2,403,205
Zero by the State Fred Griffin but here in our MLS the standard amount of earnest money is $500.00
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Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Peter Testa
Danbury, CT
-
Abby Stiller
Cape Coral, FL
-
Nina Hollander, Broker
Charlotte, NC
-
Kasey & John Boles
Boise, ID
-
Bob "RealMan" Timm
Minot, ND
4,584,596
Required? None but that offer is unlikely to be considered competitive in most markets where I have represented buyers/sellers.
-
Debe Maxwell, CRS
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
-
Peter Testa
Danbury, CT
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Kathleen Daniels, Prob...
San Jose, CA
-
Fred Griffin Florida R...
Tallahassee, FL
3,350,764
Deposit is negotiable. However, more are 3% because the deposit ties to the liquidated damages clause in our contract.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Peter Testa
Danbury, CT
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Kathleen Daniels, Prob...
San Jose, CA
1,555,095
The EMD is negotiable but 1-3% of the purchase price is typical.
0 down is a myth in CA.
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Thomas J. Nelson, REAL...
La Jolla, CA
5,117,178
I suppose technically you don't need to offer earnest money.... but I don't know of any sellers who would accept zero. Our combined emd and due diligence is in the 1-2% range of the contract price, but could be more. These are negotiated amounts. This always seemed low to me... when I sold real estate in NYC, the earnest money was never less than 10% of the purchase price.
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Peter Testa
Danbury, CT
-
Abby Stiller
Cape Coral, FL
-
Bob "RealMan" Timm
Minot, ND
809,258
Same here Fred. But lowest we have ever experienced was $5 for an estate selling it to a relative. We call it EM or Earnest Money. 1% is common here. -Kasey
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Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
6,426,149
Not sure if there is a requirement, but if you don't put down anything you are not likely to have your offer taken seriously.
Most put down somewhere between $500 and 5k
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Bob "RealMan" Timm
Minot, ND
-
Bob Crane
Stevens Point, WI
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
1,598,452
Interesting question.
As far I know, there is not requirements.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Valeria Mola
Sunny Isles Beach, FL
-
Fred Griffin Florida R...
Tallahassee, FL
2,071,025
Fred, I have never heard about requirments.
We put 10 % (1st and 2nd deposits)
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Valeria Mola
Sunny Isles Beach, FL
-
Fred Griffin Florida R...
Tallahassee, FL
2,222,281
normally 1% of sale price.
-
Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Anthony Acosta - ALLAT...
Atlanta, GA
5,583,328
$1,000 good faith deposit with the offer to purchase...
5% total depost with a purchase and sales agreement....
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
1,250,063
Initital earnest money - delivered upon signing of the contract is around $1000-$2000. After the inspection period, the number is increased to a total of appoximately 5% (in my area.)
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
1,847,891
It is consideration in IL. It depends on the price but $1K the absolute least. Around $150K would be $2000.
Go less than the norm & your offer goes in the looser pile. Anyone except a VA offer with $500 will be laughed at.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
648,525
No minimum required for EMD in Ohio.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
519,324
Earnest money is the local term, $0.00 is required and I actually did that successfully recently. Normally, a high earnest money is a sign of strength, especially in competitive bidding times.
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
613,494
You are right FRED! No deposit required in any state for consideration.
However most agents will never believe that so if I want the buyers offer accepted, the deposit will always be bigger then the norm.
Eve
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Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
5,063,430
The expectations is typically 1 - 3% but there is no requirement. The more the better especially when in a competitive situation. Usually called deposit, escrow refers to as EMD
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
902,538
There is no legal requirement, but there is convention. In my particular area of Connecticut, deposits are done in two phases: first, at time of submitting offer, we call it "good faith deposit' and it's generally about 1%. The second is the "real" deposit, which is submitted at time of contract signing and that can range from 5 to to 10 to 20%; can be negotiated or used to strengthen offer.
