Ernest money is a dollar amount that goes with the offer to show that you are a serious buyer. This figure starts at 1% and is usually negotiated upwar,d.
You will need a stated amount of time to get your inspections done, repairs negotiated, and to get final loan of approval. The due diligence fee (non-refundable dollar amount payable directly to seller) is for your right to inspect the home & qualify for loan within the agreed upon time allowed.
At the time of listing the property, the seller is already aware and expects both the Earnest Money and the Due Diligence fee. Both of these fees are necessary to make an acceptable offer to the seller.
Both of these fees are necessary to present a good and fair offer. When I am your Realtor,, I will guide you through the process so everything will go smoothly.