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Laramie, Wyoming Real Estate: What is Earnest Money?
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 they accept an offer, they will be temporarily - hopefully permanently - taking their property off the market.  By agreeing to the terms in a buyer's contract, they are essentially saying "No" to all other real or potential buyers.  They need to know that this risk is worth it, that making their home unavailable to all others will likely result in a positive outcome for them. If the offer is accepted and the deal goes through, then the earnest money is applied towards the agreed upon purchase price at closing.

However, offering earnest money is not without risk. ... more

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