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
760,035
1% in CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
7,871,821
No minimum.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
1,242,204
No contingiency, no loan for consideration to get accepted. 3-5% EMD deposited within 24 hours to the title company. No exceptions.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
788,931
Same what Tammy Lankford, said.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
1,153,794
I know you're right Fred, although, I'm always looking for consideration to seal the deal. That being said I have accepted as little as $1.00 on units in a condominium project we sold. If they couldn't muster that amount, and a few couldn't, I sent them on their way.
Generally, I call it a deposit and strive for at least 10% down under normal circumstances.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
4,907,547
We use the term earnest money but it is not required; however, it makes the buyers offer very weak. How earnest are you Mr Buyer $0.00 or $10,000.
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Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
3,168,284
We call it earnest money and while it is not required it's recommended. It is typical for it be fairly low $1,000. on our contracts. There are sellers that counter this from time to time, but not often.
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Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
-
Abby Stiller
Cape Coral, FL
2,190,182
There is no minimum requirement in Washington State. The deposit varies by transaction and market activity. The faster the market is moving, the larger the deposit needs to be to show strength. In a slow moving market, one can get away with a much smaller deposit. Actual dollar amounts may have changed since I retired because prices have risen dramatically.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
5,258,966
In NC, combined Due Diligence fee (directly to the sellers) and the EMD typically totals 1% but, does go higher, based on the demand of the property.
-
Bob "RealMan" Timm
Minot, ND
-
Peter Testa
Danbury, CT
-
Fred Griffin Florida R...
Tallahassee, FL
1,507,073
It's negotiable here. Customary is 3% for EMD, but it's all negotiable. Sometimes buyers will put more down to strengthen the offer.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
717,185
We used to have promissory notes until this year. Now it is in the body of the contract that within so many days there will be earnest money deposited. The amount is typically 1%, but is always part of the negotiations.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
1,625,353
EMD, 3%.
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
4,434,177
No minimum.
-
Debe Maxwell, CRS
Charlotte, NC
-
Fred Griffin Florida R...
Tallahassee, FL
-
Michael Jacobs
Pasadena, CA
5,773,367
Exactly what Michael Jacobs said.
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
431,132
There is no minimum requirement, and the norm depends on which side of the table one is a party. Price of the property, as well as the affluency of the buyer also has a little bit of influence on the Good Faith.
-
Fred Griffin Florida R...
Tallahassee, FL
-
Bob "RealMan" Timm
Minot, ND
5,246,557
Depending on the terms in the contract, zero to whatever
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
4,800,132
It is negotiable.
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
3,416,038
Here in NH the very minimum is $100 however most common is $1000. I like to have 1-3% of the sales price myself. For cash sales an dno contingencies, it could be 10k to 25 k so they dont just walk
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Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
259,367
No money is REQUIRED, however customary seems to be 1%.
I refer to their "deposit" as Earnest Money , to be applied at closing
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
2,195,824
None is actually required . It's often more important AFTER all contingences have been satisfied !
-
Bob "RealMan" Timm
Minot, ND
-
Fred Griffin Florida R...
Tallahassee, FL
3,988,013
It is not required and I am seeing more and more offers with no earnest money and we call it Earnest Money.
-
Fred Griffin Florida R...
Tallahassee, FL
5,879,816
We usually see 1% of the purchase price, but higher with luxury properties. We see personal checks, cashiers checks and wires depending on when the property will close.
-
Fred Griffin Florida R...
Tallahassee, FL
3,986,308
The amount is decided per ageeement of both parties
-
Fred Griffin Florida R...
Tallahassee, FL
766,969
Something is needed here, it could be a sheep.
-
Fred Griffin Florida R...
Tallahassee, FL
4,968,101
1,390,113
$0 is required in NJ, although it is customary to make a deposit of $1000.
-
Fred Griffin Florida R...
Tallahassee, FL
853,912
General rule of thumb in our area is 1% of proposed purchase price. We call it earnest money or good faith deposit.
-
Fred Griffin Florida R...
Tallahassee, FL