What is earnest money and how much should I set aside? https://JGraff.AdvisorsMortgage.com Earnest money is money that you put down to demonstrate your intent to buy a home. It must be substantial enough to demonstrate good faith and is usually between 1 to 5% of the purchase price though the amount can vary according to local customs and conditions.
If your offer is accepted the earnest money becomes part of your down payment or closing costs. If the offer is rejected your earnest money is returned to you. If you back out of the deal you may forfeit the entire amount.
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