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Ouch! Three Ways You Can Kiss Your Earnest Money Goodbye
Posted by Cary W Porter on
By Beth Braverman
The earnest money deposit—the cash you offer to essentially call dibs on a house—is one of the most important and misunderstood parts of the home-buying process.
Depending on where you live, you can expect to put down anywhere from 1% to even 10% of the home’s purchase price as earnest money. (In some highly competitive markets, buyers are making even larger deposits in an effort to stand out.) An earnest money deposit tells a seller you are serious about closing. Without earnest money, you could theoretically make offers on multiple homes, essentially taking them off the market until you decide which one you like best.
Don’t worry—the seller isn’t going to run off to Aruba with your cash. It remains in an escrow account or…
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The June house price index, which tracks same-house sales for a specific period o, was up 4.5 percent nationally and 4.6 percent locally from the very same month last year.
The question is whether prices are following the housing market's return to pre-recession conditions. New July numbers from RL Brown Housing Reports show existing home sales up 22 percent in July from last year. New home sales were up 10 percent in July vs. July 2014, and allows for brand-new house construction were up 55.5 percent. Year-to-date, new home building permits are up 39 percent versus 2014 and existing house sales are up 13 percent.
