Vancouver, WA: how much earnest $$ will i have to put down on a $205K house?

Question

i'm going to finance the house with zero down, because i don't have a large cash reserve. however, i know i will have to put down some kind of earnest $$. any know about how much?

i'd ask my realtor, but he's out of town on vacation...

Answer 1

There is not a law that requires you to hand over cash as part of the purchase contract. You are required to give consideration with the offer to purchase and even though cash is consideration the fact that you are making the offer and promise to purchase is sufficient consideration. An earnest deposit is merely a tool to show the seller that you are serious and willing to risk the cash in the event that you do not go through with the offer.
Buena Suerte

Answer 2

Depends, for that amount people would usually ask for 1,000 - 2,000. It may not be a law but this is a normal part of the transaction, it's purpose is mainly to assure the sellers that you are buying their house and that you are really interested. This amount will be deducted from the total price of the house once the transaction is final. Depending on the cluases that are inluded in the contract to buy a house, you may or may not get this money back if you back out of so try to work with your agent. Make sure you indicated that the purchase is subject to the appraisal coming in for the selling price, that it is contingent to the house passing inspection and stuff like that.

Hope this helps. Good luck on the house.

Answer 3

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