How much earnest money did you have to put down to buy your home? (condo, price)

[jghorton]

The earnest money deposit ($1-$10K) is typically specified in the purchase contract and held in an escrow account by either the Title Company or RE Broker.

The amount is usually determined by the 'comfort level' of the seller with the buyer's ability to complete the transaction; .... and/or the impression of seriousness the buyer wants to create. If there are mitigating circumstances that could delay or derail the closing - or otherwise leave the seller dangling, a higher earnest money deposit may be requested.

[oneslip]

1% of the offer price

[FalconheadWest]

Originally Posted by so954

thanks, what do you mean you have to shop for customer service? You mean they are all charge the same and you find the one with the best reviews?

Title companies market to Realtors, not the consumer. We close transactions with them everyday. Because of that, it's usually the Realtors who choose which title company the transaction closes at because we're the ones who deal with the customer service on a daily basis. Of course, law is written that buyer and seller negotiate that, but in practice, it's the agents talking it over as to where the transaction should close.

This would be different in other markets and probably really different in Attorney states, but in Texas, we don't use attorneys with the closings, only the title company, so we go where we know we're going to get returned calls and get to closing on time. Some title companies feel it's none of their business to "follow up" to help the lender make sure they stay on time. Good title companies/reps help ensure everyone is on the same page throughout the transaction.

Bottonline, it's not you looking for reviews and good customer service, it's your agent who knows where to go.

[misscross]

$20k both time, escrow company kept it until closing.

[NOLA2SGF]

Usually around here it's $1K - $2K for a median priced home.

I put down $5K in earnest money for the house I bought this summer, because (for complicated reasons) this neighborhood has recently become a really "hot" seller's market. Several other buyers were interested and I wanted to do anything and everything I could to get the seller's attention focused on my full price cash offer, and make sure I got this particular house.

I guess it worked, because I got the house and I am typing from there right now.

(I know I have mentioned about 34059876 times that I bought this house so I'm sorry for being so repetitive! I just cannot fully explain or express how happy I feel about it.)

Originally Posted by so954

and who did you give it to?

It was a certified check and I was told to make it out to the seller's real estate agent's company. I delivered it to my real estate agent's company and I guess he or someone else at his company took it over there. It went into escrow.

[Hollynla]

In northwest Arkansas, they told me they don't take earnest money deposits, so I'm under contract without putting any deposit down.

[KWPN]

1%-2% of the listing price, and it should be written out to the title company to be held in escrow.

If you're doing an option fee, typically $100-$200. If you want to be a strong offer, I say $250+.

[KonaKat]

Here, the earnest money goes to the escrow company when you open a new escrow. On a $500,000 home typically the EMD is $5000 with an additional $5000 or $10,000 deposited upon satisfaction of the inspection contingency. It also depends on what type of financing the buyer is getting. A USDA or VA loan, could be $1000 to show good faith then it's credited back because they're getting a 100% loan. Is the person putting 10, 15 or 20% down? All funds would be due by a certain date, deposited with the escrow company. Signing is a few days prior to recordation. Then the loan funds, transaction is recorded which is the actual closing in Hawaii.

[galaxyhi]

We have a contract in negotiations on a $75K list property [normal here where I live}, When we executed the contract, the realtor asked for the earnest monies, I asked "how much, $1k or $2k?"...he said "$1k would be enough. "

AND he said they 'don't deposit the check until offer negotiations are finished". i put off the contract a day until I could get the monies out of Money Market account into the checking to CYA {or CMA}

WHY? Because , WHen my parents bought their house {a few decades ago} they were told the same {the check isn't cashed until offer is firmed up}, and the realtor CASHED the check on my parents, knowing my parents needed to transfer monies to the checking account to make it good, and naturally, it bounced, which made egg-on-face for my parents!!!

SO Since I NEVER write a check I can't cover, and the "artificial floor" I have in the checking account {money not in the register when the account register says "$0.00"}. Isn't enough to cover the $1k check, I waited and transferred the monies FIRST, THEN wrote/handed over the check to the realtor.

Just an "alert to you" regardless of how much a Earnest money check they want!

[lurtsman]

I think 1 to 2k, in Colorado Springs. I ensured the contract was structured to give me easy opt outs that wouldn't waste my money.