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Tom Sommers' Blog


By Tom Sommers | Agent in Lakeville, MN

Earnest money. What is it and how do you use it when buying a home?

"There are so many parts to a purchase agreement and so many that sound so familiar it is really easy as a home buyer to get confused.  Earnest money is on the top of the list for misunderstood terms so I thought I would go over it for you.  Earnest money plays the same role in a transaction no matter if you are buying a regular residential home, short sale or foreclosure. The role that the earnest money plays in a transaction is something of value given with the offer to show intent or your interest to buy the home.  The larger the earnest money the more serious you look to many sellers.  This is especially true when writing an offer on a foreclosure. What most buyers don’t realize is...."

Read all about the earnest money


By Tom Sommers,  Mon Jan 7 2013, 12:51

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