How much earnest money?

[Deleted]

I know it depends on the market/area - but what is normal? 1-3%? How much did you put down when you made an offer on a property?

[Muddled]

Did you find a place? Does it have a pool?

[Deleted]

Yes! No pool, but it is beautiful. We are making an offer tonight. My stomach has been in utter turmoil (cue that Dateline Keith guy's voice) today.

[esdreturns]

We only put $1500 on a $350k house. Putting more makes me nervous but it depends on what is normal in your area. Good luck with your offer!

[fussbucket]

May 14, 2012 14:08:45 GMT -5 esdreturns said:

We only put $1500 on a $350k house. Putting more makes me nervous but it depends on what is normal in your area. Good luck with your offer!

I don't remember exactly but it wasn't much more than this. GL.

[Deleted]

Okay - our realtor is suggesting 1,000 (for a 155k house) so that seems about right. We weren't sure if we'd have a better shot if we put 3% down.

[Deleted]

ESD - did you find a place??

[Deleted]

Ok suddenly I am confused. My mother and father have always sworn by 20%. Are you telling me that normal people don't do that? I always knew my mom was weird.

[Deleted]

Well 20% is normal for down payment, but earnest money is what you submit your offer with so the seller can see that you are seriously considering buying their house. I've never heard of putting down 20% in earnest money? Although I guess some people do?

[fussbucket]

May 14, 2012 14:17:03 GMT -5 doglove said:

Well 20% is normal for down payment, but earnest money is what you submit your offer with so the seller can see that you are seriously considering buying their house. I've never heard of putting down 20% in earnest money? Although I guess some people do?

Oh yeah, I would totally just trust some random person with my whole DP. No way do deals ever go sour or people turn out to not be representing who/what they say they are.

[partiallysunny]

Good luck DL!

[mortomo]

Our realtor told us to only put $100 down. The house had been on the market for a long time so there really wasn't any danger of someone swooping in with a better offer. I'm pretty sure the seller would have paid US money to put in an offer! Her husband died and the house was in the kids' names so they just wanted to get rid of it at that point.

Also, how exciting that you found a house! Good luck.

[Deleted]

Thanks guys! Mort - this house has only been on the market less than a month and in a prime neighborhood. Not many houses are for sale, so we'd be lucky to get into this place. I'm keeping my fingers crossed, but know we'll find something else if it doesn't work out. We'll see!!

[Deleted]

May 14, 2012 14:17:03 GMT -5 doglove said:

Well 20% is normal for down payment, but earnest money is what you submit your offer with so the seller can see that you are seriously considering buying their house. I've never heard of putting down 20% in earnest money? Although I guess some people do?

Ah, this makes far more sense. Ty! In case you can't tell, I am far far away from buying a house or seriously thinking about it. Thanks for the clarification!

[interro]

Good luck DL!!! *house dust*