Buying in Philly/ Earnest Money Agreements (sale, how much, house)

[Lucillle]

It's been about 30 years since I bought a home, so I have some basic questions; I can talk to my very nice realtor but wanted to get a general idea first:

Earnest money: How much does that come to these days? Is a certified check OK?

I am sure that earnest money agreements can be tailored to a situation but are most of them standard? I would want the sale of a home to me, to depend upon a satisfactory home inspection, it seems like that would be covered in such an agreement, anyone with experience, is it?

What about a contract that pends on the sale of one's own home? I'm doing some last minute primping, and intend to list my home next week. Appropriately priced homes in my subdivision sell fairly quickly, my realtor said on one home she listed last year she had an offer in 4 days. So is that something commonly covered in such an agreement?

I've read what I could, I realize these questions are basic, and that some of y'all are very experienced, please don't laugh.

[kimrocktherealtor]

Earnest Money - Varies. Minimum would be $500, normal amount I suggest for my clients is about 1-2% sale price of the home split up into 2 payments, 1st deposit and 2nd. 1st deposit can normally be a personal check, 2nd always has to be certified/cashiers check.

Yes you can put a home inspection clause in which means you can walk away if you aren't satisfied with your inspection and get your deposit back.

You can do a home sale contingency, but it makes you a much less competitive buyer - and if the seller gets another offer while your house is still not sold they will give you the first right of refusal to continue your sale removing your contingency, otherwise have the right to sell to the non-contingent buyer. It's better to have your home under contract before putting an offer in on another home, especially if youre trying to negotiate.

[solibs]

Yeah, the first check is usually $1000. The second check (in combination with the 1st) should equal ~2% of the sale price.

That's how it's done in the city anyway.