you answer that question. We are a full service real estate team that assists in the buying, selling, and consulting in your real estate goals. We are obsessed with customer service and run our business on the core values of communication, consistency, integrity, and excellence. We desire to be your forever agent and we see you as a person, not a transaction. We'd love to be put to work for you and to prove why we're the Realtor to choose!

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