ATTENTION: Inventory is Low!
We need listings to sell!
NOW ACCEPTING Scottsdale and East Valley LISTINGS!

If you are ready to sell - call 480-577-8272 for a NO Obligation consultation
on your Horse Property - Find out what it's worth! 
AND if you want to buy a Horse Property - We can sell your single family home too!

Q. What is Earnest Money and when do you need to have it?
A. Earnest Money is a deposit made either by check or Money Order.   It is defined as the cash deposit paid by a prospective buyer as evidence of good faith to bind a sale of real estate.

Q. Who holds the Earnest Money?
A. Earnest money is usually held with a Title Company.  The Title Company is a neutral, third party party to the transaction. The amount of earnest money you deposit is subtracted directly from the sales price of the property on your offer.

Q. How much Earnest Money should be deposited when buying a home?
A. The amount of earnest money deposited in good faith to purchase a home is really up to the buyer.  There is no set amount that is required.  Typically a higher deposit makes your offer appear stronger because you have more to lose if you back out of the deal.  In a seller's market, it is wise to place a larger amount of cash down as your earnest deposit as it gives your initial offer greater strength. 

Q. What happens to the Earnest Money if I end up not buying the home?
A. Your agent should be able to explain to you exactly what time frames are involved in your transaction and the date and circumstances that will make your earnest money non-refundable. Your agent should be well versed in understanding the contract and all the timeframes so you don't end up losing the home of your dreams and a large amount of cash you placed down in good faith.