Buying A Home
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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.
How much earnest money?
Our realtor wants us to put 10% down on a $335,000 offer. She says it's average. Is this normal?
Re: How much earnest money?
TOTALLY varies by area and even by transaction. Some ladies here only put down $1,000.
Our buyer's earnest money deposit was $50k on a $375k house. We did $10k on our $500k house that we're buying. It just really depends.
Generally, the higher your earnest money deposit, the stronger your offer (since your sellers know you won't just walk away). Are you facing other competing offers? That may be why she's suggesting such a high %.
Ask your agent to explain their reasoning - if it seems logical to you, it's probably local custom.
Previous post and post.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
We were told our earnest deposit was $3500. However, the sales consultant (new build) said she would be okay with $1500 plus the $350 processing fees. This is on a house that is $227000.
Just like everyone else I think it is going to vary.
My agent told us when the market was really high here, she'd ask for at least $5k for the initial earnest deposit. When we put in our offer we did $1k, and the sellers asked for another $2k after inspections.
Our buyers put $1k with their offer and another $3k after inspections (but we honestly really didn't care how much they gave.)
Our house building adventure (UPDATED 8/20/12)
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Our wedding blogged! (Click Brad & Briana on the right side)