Earnest money is a deposit made by the buyer that shows they have good faith in purchasing the home. The deposit amount can vary, but typically it is about 1-5% of the purchase price. The exact amount will be spelled out in the contract. For more info, click here.
We know you want to protect your hard-earned earnest money! While specifics are spelled out in the contract, here are the top four things that can cost you your earnest money.