Fred Griffin, on leave of absence from ActiveRain, Licensed Florida Real Estate Broker (Fred Griffin Real Estate)

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Rainmaker
1,659,993
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Zero by the State Fred Griffin but here in our MLS the standard amount of earnest money is $500.00

Oct 17, 2018 08:12 AM
Rainmaker
3,429,455
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Required?  None but that offer is unlikely to be considered competitive in most markets where I have represented buyers/sellers.

Oct 17, 2018 08:00 AM
Rainmaker
2,827,176
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Deposit is negotiable.  However, more are 3% because the deposit ties to the liquidated damages clause in our contract.

Oct 17, 2018 08:09 AM
Rainmaker
941,585
Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

The EMD is negotiable but 1-3% of the purchase price is typical.

0 down is a myth in CA.

Oct 17, 2018 08:09 AM
Rainmaker
3,215,527
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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.

Oct 17, 2018 08:21 AM
Rainmaker
777,642
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

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

Oct 17, 2018 08:13 AM
Ambassador
4,374,302
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

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

Oct 17, 2018 02:51 PM
Rainmaker
1,260,498
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Interesting question. 

As far I know, there is not requirements.

Oct 17, 2018 02:49 PM
Rainmaker
1,700,029
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Fred, I have never heard about requirments. 

We put 10 % (1st and 2nd deposits)

Oct 17, 2018 02:38 PM
Rainmaker
1,115,058
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

normally 1% of sale price.

Oct 17, 2018 02:06 PM
Rainmaker
5,123,799
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

$1,000 good faith deposit with the offer to purchase...

5% total depost with a purchase and sales agreement....

 

Oct 17, 2018 01:11 PM
Rainmaker
1,094,638
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

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.)

Oct 17, 2018 12:44 PM
Rainmaker
1,558,474
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

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.

Oct 17, 2018 12:22 PM
Rainmaker
451,219
Greg Large
ERA Real Solutions - Grove City, OH
A Tradition of Trust

No minimum required for EMD in Ohio. 

Oct 17, 2018 12:15 PM
Rainmaker
508,095
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

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. 

Oct 17, 2018 11:44 AM
Rainmaker
547,757
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

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

Oct 17, 2018 11:21 AM
Ambassador
4,071,452
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

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

Oct 17, 2018 11:05 AM
Rainmaker
745,340
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

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.

 

 

 

 

 

 

 

 

Oct 17, 2018 10:58 AM
Rainmaker
574,663
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

1% in CT

Oct 17, 2018 10:37 AM
Rainmaker
5,509,093
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

No minimum.

Oct 17, 2018 10:19 AM
Rainmaker
1,035,948
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

No contingiency, no loan for consideration to get accepted. 3-5% EMD deposited within 24 hours to the title company. No exceptions.

Oct 17, 2018 10:05 AM
Rainmaker
458,828
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Same what Tammy Lankford, said.

Oct 17, 2018 10:00 AM
Rainmaker
1,020,516
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

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.

Oct 17, 2018 09:32 AM
Rainmaker
3,129,575
Richard Weeks
Dallas, TX
REALTOR®, Broker

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.

Oct 17, 2018 09:03 AM
Ambassador
2,896,987
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

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.

Oct 17, 2018 08:52 AM
Rainmaker
1,369,642
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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.  

Oct 17, 2018 08:36 AM
Ambassador
3,447,165
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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.

Oct 17, 2018 07:44 PM
Rainmaker
1,264,562
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It's negotiable here.  Customary is 3% for EMD, but it's all negotiable.  Sometimes buyers will put more down to strengthen the offer.

Oct 17, 2018 04:55 PM
Rainmaker
418,337
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Oct 17, 2018 03:22 PM
Rainmaker
1,500,942
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

EMD, 3%.

Oct 17, 2018 03:16 PM
Rainmaker
4,432,467
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No minimum.

Oct 17, 2018 01:46 PM
Rainmaker
4,577,318
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Exactly what Michael Jacobs said.

Oct 17, 2018 09:12 AM
Rainer
245,077
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

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.

Oct 18, 2018 08:05 AM
Rainmaker
3,368,359
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Depending on the terms in the contract, zero to whatever

Oct 18, 2018 06:49 AM
Rainmaker
4,797,872
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It is negotiable.

Oct 18, 2018 06:38 AM
Rainmaker
3,052,933
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Oct 18, 2018 06:34 AM
Rainmaker
258,467
Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Broker Associate

No money is REQUIRED, however customary seems to be 1%.
I refer to their "deposit" as Earnest Money , to be applied at closing

Oct 18, 2018 06:21 AM
Rainmaker
1,847,189
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

None is actually required . It's often more important AFTER all contingences have been satisfied ! 

Oct 18, 2018 05:31 AM
Ambassador
3,983,767
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It is not required and I am seeing more and more offers with no earnest money and we call it Earnest Money. 

Oct 22, 2018 08:16 PM
Rainmaker
4,162,374
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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.

Oct 22, 2018 06:11 AM
Rainmaker
3,983,763
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

The amount is decided per ageeement of both parties

Oct 19, 2018 08:50 PM
Rainmaker
551,814
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
RE/MAX Valencia, Stevenson Ranch, Santa Clarita

Something is needed here, it could be a sheep.

Oct 19, 2018 04:08 PM
Rainmaker
3,244,711
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Most time 1%

Oct 19, 2018 10:31 AM
Rainmaker
1,338,967
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

$0 is required in NJ, although it is customary to make a deposit of $1000.

Oct 19, 2018 03:37 AM
Rainmaker
648,260
Brenda Mayette
Miranda Real Estate Group, Inc. - Glenville, NY
Getting results w/ knowledge & know-how!

General rule of thumb in our area is 1% of proposed purchase price.  We call it earnest money or good faith deposit.  

Oct 18, 2018 06:09 PM