Whether you’re looking for a home in Dallas, TX or Seattle, WA, deciding to put earnest money down on a house is a big and necessary step towards buying a home.
Earnest money,also known as good faith money, is a critical part of the house buying process. It is a deposit given to the seller showing the buyer’s good faith in the transaction.
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The reason it is so important is that it shows the seller that the buyer is very serious about buying the property. After the home-buying transaction is completed (contract signed by both parties) the buyer’s good faith money is moved into escrow and put towards the buyer’s down payment and closing costs.
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It is important that you read the real estate contract carefully before signing. If you decide to cancel the transaction after signing the contract, you may not be able to retrieve your good faith money as the buyer. Laws vary in different states; however, you are always entitled to back out of the contract, but you may not necessarily get any money returned to you.
For all your real estate needs, contact expert DFW realtor, Stacey Perry with Keller Williams Realty, today!
Phone: 817.313.1833
Email: staceyperry@kw.com
Website: Stacey Perry Team
Facebook: Stacey Perry Team-Keller Williams Realty
Twitter: Stacey_kwrealty
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Blog: Stacey Perry Team
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