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Do I HAVE to Put Up Earnest Money When I Purchase a Home in Texas?

Do I HAVE to Put Up Earnest Money When I Purchase a Home in Texas?

Do I have to put up earnest money to buy a home in Texas? Well.... the answer is no AND yes.
No, it's not required. HOWEVER.... earnest money demonstrates strength in your ability to purchase the home, as well as your sincere desire to follow through with your commitment.

That's where the "Yes" part comes in. Although earnest money is not a requirement to make a contract legal and binding, MOST sellers are not going to agree to take their home off of the market for a buyer who doesn't have earnest money. So yes, the seller may (and most likely WILL) require it.

Most things in real estate are negotiable. The amount of earnest money that is put down is one of those negotiable items. It can be as little as zero and go up to several thousand dollars. It can even be non refundable.
Every situation is different. The point is to come to an agreement between the buyer and the seller. If everyone is okay with it, NO earnest money is allowed in Texas. I have seen it happen ... more

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