Earnest Money   

At the time you make your offer you will be expected to put up earnest money in the form of a check or certified funds.  The amount will vary, Sharon has worked with investors that have put up as little as $10.  However, the purpose of earnest money is to show that you, the buyer, are in earnest.   The amount of earnest money the Buyer puts up is definitely at risk.  If you choose Sharon to represent you in the home buying process, she will negotiate this figure for you. 

The earnest money is usually held in the escrow account of the Selling Broker.  Sometimes the Listing Broker holds the earnest money in an escrow account and sometimes the earnest money is deposited into the operating account of the Builder.  On occasion, the earnest money may be held by the closing attorney.

If you and the Seller are not able to come to agreement on all of the terms and conditions of your Purchase and Sale Agreement and the house does not go "Under Contract", your check will not be deposited and you will receive a refund of your actual physical check.

Once the house goes under contract the earnest money is deposited and there is a procedure that must be followed before the earnest money can be released.  Sharon will be happy to explain the entire process to you, just give her a call or e-mail.

The earnest money goes toward your costs to close, downpayment, closing costs, etc.