What is earnest money?

In Real Estate there are a lot of fancy words and terms. We want explain a few of those and answer questions to make things as easy as possible to understand. If you can better understand what is going on then you can make better decisions and be more confident in those decisions.

Today we answer the question: What is earnest money?

If you are buying or selling real estate you will need to know what earnest money is and how it is used.

Buyers pay earnest money to basically show the seller that they are eager and willing (earnest) to buy the property. It is a show of good faith, because essentially earnest money is money that is being put up before the close of the house and can be risked by a buyer.

A good agent will help buyers protect their earnest money and not risk to much but also help a buyer understand a reasonable amount to pay to be taken serious by a seller.

Knowing more will help you be happy to declare "I'm Home!"

If you're buying in Arizona give me a call or shoot me a message.

480-415-8219

cgshumway@gmail.com

imhomearizona.com