Buying A Home
jallen76
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Ernest $
What do people normally put down for ernest $ when writing a purchase agreement?
$500, $1000, $2000...???
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Re: Ernest $
I think a lot depends on your area and the purchase price of your house.
We put down $10K in earnest money.
True...
We put down 5K on our new build reciently
Our house for sale now is 150K...and didn't know if there was an "average" or not.
This is what we did.
The nest has taught me that this is one of those things that varies by location. We did $1000 on a $150,000 house. Our buyers also did $1000. I think that's the norm here unless you are buying a super expensive house.
Our buyer first did $1000 with her offer of $142,000. Our realtors right away told her realtor that wasn't enough and said the minimum would be $2000. Basically we were told we needed that "insurance" in case something fell through and the buyer walked away as we would be out different expenses if she walked last minute. She also tried to say she could get all her earnest money back up until the day of closing for any reason for walking away from the deal (including if she just decided one day she didn't want to buy it or if her loan didn't go through, or really any reason). We obviously did not accept that!
When we went to buy our new house, our realtors told us a minimum of $5000 (for about a $300k home).
I think it all depends on the situation but earnest money can show your interest level...which is why we did $5k to show our sellers we really wanted to make it work! Your realtor should be able to help you with this as it may vary from location to location.
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We did 4% which was 10K. Thats what the Realtor put in the contract and told us it was normal to give 4-5%
Ours was $1K.
That seems to be standard in my area.
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1% seems to be common in our area (that's what our buyers put down).
The builder asked us to put 3.5% down to start construction on our new house.
I have a really idiotic question. Where does the earnest money go? Does the seller get it and cash it? Does it get held by the realtor? Something else?
(FWIW we bought our house, over 8 years ago, but have never sold so I really have no idea. lol)
The more the better to show you are a strong buyer.
Usually it's 1000 down with the offer, and then 50% of your downpayment in 10 days, balance you bring on closing.
View our FOR SALE items
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