deposit protection: Laramie, Wyoming Real Estate: What is Earnest Money?
- 02/16/11 08:42 AM
Earnest Money is an advance deposit a buyer submits with their offer to purchase a property. It says " Pick me! I am earnest, I am acting in good faith to make a legitimate offer on your property." While 1% of the purchase price is often the suggested amount of earnest money to include with an offer, a buyer can choose to go higher or lower depending on a number of things. Just remember that an offer submitted with a higher amount may be given more consideration than one with a lower amount.
Owners need earnest money because when … (8 comments)
Earnest Money is an advance deposit a buyer submits with their offer to purchase a property. It says " Pick me! I am earnest, I am acting in good faith to make a legitimate offer on your property." While 1% of the purchase price is often the suggested amount of earnest money to include with an offer, a buyer can choose to go higher or lower depending on a number of things. Just remember that an offer submitted with a higher amount may be given more consideration than one with a lower amount. 
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