Home Selling in Oklahoma>Question Details

Ginger Owens, Home Seller in Tulsa, OK

How much earnest money should I put down on a home I want to close on in 2 months?

Asked by Ginger Owens, Tulsa, OK Thu Sep 18, 2008

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I agree with Bill that we usually suggest a minimum of $1000, however if you are wondering how much is too much to put down, the answer would be 5% of the listed price of the home. The reason we wouldn't suggest more than 5% is that you want to look serious to the seller and the more money you put before them, the more serious they believe you to be, but if the contract is breached by you, AND you are found to forfeit your earnest money, then you don't loose any more than 5%. If you were to put more down, he is only liable to pay you the 5% back, and s/he would keep the remainder. Now if you are wondering if the seller breaches contract, then they are liable to pay you a refund of your entire earnest money. If you have any questions at all, please feel free to call me. 918-829-2127
0 votes Thank Flag Link Thu Sep 18, 2008
Ginger,

As an initial deposit, we recommend as little as possible. We normally suggest $1,000 with the offer to be followed within 10 days of acceptance of the offer, an additional deposit that would help the seller to view you as a serious buyer. Try to stay within your comfort range.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Thu Sep 18, 2008
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