How much earnest money did you have to put down to buy your home? (3%, construction)

[LifeIsGood01]

and who did you give it to?

[emm74]

I've bought 3 homes. I've paid earnest money of $500, $1000 and $10,000. The last was for new construction.

[rrah]

In my area typical earnest money is between $500-$2000--maybe more for upper end homes. The earnest money is put in the listing broker's escrow account. Our state has strict laws about these escrow accounts. It is transferred at closing to the title company.

[spencgr]

$5K..in Northern VA.

[almost3am]

About $2K in IL, told that was normal

[davebarnes]

$1K on a $482K purchase in Denver in 2011. It was a buyers' market. We also had a 7-month conversation with the builder before the offer was made. He knew we were serious and were going to pay cash.

Now that it is a sellers' market, the rules/expectations are different.

[twodoor2]

Originally Posted by almost3am

About $2K in IL, told that was normal

For the home we're planning on buying, in Illinois, they want $15K.

When we sold our home a few months ago, we only got $4K.

[FalconheadWest]

Earnest money is always negotiable, and there really aren't any "norms" anymore in my market. It's whatever both parties are comfortable with.

As for where it's kept, it's kept in a non-interest baring escrow account held by the title company.

[Mr. Zero]

About 3% in SoCal.

[almost3am]

Originally Posted by twodoor2

For the home we're planning on buying, in Illinois, they want $15K.

When we sold our home a few months ago, we only got $4K.

If you are unsure of you purchase, say no to $15K and say what you want.