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Home Selling in 40216 : Real Estate Advice

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Thu Feb 18, 2016
MCM_STL answered:
You can talk to an attorney. Buying a house with someone you aren't married to without establishing a legal contract between the two from the get-go spelling out what happens in situations like this is usually not a great idea. I'm talking written contract akin to a pre-nuptial contract not some verbal agreement between the two of you. ... more
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Tue Jul 2, 2013
Don Tepper answered:
There's no "standard." It really varies, based both on the value of the property AND your local norms and expectations. In some areas, $500 is OK. In other areas, it might be $1,000. Or it might be roughly 1% of the purchase price of the home.

The larger it is, generally, the more seriously the seller will consider your offer. An earnest money deposit of $10,000 on a $300,000 home will be taken more seriously than an EMD of $500. Just make sure your offer is written so that you can get your money back if circumstances change.
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