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How Much Earnest Money Do I Need

Every home buyer loves the process of visiting homes and finding that perfect place to call home. Sitting down and writing the offer is not always as much fun! For many people, the process of buying a home is something they go through only once or twice in a lifetime. New terms and questions come are the norm as the purchase agreement is prepared. As a Realtor in the northeast Twin Cities metro, whether I am working with first time buyers, move-up buyers or empty-nesters, one question always stops the process for a moment of discussion. How much earnest money are you prepared to offer?

The amount of the earnest money varies with each purchase agreement. A buyer must first understand the purpose of the earnest money to determine the right amount to include with the offer.

Earnest money is the funds that a buyer puts down to demonstrate to the seller their seriousness about buying a home. It should be an amount sufficient enough to indicate to the seller that the buyer will not walk away from the deal without good reason. In Minnesota this is traditionally 1% of the purchase price but it can be up more. A lower amount can also be acceptable with some offers. However it is important to be realistic.

... View the rest of this article by visiting BuyerBeWhere.com at the link above...


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Older Homes And Inspections

Let's start this article by making the assertion that any home that one would consider purchasing should be inspected regardless of age. Even new construction homes have some particular concerns that can be expensive to fix if not found early. However, this article is going to focus on some of the things that can be costly to fix in older homes. The process of a home inspection is simply there to protect the buyer. They are spending a lot of money on a home and want to be sure that they get what they are paying for and not being sold a problem that will be nasty and expensive to repair.... View the rest of this article by visiting BuyerBeWhere.com at the link above...


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