It's a great question!
While formally there is no standard percentage for the escrow money in FL, and everything is negotiable, we notice (and this depends on the area) certain practices.
For example, most REOs require 10% down.
Seller's market requires larger escrow money deposits than the buyer's market.
Larger escrow makes you look better in the eyes of the seller, but larger escrow amount also means that you have to be extra careful and do everything your contract requires you to do timely - so you don't loose your escrow money to the seller (when breaching the contract, f.e.)
Smaller size properties could be bound into contract with smaller escrow percentages.
Highly desirable properties could go above 10% (bidding war zones).
Hope this helps,
Beachfront Realty, Inc.
On cash deals it is typical to escrow 10%.
What I have seen as an average standard percentage for ernest money is 1%. And Mott is correct, it does depend on the seller, so the higher the earnest monies offered, the more likely you are to be taken seriously.
First Capital lending
239-277-9244 Ext. 212
As Scott has said there is no standard amount for the initial or secondary earnest money deposit. The thing to remember is to present enough in your offer for the seller to consider you a serious buyer but not so much that it would put you in a bind should the transaction go in an unfavorable direction.
You can always increase your cash contribution after inspections are done and contingencies are done. From a buyer's stand point we suggest committing as little as possible.......from a seller's perspective, get as much cash on the table as possible.
Hope this helps.
The "Eckler Team"
There is no standard percentage for earnest money in Florida. A lot of it has to deal with the price of the property and the owner of the peoperty as to what you give for earnest money. I have been dealing with a lot of bank owned properties and then like to see 2-3% of the purchase price as earnest money so they know you are serious about the home. There are a lot of cash buyers so you can over come that by putting down a bigger earnest money check to show your genuine interest in the property, because most sellers will go with a cah offer before a standard offer with financing involved. If I can help you identify a home I can give you some suggestions on earnest money to put down on a particular home.