What is the usual amount that you all put down as an earnest money deposit on a contract. I have heard figures of $10-$1000, just wondering what the masses are using
I think in most cases that the earnest money would depend on what kind of property you are buying, and how you are buying it. (short-sale, probate, HUD Home). Everything is usually negotiable. So if you are running the show, you can write in the purchase contract how much earnest money you will be giving "your attorney" for the purchase. I typically use $500 or less, however in certain situations, more is required. What kind of transactions are you working towards?
Unfortunately, I'm a newbie too. My first offer required a $1,500 check.
Ryan,
I think in most cases that the earnest money would depend on what kind of property you are buying, and how you are buying it. (short-sale, probate, HUD Home). Everything is usually negotiable. So if you are running the show, you can write in the purchase contract how much earnest money you will be giving "your attorney" for the purchase. I typically use $500 or less, however in certain situations, more is required. What kind of transactions are you working towards?
when i had an agent looking fo rehab/wholesale deals, i was seeing mostly $500.00-$2000.00