when selling a home is there a standard amount of earnest money &how long should it hold the home?

Answer 1

There is no set standard, but in this buyers market I recommend that my buyers put down about 0.5% as the earnest money deposit.

For example, if a client is purchasing a $200,000 home I'd recommend my client offer $1,000. That is written into the offer and the seller can us accept it or counter that part.

In a sellers' market or when it's 50/50, I recommend my clients put down about 1%. The earnest money will hold the home through the estimated close of escrow date written into the contract (out here an average of 35-45 days). I never recommend a client give a deposit unless there is an executed contract. Hope that helps a bit!

Answer 2

While there is no standard, your real estate agent can suggest an amount that is generally accepted in your area, but it's completely negotiable. Generally the more expensive the property, the more earnest money that will be requested by the seller. And to answer how long it will hold a property, it will hold it until the closing date on the contract that was submitted with the earnest money. (Unless of course, the contract heads south and then that's another issue.....)

Answer 3

There is no standard amount of earnest money. Earnest money is a 'good faith deposit' which accompanies the offer to purchase. When both sides agree on the price and have accepted the offer to purchase, the money remains in escrow until closing date. The closing date is determined by the offer to purchase.

Answer 4

Get Paid From Surveys - http://OnlineSurveys.uzaev.com/?UdqC