Subscribe to Answers
It varies greatly by the desirability of the property Inna. Though typically around $1,000 to $5,000 for most ordinary properties and occasionally up to 20% for strong offers on very desirable properties.
Nina Hollander, Broker
Between $300 and $1000 ........ Mostly $500. or $1000.
Depends, but most want 3%
It varies by price range with a minimum of $1,000.
$500 to $10,000..depends on the property
This varies with the circumstances, closing date, method of payment, list price, etc. $100k-300K $4k-$10K is usually sufficient, unless multiple offers.
Glad you used the word customary. Normally a minimum of $500 and typically 1% of a purchase price, but of course negotiable.
In Seattle Washington, I saw a 10% EMD and I also see about a 3% average there.
Around Tacoma I see $1000 to $5000 depending on the home price....
Inna Ivchenko it is $1,000 in our area. Sometimes, a bit more - and for lower priced home (about $250K and below) homes $500 works.
often $5000.00 will do the trick
Inna, I doubt if you have many HUD homes in your area with the FHA lending cap, but if you do they only require a $1,000 EMD for a purchase over $50,000. Fannie Mae Asset Managers usually want 10% EMD down for a cash buyer in our area.
On traditional sales it is very common in our area for a buyer to have an EMD of 1% or less.
Inna, if it is a bank I am not familiar that owns the distressed property and they do not have addenda that the buyer can read upfront, I recommend they offer as little EM as they can get away with. (about 1/2 of a percent-$500 on a $100,000 offer)
The average EMD is between 1-3%....but I have seen smaller and larger amounts!
5%with offers on resale properties.... I like to see 10% on new construction and my builders always held and used the deposit after all of the contingencies were satisfied....buyers of new homes need to have skin in the game.
I generally put down $500. unless it is a foreclosure, then they require 1000.
$1,000 -$5,000 up to 500K sales price
$10,000 plus over 500K
Good morning Inna. Deposits run from $1,000 to $5,000 for the most part. Lower for distressed properties.
3% is typical here. I've seen less offered depending on the buyer's financial situation.
Inna - Well, it varies, but typically 1% is used. If buyer really wants the property, then they may offer more.
It is less than 1 percent of the purchase price. In some situations there is no earnest money.
Well of course it varies, but generally at least 1% of the purchase price, and often the seller wants to negotiate more, especially in a multiple offer situation
About 1% - 3% . We have heavy competition around here for distressed properties also.
It is for the buyer to decide and seller to accept. I try not to tell buyers what to do in this regard. Customary in today's market? 1% of purchase price of AAR purchase contract.
Representing Sellers we suggest Seller "requests" 2% of sale price - more is better.
Representing Buyers we suggest Buyer offers a minimum of 1% of sale price - more is "stronger".
1000.00 from price point 150K to 300K other price points earnest money 2000 to 5000
About 1% of the purchase price. If by distressed you mean a foreclosure, sometimes the banks set the amount of EM upfront. Here we just offer 1% and negotiate if a seller wants a bit more.
Good Tuesday morning Inna. I don't know! That would be an interesting question to ask when I to go to school next week.
It depends on whether I am working on the buyers or the sellers side. It's fully negotiable.
1k to 5k max ... I would say 2k would be average ... We have a local builder that will accept 1k down and start construction on a 200k home.
Usually a $1000 here.
$200,000 = $2000
$300,000 & up = $5000
FHA Repo is $500 & up but more like 1000. We do not have a percentage in our contract here in northern IL.
1% of the offer price. For a distressed property that is going for cash, I would generally recommend more as it gets very competitive with investors.
3% EMD- for SF Bay area.
TO show you are serious I sometimes suggest more like 5% for lower price. Reason is it gives an edge showing you are serious.