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What Is Earnest Money?
What Is Earnest Money?
Nov 10, 2024
zillow.com
Earnest Money: Definition and How It Works in Real Estate
Earnest Money: Definition and How It Works in Real Estate
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What is Earnest Money? Earnest money is a good-faith deposit you put down when your offer is accepted. It tells the seller you are serious. But here is what most people don’t realize… That money is not extra. It is not a fee. It gets credited toward your down payment or closing costs at closing. So how much are we talking about? In Washington State, earnest money is typically around one to three percent of the purchase price. On an $800,000 home, that could be anywhere from $8,000 to $24,000. In
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