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First time home buyer series- How much earnest money do I need?

By Anna Matsunaga

Real Estate Agent with Team Momentum Keller Williams Realty Tacoma

April 17, 2013 08:47 AM

Buying a home? Curious what you need to save for earnest money?

Click the link for an answer to the question.

http://realestateandrealife.blogspot.com/2013/04/first-time-home-buyer-series-how-much.html

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Noah Seidenberg

Coldwell Banker - Evanston, IL

Chicagoland and Suburbs (800) 858-7917

More earnest money can make a stronger deal. If you start with $1,000 then 2 days after A/I 5% I think that is a good rule of thumb that you want that property. I guess its different in other areas?

Apr 17, 2013 09:21 AM

Anna Matsunaga

Team Momentum Keller Williams Realty Tacoma - Lakewood, WA

Seller specialist, Certified Negotiation Expert

I agree Noah, more makes for stronger offers, and I write plenty at $1000 and they go through. I also write plenty at 1% or so. The most Earnest money I have ever had from a client was the entire amount of the purchase price.....we won over 16 or so other offers, however, that of course was not a first time home owner.

I am sure it differs some in each area and also with the type of property. I do not however want a first time home buyer to wait a year or more while they save up $10,000 when I could get them a house now with $1000. :)

Apr 17, 2013 01:47 PM