A common question I am asked from home buyers is What is Earnest Money & how does it work?
Here is some basic info to help you understand! 🙂
The amount of the earnest money may vary depending on the situation- If you are building a new home, the builder may require a minimum amount. The earnest money may go right along with the offer, or be given within 4 days of acceptance of the REPC.
If you are competing in a multiple offer situation, you may decide to up the earnest money in order to show your strength & seriousness as a buyer.
The Real Estate Purchase contract will have certain contingencies & deadlines in it that you will want to be careful of, to ensure you can get your earnest money back in case an issue arises. Past certain time frames, it may be forfeited to the seller.
If I can help you with any questions on buying a home in Utah County, feel free to contact me!! 🙂
Prudential Utah Elite Real Estate
REALTOR, ABR, CRS, e-Pro, GREEN, SFR, SRES
801 – 921 – 9732
Bennett . Sheralyn @ Gmail . com