With any offer, you will make an Earnest Money Deposit. This is about 2%-3%of your purchase price. Without this money “at risk” you don’t have a contract.
This isn’t as scary as it sounds
We understand that you might be worried about risking your money. But as long as we stay within the rules of the contract, the Earnest Money Deposit is almost never at risk.
If you cancel the contract, but follow the rules for how this is done, the seller has no claim to your earnest money, and it should be returned so you can use it on the next offer.
You’re not required to buy the home
The earnest money can be forfeited to the seller if we break the rules of the contract. But as long as we follow the rules of the contract, you don’t have to buy.
A general rule is that you don’t have to buy the house if something is wrong with it, but your inspection period is limited. Download this guide to understand the types of home inspections that are available and which ones are most commonly used.
Once we get closer to making an offer, we’ll make sure you understand how this works.
Action steps
We’ve created a Steps to Escrow Infographic to help you understand the process.
From the moment the seller accepts your offer to the day we hand you your keys, this one-page visual guide gives you everything you need to know about escrow at a glance.
Print out this infographic to understand each step and know what to do and when.
Ready to make an offer? How to make an offer the seller can’t resist
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